Toys and Games Market Set to Reach USD 495.93 Million by 2031, Growing at a CAGR of 4.8%

The global toys and games market size was valued at USD 301.21 million in 2022 and is projected to reach USD 495.93 million by 2031, registering a CAGR of 4.8% during the projected period (2023–2031).

Toys and games encompass a wide range of items, including rattles, dolls, toy vehicles, skipping ropes, board games, jigsaw puzzles, and more. These items play a vital role in supporting children's overall development. Toys help children express emotions and foster creativity, while games provide a fun way to relax and simultaneously enhance cognitive, physical, and social skills. Recently, the rise of interactive and multi-functional toys and games has significantly influenced the toys and games industry.

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Top Key Players

LEGO Group

Hasbro

Mattel

VTech Holdings Limited

Konami Corporation

Bandai Namco Holdings Inc.

Dream International Limited

Sanrio Company Ltd.

Playmates Toys Limited

JAKKS Pacific Inc.

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Segmentation Analysis of the Toys and Games Market

By Product:

1.Puzzles: Popular for their cognitive benefits, puzzles are a staple in the toys and games market.

2.Preschool Toys: Designed for early childhood development, these toys are essential for learning and growth.

3.Outdoor and Sports: Encouraging physical activity, these toys are favored for their health benefits.

4.Dolls: A timeless category, dolls continue to be a favorite among children.

5.Video Games: With the rise of digital gaming, video games are a significant segment in the market.

6.Others: Includes a variety of other toys that cater to different interests and age groups.

By Application:

1.Up to 8 years: Toys designed for young children focus on safety and developmental benefits.

2.9 - 15 years: This age group prefers more complex and interactive toys and games.

3.15 years and above: Includes products that appeal to teenagers and adults, such as advanced video games and collectibles.

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By Distribution Channel:

1.Offline: Traditional retail stores remain a crucial sales channel, offering the advantage of physical inspection and immediate purchase.

2.Online: E-commerce platforms are growing rapidly, providing convenience and a wide range of options for consumers.

The resurgence of traditional toys and games is expected to drive market growth. Playing board games and puzzles has been shown to improve brain function by stimulating areas responsible for memory formation and complex thinking. Engaging in card and board games helps develop crucial cognitive skills such as decision-making, strategic thinking, and problem-solving. These benefits, among others, have led to a growing interest in traditional games among consumers.

Conclusion

The global toys and games market is set for substantial growth, driven by increasing disposable incomes, technological advancements, and the expanding e-commerce sector. Straits Research is committed to providing detailed market insights and analysis to help businesses navigate this evolving landscape.

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