Amidst the lockdown restrictions in 2022, the sales of Traditional Toys and Games experienced a notable surge. With consumers seeking ways to keep their children engaged and entertained at home, dolls, puzzles, and model vehicles witnessed increased demand. Additionally, adults also contributed to the growth as they sought ways to pass time during the pandemic.
Looking ahead, the United States is expected to maintain robust demand for traditional toys and games throughout the forecast period. In 2022, the country already held a substantial market share of 16.4%. According to the study, the sales of traditional toys and games in North America are projected to grow at a steady Compound Annual Growth Rate (CAGR) of 2% until the year 2033. This sustained growth indicates the enduring popularity of traditional toys and games, both among children and adults, in the region.
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The traditional toys and games market was estimated to be worth close to US$ 93,847.9 million in 2022. The rising adoption of constructing toys among older kids in order to enhance their learning capacity is one of the key elements driving the global growth in the traditional toy business. By 2023, it is therefore anticipated to have generated US$ 139,013 million, with a CAGR of 3.6% from 2023 to 2033.
The term “traditional toys and games” relates to the kind of games that have historically been played within a community because it is thought that involvement affords people the opportunity to engage in socially significant behavior. These games are not well developed technologically.
One of the key elements fueling the expansion of the conventional toys and games business is the growth of the various movie franchise industry on a global scale. Concerns about the widespread use of smartphones and digitalization, together with a rise in the use of various learning techniques, have a further impact on the market. The traditional toys and games business is also positively impacted by clever strategic marketing initiatives, lifestyle changes, and an increase in disposable money. The market participants have more lucrative prospects thanks to product innovations throughout the projected period of 2023 to 2033.
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The primary tactic employed by toy companies to draw in kids is to capitalize on well-liked films and animated characters like Spiderman, Superman, Ironman, and Doraemon. Construction toys are also the market leaders since they help kids grow their brains and teach them new teaching strategies.
Traditional toy and game manufacturers must adapt to the online environment in order to remain relevant to youngsters. More time spent online by kids, particularly on mobile devices, is predicted to limit the growth of the industry under consideration.
Key Takeaways from the Market Study
- The market share for construction games climbed to 17.2% in 2022, while sales of conventional games and toys grew at a 3.3% CAGR between 2018 and 2022.
- In 2022, the market share of the hypermarket/supermarket sales increased to 25.6%.
- Through 2033, North American conventional toy and game sales are anticipated to increase at a 2% CAGR.
- Over the course of the assessment period, the traditional toys and games market in Europe is anticipated to grow at a 4.7% CAGR.
- With a CAGR of over 7% forecast over the assessment period, China is predicted to rank it as an appealing market.
“Parents are increasingly pushing their children to purchase outdoor and sports toys due to the rising rates of youngster obesity along with various health issues in several nations throughout the world. Constructive toys are also in high demand, mostly due to the significant cognitive as well as intellectual benefits they provide children of all ages,” remarks an FMI analyst.
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Competitive Landscape
The leading traditional toy and game manufacturers are concentrating on growing their product range by introducing fresh items via online sales channels. Major players in the market for conventional toys and games are working to expand their worldwide footprint through strategic alliances, mergers, and acquisitions.
Prominent players in the traditional toys and games market are:
- Dream International Limited
- Hasbro, Inc.
- Jakks Pacific Inc.
- Mattel, Inc.
- Lego A/S
- BANDAI NAMCO Holdings Inc.
- LeapFrog Enterprises, Inc.
- Spin Master Corp
- Tomy Co., Ltd.
- Playmates Toys Limited
- Games Workshop Group PLC
- Kids Ii Inc.
- Madame Alexander Doll Company LLC
- Mega Brands Inc.
- Melissa & Doug Inc.
- Funskool (India) Limited
- Funko LLC
- K’NEX Brands, L.P.
- Ravensburger AG
- MGA Entertainment, Inc.
Some key developments of the leading companies in this market are:
- JAKKS Pacific, Inc., a major toy as well as consumer products producer, introduces Ami AmisTM, a collection universe of knitted plush buddies that will be available nationwide at Walmart beginning in 2023. Ami AmisTM is a delightful universe filled with warm, knitted characters. All of life’s pleasures serve as inspiration for their plush pals- nostalgia, food, music, and animals.
- According to toy firm Funskool India, the India Toy expo, India’s first virtual toy expo, featured 15 new traditional Indian toys and games in 2022. The traditional Indian games such as Kho-Kho, Kabaddi, Chaturanga, as well as Gilli Danda have been turned into board games by Funskool.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global traditional toys and games market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the traditional toys and games market, the market is segmented on the basis of traditional toys and games by product types (games/puzzles, infants/toddlers/preschool toys, plush, outdoor & sports, toys model vehicles, dolls, art and crafts), material (plastic, textile, metal wood), age group (0 to 18 months, 19 to 36 months, 3 to 4 years, 5 to 8 years, 8 to 10 years, 11 to 14 years), sales channel (hyper/super market, online) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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