The global traditional toys and games market, valued at USD 93,847.9 million in 2022, is experiencing significant growth driven by the growing acceptance of building toys among adult consumers seeking enhanced learning abilities. Forecasts predict the market to reach USD 139,013 million by 2033, with a compound annual growth rate (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.
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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.
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.
“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.
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.
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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.
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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.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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