The global plastic and other toys market size is expected to reach USD 91.15 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.2% from 2021 to 2028. The growing population, increasing middle-class income, and the introduction of advanced toys are propelling the market growth. Plastic toys are relatively economical as compared to toys made of other materials, which is one of the major factors boosting the market growth. Parents’ growing sentiment towards buying kids toys and increased spending on the same are further driving the market.
Plastic toys are durable, which attracts a large number of consumers with different income levels towards the product, thereby contributing to the market growth. The introduction of toys with realistic details and functions attracts children, which leads to the high demand for plastic toys. The rising number of working parents and their growing inclination towards spending more on children are increasing the demand for toys.
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The innovation of advanced products by the manufacturing companies that help entertain kids as well as improve their analytical skills is fueling the market growth. Parents are keen to introduce toys of different shapes, sizes, and colors to children, which, in turn, will open new market opportunities for toy manufacturers. Furthermore, top manufacturing companies are highly focused on introducing toys in the market with popular animated characters to appeal to a large number of kids. Advancement in technology is further propelling the market growth. Plastic toys are not environment-friendly and may have an impact on the child’s health due to the use of chemicals, which may restrain the market growth.
The Coronavirus pandemic positively impacted the market growth globally. Due to the Covid-19 virus outbreak, many countries imposed country-wise lockdown, resulting in closed schools and canceled family tours, picnics, and outdoor sporting activities. Plastic toys observed a surge in demand during the Covid-19 era as parents wanted to keep their children busy with various physical and mental activities through toys. Toys that can be used for indoor and outdoor activities are witnessing high demand from parents. The sale of toys through retail stores was decreased while the product demand through online channels witnessed a rise during the period. As things get normal post-pandemic, it is expected that the demand for toys for kids will remain constant in the global market.
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Plastic And Other Toys Market Report Highlights
• Europe accounted for the largest market share of over 35.0% in 2020 and will continue to grow at a substantial rate over the forecast period. The presence of top manufacturers, increased spending on kids toys, and rising disposable income will drive the regional market over the forecast period
• By type, the toy balloons and kites segment is forecasted to exhibit the fastest CAGR of 3.8% from 2021 to 2028. Plastic balloons and kites witness significant demand from consumers as they carry popular animated character stickers on them
• Asia Pacific is estimated to expand at the fastest CAGR of 3.9% from 2021 to 2028. The regional market growth is attributed to a large child population and the presence of the fastest-growing economies and established markets for toys, like China and Japan
• The online distribution channel segment is estimated to register the fastest CAGR of 3.4% from 2021 to 2028. The growing penetration of social media, the accessibility of the internet, and the presence of top brands in the e-commerce sector will propel the segment growth
Plastic & Other Toys Market Segmentation
Million Insights has segmented the global plastic and other toys market on the basis of type, distribution channel, and region:
Plastic & Other Toys Type Outlook (Revenue, USD Million, 2017 – 2028)
Toy Balloons and Kites
Toy Clocks and Watches
Plastic & Other Toys Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
Plastic & Other Toys Regional Outlook (Revenue, USD Million, 2017 – 2028)
Central & South America
Middle East & Africa
List of Key Players of Plastic & Other Toys Market
Bandai Namco Holdings
Artsana SPA (Chicco)
Melissa & Doug, LLC
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