The global toys and games market size is projected to touch USD 139.2 billion by 2025 growing at 4.6% CAGR, as per a new report by Million Insights. The increasing number of online gaming competitions all over the world is a major factor propelling the growth of the market in the forecast period. Over the last few years, rising demand for in-licensing activities is proliferating the market growth.
Increasing demand for environment-friendly toys and games is also expected to propel the product demand in the coming years. Wood, organic cotton and cardboard are the major raw materials for manufacturing environmentally products. For example, recycled plastic milk bottles are used to make Green Toys. The company teamed up with Walmart for distribution of its products.
The rising number of participants of e-sports is a major factor propelling the toys & games market. Innovative games like PUBG, Fortnight, FIFA and Counterstrike are gaining traction amongst youngsters and adults. These games are not only popular in children but adults as well.
Asia Pacific is anticipated to grow at a CAGR of 5.1% in the forecast period. Growing e-commerce channels coupled with the rising number of retail outlets is propelling the product demand and market growth in this region. North America seconded in terms of revenue, followed by Europe in 2018.
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Further key findings from the report suggest:
• Video games are expected to grow at a CAGR of 5.8% in the forecast period. In 2018, the outdoor or sports segment was estimated to be USD 17.80 billion and is expected to project high growth in the forecast period.
• North America accounted for 14% of share in the total global revenue in 2018.
• Key players functioning in the industry are Mattel Inc.; Lego; Namco Bandai; Jakks Pacific and Hasbro.
• Key manufacturers are focusing on launching new products, expanding their capacity and using innovative technology to expand their product portfolio and meet the future demand patterns.
Million Insights has segmented the global toys and games market on the basis of product, application, distribution channel and region:
Toys & Games Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Preschool Toys
• Video Games
Toys & Games Application Outlook (Revenue, USD Billion, 2015 - 2025)
• 0 - 8 Years
• 9 - 15 Years
• 15 Years & Above
Toys & Games Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Toys & Games Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa