Research Support Specialist, USA
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.
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.
The report “Plastic And Other Toys Market Size, Share & Trends Analysis Report By Type (Toy Balloons and Kites, Play Tents), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global plastic and other toys market on the basis of type, distribution channel, and region: