Bandai Namco Holdings Inc., Hasbro Inc., LEGO System AS, Mattel Inc., to Emerge as Key Toy Market Players - A Technavio Exclusive Report

NEW YORK, Dec. 2, 2021 /PRNewswire/ -- The latest market analysis report titled "Toy Market by Distribution Channel (Offline and Online) and Geography (APAC, North America, Europe, South America, and MEA) - Forecast and Analysis 2022-2026", published by Technavio forecasts the market potential to grow by USD 14.62 billion, at a CAGR of 2.64% from 2021 to 2026.

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Presence of Toy Gifting Culture to Drive Market Growth

• The gifting culture has been prominent in the advanced economies and is now gradually catching up in the emerging economies too, mainly, due to the rise in dual-income households.
• Among the various gifting products including clothes and accessories, toys, books, and beauty products, particularly during festivals and birthdays, toys are the second-most gifted items.
• Vendors are offering products that are specific to festivals and occasions at discounted prices in various countries to cater to this growing toy market demand.
• Furthermore, the self-gifting culture involving gifting toys to one's own children, and mutual-gifting practices in emerging economies will further accelerate the toys market growth in the long run.

View Toy Market Overview for further insights on key driving parameters

Growing popularity of digital games and e-games to Hinder Growth

• With growing digitization, digital games and e-games have attained popularity in recent years and are likely to gain mass acceptance in the upcoming years. As a result, with time, these games are likely to replace traditional toys.
• Furthermore, the rising revenues from mobile gaming accelerated due to the surging use of smartphones are also expected to emerge as one of the prominent threats to the conventional toys market. Rising demand for video games such as the Xbox series for both children and adults will impact the toy market adversely.

Offline Distribution Channel segment Accounted for the Largest Toy Market Share in 2020.

• Based on distribution channel, the toy market is classified into offline and online segments. In 2021, the offline distribution channel segment held the largest share mainly due to the growing popularity of buying toys by experiencing their look and feel from specialty stores, department stores, and supermarkets.
• Various vendors specializing in toy industry including The Disney Store chain and Hamleys, Liberty Retail Ltd., and  House of Fraser Ltd. are selling branded toys and have emerged as the principal shopping destination for parents.
• The availability of a wide range of products drives the growth of the segment. In addition, offline stores specialize in the placement of toys based on themes, type, and target age, and popular children's movies, thus, making them a feasible option for parents to make effective purchase decisions.

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APAC to Emerge as the fastest growing regional segment.

• Based on geography, the toy market is segmented into APAC, North America, Europe, South America, and MEA. In 2021, APAC became the largest revenue-generating region of toy market due to the arrival of several local players in the online marketplace to cater to the requirement of buying educational and entertainment toys for their kids among many parents in the emerging economies.
• By 2026, APAC will further account for a contribution of 39% in the overall market. Factors such as increasing consumer demand for branded toys, the rising per capita disposable income, and the growing willingness of parents to spend more on traditional toys have increased the demand for toys in APAC.

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Prominent Player Analysis

• The toy market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
• The toy market report offers information on several market players, including AOSHIMA BUNKA KYOZAI Co. Ltd., Bandai Namco Holdings Inc., Dream International Ltd., Hasbro Inc., LEGO System AS, Mattel Inc., Moose Enterprise Pty. Ltd., Spin Master Corp., TOMY Co. Ltd., and Tru Kids Brand among others.
• By 2026, the market structure would continue to be fragmented. Its lifecycle stage would continue to be in the growth phase. Toy market vendors are increasingly focusing on launching innovative products through online distribution channels in addition to conventional selling of their products through retail outlets. This is anticipated to help the players to reach out to a wider target audience.

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