The Indian toys market witnessed immense growth last year, valued at $1.35 billion. Looking forward, IMARC (International Market Analysis Research and Consulting) Group expects the market to reach US$2.73 billion by 2027, exhibiting a CAGR (Compound Annual Growth Rate) of 12.6% during 2022-27.
“Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influences of the pandemic”, said IMARC Group.
The existence of toys in India has a long history. The earliest toys were made of natural materials such as sticks, clay, and rocks. After that, whistle birds, monkeys and other characters were designed for kids.
With time, the advent of advanced technology and machinery has encouraged manufacturers to produce modern innovative toys.
India has the largest young population in the world, owing to which, the country has witnessed rapid growth in the soft toys market. The country produces a wide array of traditional and modern toys. However, with the evolving trends, there has been a shift from traditional toys to hi-tech electronic toys.
Factors behind Indian toy market growth
- The country has the largest young population and half of the total young population is under 25.
- There is a diverse variety of toys available in the Indian market, from traditional to modern.
- The quality of Indian toys is notable.
- Online channels are one of the reasons behind increased growth.
- Each toy variety is in-expensive and high-end.
Key market segmentation
IMARC Group has predicted the future of the toy market in India, including key trends and forecasts of the country and state level from 2022-2027. The report has categorized based on gender, type, and distribution channel.
Breakup of the toys
- Electronic toys
- Dolls
- Plush toys
- Games and puzzles
- Constructions and building toys
- Ride-Ons
- Activity toys
- infant/Pre-school toys
- Sports and Other play toys
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The reports provide a deep insight into the toy market in India. The soft toy market is really playing a significant role in the Indian economy, according to the reports.
