India Toy Market Analysis and Forecast (2018-2028): Exploring Growth Drivers, Government Initiatives

SAN FRANCISCO - May 12, 2023 - PRLog -- India Toy Market Analysis and Forecast (2018-2028)
Indian toy industry embraces traditional and modern toys, evolving with technology and market demands. Moderate growth expected in 2023 due to rising young population, disposable incomes, and innovative offerings. Government schemes like Atma-Nirbhar Bharat and Make in India promote self-reliant toy manufacturing, reducing imports and boosting local demand.

Impact of Covid-19
The Indian toy market saw positive growth in FY2019-20 owing to the formation of cluster in many states and the setup of units by indigenous manufacturers in accordance with the government initiative. But due to the arrival of the COVID-19 Pandemic, there was a significant dip in 2020.

Despite the fact that Covid-19 produced a severe downturn, there was a positive side as well. Numerous new businesses entered the market. Covid-19 became a blessing in disguise in combination with rising governmental support for the dwindling toy industry.

Rise in Online Retailing

• Internet retailing is becoming a more and more important distribution channel due to several reasons. Consumers have increasing access to the internet and online retailers often have better merchandise in terms of variety, new launches and offer of branded toys.
• Though the online toy market represents a mere 8%, it is growing rapidly and is likely to have a major influence on the overall demand in the next couple of years.

Key Developments
■ Koppal to host India's first toy manufacturing cluster, supporting local production and employment generation.
■ Planned 400-acre SEZ with top-notch infrastructure to create 40,000 jobs in 5 years.
■ Recent seizure of 18,600 toys lacking BIS quality mark and fake licenses from major retail stores, including Hamleys and Archies.
■ India Toy Fair 2021 showcased toy producers, while Khilona 2023 is scheduled for August 18-20, 2023.

Makreo Research presents "India Toy Market Analysis and Forecast (2018-2028)"—a comprehensive study covering various factors such as target population, age and income groups, and the influence of the country's economy. Our approach blends qualitative and quantitative analysis, providing readers with a holistic understanding of the Indian Toy Market. Explore its historical performance, current state, and future growth prospects.

Find Out More:-
India Toys Market Report and Forecast (2018-2028) (https://www.makreo.com/report/india-toys-market-report-fo...)