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Driving Growth and Innovation: The Evolving Landscape of the Indian Toy Industry
From Metro Cities to Tier 2 & Tier 3 Expansion: Transforming Indian Toy Industry to Meet Growing Demand
By: Makreo Research and Consulting
The establishment of toy clusters in Koppal, Karnataka, and Greater Noida, Uttar Pradesh, demonstrates the government's support for toy manufacturers. These clusters encourage collaboration, innovation, and industry growth.
Gen I to Spur Growth
The reference to "Gen 'I'" accounting for 3.80% of the population by 2027 suggests a significant demographic shift that will drive toy demand in the coming years. This indicates the growing purchasing power and interest in toys among the new generation of Indian children.
The Indian toy market experienced positive growth of 25% in FY2019-20, primarily due to the formation of clusters and support from the government. However, the arrival of the COVID-19 pandemic led to a significant dip in 2020, with the growth rate falling by 27%.
Wheeled Toys Hold Majority Share
Wheeled toys dominate the Indian toy market, accounting for a major share of 58%. The export of wheeled toys, dolls' carriages, puzzles, and recreational toys from India has been significant, with wheeled toys alone worth USD 59.58 million in 2022.
Top 3 Educational Toy Categories
Puzzles, books, and blocks are the top educational toy categories in India. Puzzles enhance problem-solving skills and improve awareness, while books promote imagination, vocabulary, and concept development. Blocks, a classic toy, encourage imaginative play and have witnessed significant growth in the Indian educational toy industry.
The Indian government has taken several initiatives to promote the toy industry, such as the Toycathon 2021, the Toy Cluster Program, and the Atma-Nirbhar Bharat (Self-Reliant India) scheme. These initiatives aim to boost innovation, streamline the industry, and promote domestic toy manufacturing while reducing imports.
In conclusion, the Indian toy market is experiencing growth and diversification, with metro cities as manufacturing hubs, expanding demand in tier 2 and tier 3 cities, and government support through initiatives and incentives. The focus on educational toys and the potential for export opportunities further contribute to the positive outlook for the industry.
Find out more:-
India Toys Market Report and Forecast (2018-2028)- Analysis by Type of Player, Type of Toys, Product Segmentation, and Distribution Channel (https://www.makreo.com/