Step into Style: Navigating the global socks market including trends, innovations, and consumer preferences suggest that the market is anticipated to cross USD 20 Billion by 2029.
Consumer Goods & Services
Middle East and Africa toy market is anticipated to grow with more than 9% CAGR for 2022-2027. Bonafide Research tries to decode the Covid-19 pandemic impacts in Middle East & Africa Toy Market.
The regions of the Middle East and Africa are rich with human and natural resources. However, countries that is part of the Middle East and Africa regions account for substantially varying amounts of resources, economic size, geographic size, demographics, and standard of living. Also, intra-regional activity is weak, principally restricted to labor flows with limited trade in goods and services. The population sizes of the Middle East, Africa, and Europe are very similar to each other. The Middle East and Africa toy markets, on the other hand, are an emerging market driven by a growing population, an average standard of living, and higher disposable income among households.
In the research titled "Middle East and Africa Toy Market Outlook 2027," the toy market in the Middle East and Africa has been segmented on the basis of age categories to which the toys cater product lines, and sales channels. The market had a market size of around USD 7.5 billion in 2021, which is anticipated to expand at more than 9% CAGR during the forecast period. According to the World Bank data, the proportion of the population using the internet in 2015 was 47.92%, whereas in 6 years, the proportion of the population using the internet in 2021 has grown to 65%. Because of this heavy penetration of the internet in the region, it is expected that the Middle East and African countries can show strong growth rates in demand for licensed and branded products as the kids in the region will be more aware of the ongoing trends on the internet.
As the toy companies are already shifting to online modes of marketing their products as well as selling their products, the toy companies are eyeing great opportunities in the region as far as the toy industry is concerned. The greater penetration of the internet in the region is also expected to boost the e-commerce network in the region, which in turn is expected to develop new online sales and distribution channels for the toy market in the region. However, as per Bonafide Research’s study, despite e-commerce opportunities, the offline sales and distribution channels, which include physical retail stores, specialized stores, and supermarkets, will play a significant and crucial role in the future development and growth of the market.
However, the economic landscape in the Middle Eastern and African regions looks shaky due to the outbreak of a novel corona virus. This might drag the growth in the toy market in the region, at least in the short term, as consumers are going to shift to purchasing more essentials rather than leisure and entertainment goods, which includes toys. The data released by the IMF suggests that a strong economic rebound is to be expected, but the Middle Eastern and African region numbers suggest sluggish growth and slow recovery. The IMF report also notes that in the Middle East, the countries that started vaccination early on, such as affluent Gulf Cooperation Council countries, face relatively better prospects, while fragile and conflict-affected countries may see a gloomy picture of recovery. As the toy market in the region is highly spread across many smaller countries, the toy market in the region and their supply chain are expected to be highly disrupted. However, if the larger macro-economic patterns become favorable post the pandemic slippage, we can expect strong growth in the toy market in the region due to the innovation capabilities of relatively developed countries, an expanding middle class and favorable demographics in the region.
In the research titled "Middle East and Africa Toy Market Outlook 2027," the toy market in the Middle East and Africa has been segmented on the basis of age categories to which the toys cater product lines, and sales channels. The market had a market size of around USD 7.5 billion in 2021, which is anticipated to expand at more than 9% CAGR during the forecast period. According to the World Bank data, the proportion of the population using the internet in 2015 was 47.92%, whereas in 6 years, the proportion of the population using the internet in 2021 has grown to 65%. Because of this heavy penetration of the internet in the region, it is expected that the Middle East and African countries can show strong growth rates in demand for licensed and branded products as the kids in the region will be more aware of the ongoing trends on the internet.
As the toy companies are already shifting to online modes of marketing their products as well as selling their products, the toy companies are eyeing great opportunities in the region as far as the toy industry is concerned. The greater penetration of the internet in the region is also expected to boost the e-commerce network in the region, which in turn is expected to develop new online sales and distribution channels for the toy market in the region. However, as per Bonafide Research’s study, despite e-commerce opportunities, the offline sales and distribution channels, which include physical retail stores, specialized stores, and supermarkets, will play a significant and crucial role in the future development and growth of the market.
However, the economic landscape in the Middle Eastern and African regions looks shaky due to the outbreak of a novel corona virus. This might drag the growth in the toy market in the region, at least in the short term, as consumers are going to shift to purchasing more essentials rather than leisure and entertainment goods, which includes toys. The data released by the IMF suggests that a strong economic rebound is to be expected, but the Middle Eastern and African region numbers suggest sluggish growth and slow recovery. The IMF report also notes that in the Middle East, the countries that started vaccination early on, such as affluent Gulf Cooperation Council countries, face relatively better prospects, while fragile and conflict-affected countries may see a gloomy picture of recovery. As the toy market in the region is highly spread across many smaller countries, the toy market in the region and their supply chain are expected to be highly disrupted. However, if the larger macro-economic patterns become favorable post the pandemic slippage, we can expect strong growth in the toy market in the region due to the innovation capabilities of relatively developed countries, an expanding middle class and favorable demographics in the region.
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