Asia-Pacific Toy Market Outlook, 2027

The Asia and Pacific region is home to 4.3 Billion people, accounting for almost 60% of the world population. With its rising population and income levels, Asia-Pacific contributes significantly to the global toy market. Asia-Pacific is the second largest market for traditional toys and games, and remains one of the fastest growing regions. While Asia-Pacific has a falling birth rate and had the second lowest per household expenditure on traditional toys and games in 2018, the region is still expected to enjoy good value growth due to rising disposable incomes, smaller average household sizes, the premiumisation trend and product innovation. According to the report, " Asia-Pacific Toy Market Outlook, 2027" published by Bonafide Research, the market stood at USD 39 Billion in 2021, which is anticipated to expand at more than 9% CAGR for 2022–2027. The Asia and Pacific toy markets have been studied in the context of major markets in the region, including China, Japan, India, and Australia. Crucial aspects of the markets such as categorization based on age, product, and sales and distribution channels have been discussed to clearly present the scenario of the toy market in the region. The major toy categories considered in the study report are action figures, arts and crafts, building sets, dolls, games and puzzles, infant and toddler toys, youth electronics, outdoor and sports toys, plush, vehicles, and explorative and other toys.

The Asian and Pacific markets are majorly driven by two major economies, which are China and Japan. China also happens to be the world’s largest exporter of toys. However, the data gathered during the study indicates that about 1/3rd of the Asia-Pacific toy market revenue is generated by countries other than China, Japan, India, and Australia. This also reflects the extent of influence and unstructured markets in developing markets play in the regional toy landscape. Some of the biggest exporters of toys in the Asian Pacific markets include Hong Kong and Taiwan. The Asia-Pacific region is also home to some of the fastest growing economies in the world. The constantly expanding middle class means that consumers in the middleclass strata are shifting to higher living standards. This in turn increases the expenditure that households make on toys. This also drives the demand for licensed and branded products from top toy majors. The rise in the licensed toy category is also fuelled by easier access to the internet and media content in the region. The internet penetration in the region is about 62% and is expected to grow at a higher rate due to the competitive telecom industry in the region. However, even though the internet penetration is strong, it is also expected to create new channels for marketing and communication for toy companies, which will find a new avenue to reach their potential customers via social media and other platforms. Along with the internet, the online sales channels for the toy industry are also expected to expand, but offline retailing via physical stores and outlets will continue to play a crucial role in driving sales for the market. However, the region faces challenges because it is a major source of counterfeit toys. Consumers who are looking for cheaper options for toys sustain the market, and such toys are highly demanded due to their elastic demand and price sensitivity. The major companies operating in the Asia-Pacific region are LEGO, Mattel Inc., Bandai Namco, Hasbro, Jakks Pacific, and Toy Quest. The e-commerce marketplace for third-party sellers has bred an extensive ecosystem of counterfeiters and knockoffs that pose a threat to existing players, competing for their share of the market. This rising trend boosts value sales as consumers are willing to spend on limited editions and sophisticated designs to have these toys as part of their collection. Meanwhile, blind collectibles are also spurring growth as they are popular amongst girls, and this trend is expected to continue over the forecast period. Furthermore, major manufacturers are located in Thailand and Japan, where cheap and easy-to-use products are made and exported to different countries. These toys have been in high demand. For instance, among the pre-school toys, Fisher-Price and CADE-A pillar, a developmental toy, which was launched in 2016 in China, allows children to do domestic computer programming and solve problems. China and India are the two most prominent economies in the world, owing to which many vendors are entering this market. Furthermore, the demand for toys and games is expected to increase over the forecast period due to an increasing number of retail outlets coupled with growing middle-class groups. In China, pre-school toys are gaining popularity due to the increasing sales of math, art-based gadgets, and science and technology interests among parents as well as children.

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Manmayi Raval

Research Consultant

Many children like to play video games during their leisure time. Technological innovations such as AR/VR headsets have led to an increase in the adoption of video games by children. The launch of educational gaming has encouraged adults and parents, thereby having a positive impact on market growth. Sony has launched the pre-station classic, which comes with a preloaded version of the original Play Station that has increased the growth of the video games market. Growing usage of smart-phones that contain video games has fueled the market growth in the upcoming years. According to the survey, in 2018, PUBG had become one of the largest video gaming apps that had produced the highest revenue all over the globe. The increasing usage of tablets and laptops has also increased the growth of the market. Major companies present in the market Bandai Namco Entertainment Inc., Dream International Limited , Hasbro Inc., Jakks Pacific, Inc., The LEGO Group, Mattel, Brandstatter Group (Playmobil), Ravensburger, VTech, Kids II, Inc., Clementoni, Goliath Games Considered in this report • Geography: Asia-Pacific • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

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Aspects covered in this report • Asia-Pacific toy market with its value and forecast along with its segments • Country-wise toy market analysis • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • Japan •Australia •China •India Segment covered in the report By Product • Action Figures & ACC •Arts & Crafts •Building Sets •Dolls •Games/Puzzles •Infant/Toddler/Preschool •Youth Electronics •Outdoor & Sports Toys •Plush •Vehicles •Explorative & Other Toys By Age Group •0-8 years •9-15 years •15 years and above By Distribution Channel •Online •Offline The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering, the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources. Intended audience This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to pet care products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.