New York, United States, Aug. 21, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global baby toys market size was valued at USD 14.13 billion in 2023. It is projected to reach from USD 14.71 billion in 2024 to USD 20.29 billion by 2032, growing at a CAGR of 4.10% during the forecast period (2024–2032).
A baby toy is a type of entertainment primarily marketed to children but can also be used to entertain adults in specific settings. Toys can be a fun way to prepare young children for real-world difficulties. Infants and toddlers like a variety of toys depending on their developmental stage. As part of their development, baby toys excite their senses of shape, color, texture, taste, and sound.
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Rising Disposable Income Drives the Global Market
The shift in consumer buying habits results from the rise in per capita disposable income. The personal income households have available for both spending and saving after taxes is known as disposable income. As disposable income per person rises, particularly in emerging economies, the market for baby toys is expanding. Two additional elements contributing to the increased per capita disposable income are the rise in dual-income households and the percentage of working women.
The growth of the baby toys industry is fueled by rising annual disposable incomes of households in densely populated countries like China and India, as well as rising middle-class spending on baby products. Due to economic growth and a growing middle class, consumer spending patterns have altered, particularly from conventional baby toys to technologically advanced ones.
Strategic Acquisitions and Mergers Creates Tremendous Opportunities
Toy producers are in fierce competition with one another for a more extensive customer base. As a result, more mergers and acquisitions are taking place in the baby toy market. Giants in the toy industry like Lego, Hasbro, and Mattel started as family-owned companies before expanding into a giant worldwide conglomerate supporting the market through massive mergers and acquisitions. For instance, WPH Global acquired a controlling position in Tru Kids in March 2021. It will support the international expansion of Toys 'R Us and Babies 'R Us with its global network and digital platform. Also, Kahootz Toys, a kid-friendly arts and crafts manufacturer, recently sold its assets to PlayMonster, a business purchased by Audax Partners in 2018.
Regional Analysis
North America is the most significant shareholder in the global baby toys market and is expected to grow at a CAGR of 4.10% during the forecast period. The increased desire for toys among youngsters and the young population in North America is driving up the need for baby toys. The development of the North American infant toys market is predicted to be supported further over the forecast period by the focus on new toys that many regional manufacturers are putting forward. In addition, significant manufacturers greatly emphasize social media marketing campaigns to boost baby toy sales among children and the younger population. Local toy manufacturers collaborate with the entertainment industry to produce toys with various characters, such as Star Wars, Batman, Spider-Man, and Harry Potter.
Europe is expected to grow at a CAGR of 3.95% during the forecast period. The European infant toy market is expected to increase due to consumers' growing preference for higher-quality games and toys. Europe's high per capita disposable income and growing consumer preference for baby toys would further support the market's growth over the forecast period. According to Economic Analysis, Germany is expected to increase at the fastest pace throughout the forecast period, at 4.08%.
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Key Highlights
- The global baby toys market size was valued at USD 14.13 billion in 2023. It is projected to reach from USD 14.71 billion in 2024 to USD 20.29 billion by 2032, growing at a CAGR of 4.10% during the forecast period (2024–2032).
- Based on product type, the baby toys market is bifurcated into board games, soft toys and dolls, action toys, arts and crafts toys, construction toys, vehicles, musical toys and rattle, and others. The construction toys segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.20% during the forecast period.
- Based on end-user, the global baby toys market is bifurcated into infants and toddlers. The toddler segment owns the highest market share and is estimated to grow at a CAGR of 4.05% during the forecast period.
- Based on distribution type, the global baby toys market is bifurcated into store-based and non-store-based. The store-based segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.90% during the forecast period.
- North America is the most significant shareholder in the global baby toys market and is expected to grow at a CAGR of 4.10% during the forecast period.
Competitive Players
- LEGO System A/S
- Mattel Inc.
- Hasbro, Inc.
- Bandai Namco
- Holdings Inc.
- Spin Master
- Kids I1 Inc.
- Nintendo Co. Ltd.
- Brandstätter Group
- Tomy Company Ltd.
Recent Developments
- In January 2023, the beloved baby boutique, which shut its doors in 2018, is reopening under new management. A new brick-and-mortar location will soon be opening in the American Dream mall in New Jersey.
Segmentation
- By Product Type
-
- Board Games
- Soft Toys and Dolls
- Action Toys
- Arts and Crafts Toys
- Construction Toys
- Vehicles
- Musical Toys and Rattles.
- Others
- By End-User
-
- Infants
- Toddlers
- By Distribution Channel
-
- Store-Based
- Non-Store-Based
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America
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