According to the latest report by IMARC Group, titled “China Toys Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the China toys market size reached US$ 13.4 Billion in 2018. Toys are products designed for young children and are generally made from wood, plastic, paper, cloth, or clay. Some of the most popular toys available in the market include rattles, board games, cards, dolls, toy cars, puzzles, action figures and types of playsets. They play a major role in boosting creativity and improving social, cognitive and physical skills of children. In China, the history of modern toys can be traced back to the early 1900s with the development of an international industry presence in the early 1980s. Since then, the industry has witnessed significant growth, which has led China to become one of the largest producers of toys. At present, Chinese manufacturers supply a wide range of high-tech gadgets, models, licensed toys, traditional toys, and educations toys. The domestic demand for toys is also increasing in the country due to the Two-Child policy, which was introduced in 2016.
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China Toys Market Trends:
With the maturity of the toy industry in China, producers have been adopting advanced manufacturing processes and innovative marketing strategies to attract a broader consumer base. In line with this, companies have started shifting from contract manufacturing to designing and manufacturing their products. For instance, the China-based educational kits manufacturer and professional airplane model, Hangzhou ZT Model Co (HZTMC), recently collaborated with international markets, including Britain, Portugal, Spain and Australia, to co-brand more than ten products. Besides, rising disposable incomes and improving lifestyle patterns have led parents across the country to opt for toys that promote experimentation and learning experiences among children. On account of this, there has been a rise in the overall production of science, technology, engineering and mathematics (STEM)-based toys. Looking forward, the market is expected to reach a value of US$ 24.9 Billion by 2024, at a projected CAGR of 10.8% during 2019-2024.
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Insights on Market Segmentation:
Market Breakup by Product Type:
1. Plush Toys
2. Electronic/Remote Control Toys
3. Games and Puzzles
4. Construction and Building Toys
7. Sports & Outdoor Play Toys
8. Infant/Pre-School Toys
9. Activity Toys
On the basis of the product type, plush toys are the largest segment. They are followed by electronic/remote control toys, games and puzzles, construction and building toys, dolls, ride-ons, sports and outdoor play toys, infant/pre-school toys, activity toys, and others.
Market Breakup by End-User:
The report has analyzed the market according to the end user, covering the unisex, boys and girls segments. Amongst these, unisex toys are gaining popularity in the country.
Market Breakup by Distribution Channel:
1. Specialty Toy Chain Stores
2. Supermarkets and Hypermarkets
3. Departmental Stores
4. Online Stores
Based on the distribution channel, the market has been segregated into specialty toy chain stores, supermarkets and hypermarkets, departmental stores, online stores, and others. Currently, specialty toy chain stores are the most preferred channel.
Market Breakup by Province:
On the basis of the province, Guangdong represents the largest market for toys in China, accounting for the majority of the total market share. The growth in the region can be attributed to the rising penetration of modern retail operations, including supermarkets, convenience stores and chain stores. It is followed by Jiangsu, Shandong, Zhejiang and Henan.
The competitive landscape of the market has also been examined with some of the key players being Mattel, Inc., Lego Group, Hasbro, Inc, Vtech Holdings Limited, Hape International (Ningbo) Ltd., Silver Lit Toys Manufactory Limited, Sieper GmbH, Micro Mobility Systems Ag, Ravensburger Ag, and Shantou City Big Tree Toys Co., Ltd.
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This post was originally published on Trading Herald