A fabric toys can accompany a child as they grow and plays a key part in childhood. Cartoons like Chota Bhim, Tom and Jerry, and Doraemon have become quite famous among kids. As a result, kids are affected by these shows and want to purchase character-themed fabric toys. In addition, the market is expanding quickly due to the increase in demand for fabric toys that can be customized. The fact that toys, including fabric toys, keep kids entertained is one of the reasons parents buy them for their children. In addition, fabric toys are produced using environmentally friendly materials like organic cotton, wool, and cotton, which is good for kids' health.
The Asia-Pacific region is driving the market expansion for plastic toys, which is expanding slowly overall. Toy innovation, the growth of retail channels, and increased disposable income are the market's primary drivers. The introduction of smartphones, however, is presenting significant difficulties for the involved stakeholders.
Since online platforms are one of the simplest ways to spread awareness about the specifications and features of fabric toys, especially biodegradable toys, among the target customers, the rise in rate of internet penetration across the major regions of the world has paved the way for manufacturers to launch several key online marketing program .
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People are increasingly concern about the negative impact of the plastic and avoiding its purchase. Thus, players in the toy industry are now making environment-conscious decisions by ensuring incorporation of natural raw materials and minimizing the usage of plastic. Thus, fabric toys has been gaining higher traction among customers owing to above mentioned factors.
In India For the domestic toy business to become more competitive, the government offers comprehensive support. Toys can be used as a learning tool, and some of the measures include promoting Made in India toys, designing toys based on Indian values, culture, and history, holding hackathons and big challenges for toy design and production, monitoring toy quality, restricting imports of subpar and unsafe toys, and supporting local toy clusters.
In India Toy exports rose from $202 million in the Financial Year (FY) 2018-19 to $326 million in the FY 2021-22, a 61.38 percent rise over the previous three years. In the last three years, the amount of toys imported has decreased by 70%, from $ 371 Mn in FY 2018-19 to $ 110 Mn in FY 2021-22.
According to a new report published by Allied Market Research, titled, Fabric toys Market estimated to reach $14,29 Mn by 2030 at a CAGR 3.3%
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Key Finding of the Study
- Character Soft Toys segment hold the major share of 33.1% in 2020
- Up to 5 Years segment hold the major share of 45.9% in 2020
- Specialty Stores segment hold the major share of 33.1% in 2020
- North America region holds the major share of 31.2% in 2020
The report segments the global fabric toys market on the basis of type, product type, distribution channel, age group, and region.
Based on product type, the character soft toys segment accounted for the largest market share in 2020, contributing to more than one-third of the total share. On the other hand, the dolls segment is estimated to witness the fastest CAGR of 4.3% from 2021 to 2030.
Based on age group, the up to 5 years segment contributed to the highest market share in 2020, contributing to more than two-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the above 10 years segment is expected to manifest a CAGR of 4.3% from 2021 to 2030.
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Based on region, North America contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to portray the fastest CAGR of 4.0% from 2021-2030.
Key players of the global fabric toys market analyzed in the research include Safari Ltd., Mattel, HASBRO, Inc., Lego System A/S, Build-A-Bear Workshop, Inc., Sanrio Co., Ltd, Goliath Games, RAVENSBURGER AG, CLEMENTONI, and Tomy company, ltd.
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