Parents and guardians are spending smartly on purchasing a range of toys that can contribute towards development of their children. Building blocks and other complex block play a key role in cognitive development of the pre-school children. Strategic and constructive block play further encourages preschool children to use their imagination and creativity. Involving the preschool children in cooperative and strategic building activities can help in sharpening crucial skills – this has led the preschool school educational institutions to increasingly invest in preschool games and toys. Manufacturers are increasingly focusing on developing puzzles, board games, arts and crafts, construction toys, play-acting and musical instruments to cater to the discerning preferences of preschoolers. As the preschool games and toys help in stimulating the manual ability, coordination, and intelligence, demand will continue to rev up in the both developed and developing countries. The demand is likely to be more pronounced in China, India, and Brazil – countries with a significant population of preschoolers.
Growing penetration and popularity of online portals and e-commerce platforms is also likely to influence sales of preschool games and toys globally. To attain a competitive edge, leading market players are increasingly launching their products on e-retail portals for faster market penetration and cost benefits. A recent trend witnessed among the leading companies includes launching innovative products such as musical instruments and other games. Also, increasing number of mergers and collaborations among the leading preschool game and toy companies and major technological companies will continue to reflect positively towards growth of the global preschool games and toys market.
US$ 11 Bn Opportunity in the Global Preschool Games and Toys Market
According to a research report by Fact.MR, the global preschool games and toys market is likely to reach a valuation of over US$ 11 Bn by the end of 2022. Demand will continue to remain robust where a rapidly booming middle class is ramping up sales of consumer goods. Led by growing demand in China and India, Asia Pacific excluding Japan (APEJ) will continue to be most lucrative markets for global preschool games and toys market. However, the pervasiveness of low-quality Chinese products can hurt the interests of the global players. The unorganized sector accounts for a significant percentage of the total toys and games sold in APEJ, and with lax regulations and guidelines, many players are able to launch unsafe products in the market. These concerns can prove to be an impediment to players in the organized sector.
Accounting for more than one-fourth of the revenue share in the global market, construction toys is expected to represent a lucrative segment by 2022-end. Based on age group, the 2-3 years segment is expected to remain dominant over the coming years. Attributed to increasing preference for consumer-friendly toys that are convenient to handle, the plastic material segment is expected to generate significant revenue growth by 2022-end.
Major players operating in the global preschool games and toys market are Mattel, Inc., BANDAI NAMCO Holdings Inc., SIMBA-DICKIE-GROUP GmbH, Hasbro, Inc., Playgo Toys Manufacturing Limited, Alpha Group, TOMY Company, Ltd., LEGO A/S, Ravensburger AG, and Spin Master Ltd.
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