The learning and education toys market demand is expected to increase during the forecast period. This is attributable to the benefits associated with the learning and educational toys that helps to enhance skills and learning of the children. This in turn has propelled the growth of the overall learning and educational market.
According to a new report published by Allied Market Research, titled, “learning and educational toys market by product type, age group, sales channels and region: global opportunity analysis and industry forecast, 2021–2030,” The global learning and educational toys market was valued at $49,973.1 million in 2020, and is projected to reach $81,295.2 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
The increase in number of games bars, cafes, and family entertainment centers worldwide is boosting the demand for toys and games. These family entertainment centers, game bars, and cafes are witnessing high traction and gained remarkable popularity across the world in the course of recent years. The quick expansion of games in cafes is encouraging children as well as adults to learn new games along with connecting each other for meaningful social interactions. In the U.S., over 5,000 board games cafes were inaugurated in 2016. Furthermore, there were over 700 gaming cafes in China and in 2017, an addition of about 60 gaming cafes were opened in Beijing alone. The increase in number of these cafes and entertainment centers that cater to both kids and adults helps generate high revenues for the players operating in the global learning and educational toys market.
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Engaged players in the industry are striving to make more environment-conscious decisions about their product portfolio, especially in terms of toys packaging. The players are focusing on minimalistic usage of plastic in their products. A plethora of initiatives have been launched in the past few years ranging from adopting recycled packaging materials and minimal packaging to adopting bio-based plastics instead of their petroleum counterpart.
For instance, MGA Entertainment introduced a new biodegradable ball as a new product offering in its L.O.L Surprise! Doll line. Furthermore, it also introduced a new product line from Little Tikes using blend of recycled resins as raw material. Another company, Safari Ltd. is offering BioBuddi line of toy blocks, much like Mega Bloks and Lego, which uses sugarcane in the production and manufacturing of toys. Such practices adopted by the players pave the way for more sustainable and environment-friendly products in the future.
The market in the Asia-Pacific region offers lucrative growth opportunities for market players. Large consumer base along with rising disposable income of consumers provides lucrative opportunities for the market players. This region offers potential opportunities to market players for launching educational and learning toys.
The outbreak of coronavirus has negatively impacted the learning and educational toys industry along with all stages of supply chain and value chain. The supply chains today are far more complex as compared to what they were a decade ago. The COVID-19 pandemic has not only hampered the production facilities, but has also disrupted the supply chains such as material suppliers and distributors of the learning and educational toys market globally, resulting in the loss of the business in terms of value sales.
The global learning and educational learning and educational toys industry has been impacted profoundly amidst the outbreak of the coronavirus. The outbreak was first witnessed in China resulting in lockdown and ceasing of production activities across the world. The demand for toys and games is expected to slightly taper across the world, owing to supply chain disruptions and closure of playgroup schools, kids play centers, & entertainment across the world.
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The learning and educational toys market is segmented into product type, age group, sales channel, and region. By product type, the global market is classified into action figures, building sets, dolls, games and puzzles, sports & outdoor toys, plush, and others. By age group, it is studied across upto 5 years, 5 to 10 years, and above 10 years. By sales channel, the market is divided into hypermarket/supermarket, specialty stores, departmental stores, online channels, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key findings of the study
By region, Asia-Pacific is anticipated to grow at a robust CAGR of 7.1% during the forecast period.
By product type, the sports and outdoor toys segment led in terms of market share in 2020, and is expected to gain market share in the coming years.
By age group, the 5 to 10 years segment accounted for maximum market share of the learning and educational toys market in 2020, and is poised to grow at the highest CAGR during the forecast period.
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By sales channel, the online channels segment is expected to gain market share in the coming years, and is estimated to grow at a CAGR of 6.5% during the forecast period.
Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. Agreement with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players opted for product launch strategies to strengthen their foothold in the market. To understand the key learning and educational toys market trends, strategies of leading players are analyzed in the report. Some of the key players in the learning and educational toys market analysis includes Atlas Games, Clementoni S.p.A., Goliath Games, Hasbro, Inc., The LEGO Group, Mattel, Inc., Ravensburger AG, Tomy Company, Ltd, Vtech Holdings, and Thames & Kosmos.