The existence of toys in India dates back to the Indus Valley Civilization around five thousand years ago. The Indian toys market reached a value of US$ 1.23 Billion in 2020.
The toys industry in India has the potential to grow to $2-3 bn by the year 2024. The Indian toy industry is only 0.5% of the global industry size indicating a large potential growth opportunity. The domestic toy demand forecasted to grow at 10-15% against the global average of 5%. Reasons for Growth
The per capita income of the Indian population is increasing steadily.
Exposure to modern trends.
Awareness towards education of children.
Easy availability of raw materials.
India is the World’s second largest producer of polyester and related fibers with 8% global share for plush toys. Domestic toy demand is forecasted to grow at 10-15% against global average of 5%.
India has been importing toys of an average value of $285 mn for the last 3 years or so. Toys exports from India amounted to $130 mn during 202020 with USA and UK being the lead export destinations
The Indian Toy industry employs about two and half million workers, of which 50% are women. Currently the retail value of the Indian toy market is approximately ₹16,000 crore, of which 75% are imports from China. Around 75% of the Toy production comes from micro industries, 22% from MSMEs and only 3% from large units.
At present, the toy industry in India, is facing severe competition from the Chinese toy imports since China is presently the largest exporter of toys in the world. However, due to the impact of the present Covid-19 pandemic, even the Chinese markets have witnessed a downfall in their growth in this area and a huge untapped potential has been realised within our domestic toy markets especially considering our huge growing younger population.