The Indian toy industry is expanding on the back of a growing young population, rising disposable incomes, and a slew of innovations for the junior population base. The industry stands on the cusp of significant opportunities in every toy segment such as electronic toys, puzzles, construction and building toys, dolls, ride-ons, sports and outdoor play toys, infant/pre-school toys, and activity toys.
According to the latest available date, India’s share in the global toy market is less than 1% and is worth Rs. 5,000-6,000 crore (US$ 678.30-813.96 million). A report by the IMARC, a market research company, stated that the Indian toy sector will cross the US$ 3.3-billion mark by 2024 at a CAGR of 13.3% between 2019 and 2024.
Mr. Narendra Modi has called upon start-up entrepreneurs to explore the toy sector. He has also urged industry players to support local toys and reduce reliance on foreign goods. Quoting Nobel Laureate Rabindranath Tagore, the PM said toys should be incomplete so that kids can complete them in their imagination. The PM highlighted that expensive foreign-made toys severed our children from others and have destroyed the concept of collective gaming. He also asked educational institutions to organize hackathons for students to innovate in toy technology and design, including online games, to reflect Indian ethos and values.