Logo
How the major toy companies are adapting sustainable measures and impacting USD 113 Billion in 2021 for Global Toy Market- Explains Actual Market Research
Apr, 20
2021

244 view

How the major toy companies are adapting sustainable measures and impacting USD 113 Billion in 2021 for Global Toy Market- Explains Actual Market Research

 

pr-image.png

In its report titled "Global Toy Market Research Report, 2027," Actual Market Research attempts to analyze the global scenarios, trends, and patterns that are shaping up this USD 130 billion market. Furthermore, the market is expected to grow by more than USD 165 billion at a CAGR of more than 6% between 2022 and 2027.

Some of the global leaders in the toy industry have transitioned and diversified across different industries like Bandai Namco, Dream International, Vtech, etc., whereas some of the major market leaders are pure-play toy companies such as LEGO Group, Mattel Inc., and Hasbro. The LEGO Group and Knex Industries are market leaders with unparalleled expertise in building and construction blocks and are some of the oldest companies in the toy business. Hasbro is one of the early players who jumped on the licensing and branding trend. Hasbro is one of the holders of some of the major licenses and brands, including NERF, Transformers, Marvel, Star Wars, and many others. Mattel is a crucial player in the doll business, having branded and marketed Barbie Dolls. It also owns brands like Hot Wheels, Fisher-Price, and holds licenses for Jurassic World, DC Comics, WWE, and many others. Bandai Namco is another highly diversified company in the entertainment and media space which also holds licenses for popular branded toys of popular anime characters such as Dragon Ball Z, Naruto, and Pac Man. JakksPacific has recently acquired the license for Apex Legends and holds some of the major licences for Disney, including many others. Other companies like Vtech, Playmobil, Ravenburger, Dream International, Clementoni, Goliath Games, Kids 2 Inc., and KNEX Industries compete heavily in generic toy categories such as plush, puzzles, artificial replicas, and other sets.

At the Toy Fair New York that happened in 2020, sustainability was the biggest trend and a widely discussed topic. Market leaders such as the LEGO Group, Mattel, and Hasbro have announced big changes in order to improve their green credentials. The smaller and medium-sized companies, as well as the newer companies, have adopted eco-friendly and environmentally conscious toys.

Even though toys comprise less than 1% of the typical household waste stream, about 99% of toys are made out of plastic, and therefore the toy industry, being a plastic-heavy market, plays an important role in how we approach the shared goal of an environmentally clean and sustainable future. The companies in recent times have worked towards improving the environmental impact of their products and manufacturing activities and are committed to reducing packaging and increasing the use of recycled or bio materials and renewable energy sources in production, all while continuing to provide safe, quality merchandise that meets customer and consumer needs.

The industry has also been working on the challenges it faces with product packaging. Packaging plays a vital role in assuring that toys reach consumers without any possible damage to the toy during transit and transportation. Products, particularly those of small size and with multiple components, are delivered to consumers in the intended state and are operational upon purchase. Packaging also helps mitigate counterfeiting and theft and ensures that the consumer comfortably and clearly understands the intended utility and design of the product. However, small steps have been taken by the companies by using recycled plastic for packaging as well as for manufacturing. Wooden toys are also resurfacing and are in high demand due to their rustic nature. Apart from changes in product materials, even changes in business models can be adopted by companies to adapt to the growing awareness of environmental protection and sustainability among consumers.