Decoding the Role of Innovation in the Massive Growth of Kids Toys Industry

Archeological excavations across the world have shown that different ancient civilizations- be it Indian, Chinese, Greek, or Egyptians, had one thing in common-kid toys.  Kids toys, thus, aren’t a contemporary development, rather they have been associated with humans for ages. Made from wood, bamboo, metal, plastic, rubber, and other such materials, kids toys have helped not just in engaging the attention of toddlers but have also aided in their cognitive development.

Growth drivers for the kids toys market

The demand for kids toys has increased manifold in the past few years. One of the most important growth drivers of this market is the increasing innovation that the industry is experiencing. Furthermore, growth in demand for educational toys for kids, especially from working parents, has led to increased investments from toy manufacturing companies. This has further fueled the growth of the market.

Ever since the last decade of the 20th century, environmental awareness has been on the rise gradually. Products made from plastics are being rejected by ecologically aware customers, who instead opt for products made from sustainable materials. This trend has also been seen in the children's toys industry wherein the demand for toys made from wood or bamboo has witnessed a huge surge. This shift towards sustainable toys has also led to innovation in the market.

Product launches by leading industry players

The expanding nature of the kids toys market has led to healthy competition among the leading companies in the market. In a bid to gain an advantage over the other, different companies are launching their own products which will diversify their product portfolio and thus help the company to cater to the demands of the public appropriately. Additionally, many governments, in order to boost their local industries, have started incentivizing the companies in this market which has helped the companies to experiment with new things and products.

The launch of a series of 40 products across various segments by Funskool India is one such example. Funskool India, a leading toy manufacturing company in India, announced the launch of a range of toys including board games, handy crafts, puzzles, etc. The CEO of Funskool stated that this product launch was in line with the company’s policy of manufacturing toys focusing on edutainment. He further added that the company’s aim was to manufacture toys indigenously which was in line with the country’s initiative of Atmanirbhar Bharat.

Innovation and kids toys market

 The children’s toys industry has undergone a huge evolution; the latest development in this industry is the growing focus on integration of advanced technologies like Artificial intelligence. The main reason behind this integration is the increasing demand for STEM toys. STEM i.e., Science, Technology, Engineering, and Math are considered as the most important subjects in today’s technological world and hence, parents want their kids to get acquainted with these subjects right from an early age. This trend has compelled toy manufacturing companies to invest heavily in technological advancements and develop innovative products that will satisfy the demand of the tech-savvy society.

In summary, growth in demand for education toys, increasing awareness regarding environmental sustainability, product launches by major companies, and integration of advanced technologies are the primary factors which are predicted to push the growth of the kids toys market ahead in the next few years.

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