Cloth Toys Market Size will generate USD 14,291.90 Million by 2030
PORTLAND, OREGON, USA, March 24, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Cloth Toy Market by Product Type, Age Group and Distribution Channel: Analysis Global Opportunities and Industry Forecast, 2021-2030 “The Cloth Toys Market size is expected to reach USD 14,291.90 million by 2030, registering a CAGR of 3.3% from 2021 to 2030.
The cloth doll plays an important role in childhood and can be children’s companion as children grow up. Doraemon, tom and jerry, chota bhim are some of the cartoon shows that have gained popularity among children, so children are influenced by these shows and want to buy character cloth toys. Moreover, increasing demand for customizable cloth toys is further accelerating the growth of the market. Toys, including fabric toys, keep children busy, which is one of the reasons parents buy toys for their children. In addition, cloth toys are made from durable materials such as wool, cotton and organic fabric, which affects children’s health.
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The global cloth toy market is growing at a slow rate with the Asia-Pacific region spearheading the growth of the market. The market is driven by innovation in toys, expanding retail channels and rising disposable income. However, the emergence of smart phones poses a major challenge to the players involved.
Rising internet penetration in major regions of the world is enabling manufacturers to launch several key online marketing programs as online platforms are one of the easiest ways to spread awareness of specifications and characteristics of cloth toys, especially biodegradable toys among target customers.
People are increasingly concerned about the negative impact of plastic and are avoiding its purchase. Thus, players in the toy industry are now making environmentally friendly decisions by ensuring the incorporation of natural raw materials and minimizing the use of plastic. So, fabric toys are gaining popularity among customers due to the factors mentioned above.
However, increasing usage of smartphones and televisions for children’s entertainment and decreasing interest of children in physical games are expected to restrain the growth of the market.
According to the fabric toys market forecast, based on age group, the 10+ segment accounted for approximately 14.0% market share in 2020, with and is expected to grow at a CAGR of 4.3 % over the forecast period. Cartoons such as Doraemon, Spiderman, Mickey Mouse and Mr. Bean have gained popularity with children over 10 years old.
According to fabric toy market trends, based on distribution channel, the specialty store segment was the largest contributor to the market, with $3,449.30 million in 2020, and is expected to reach $4,267.44 million by 2030, at a CAGR of 2.2% over the forecast period. Some manufacturers have established their franchise stores, which are also considered in the specialty store segment. Manufacturers organize different types of promotional events to generate sales in these stores, such as discount offers, seasonal pricing strategies, customer loyalty programs, etc. Thus, some of the major marketing strategies as well as the pricing strategies adopted by the management of specialty stores are helping to drive the growth of the segment in terms of sales value.
According to the Cloth Toys Market Opportunities, by region, the Asia-Pacific market is expected to witness significant growth at a CAGR of 4.0% during the forecast period. Asia Pacific is the fastest growing and developing region with many emerging economies including but not limited to India, China, Vietnam and Indonesia.
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Players operating in the fabric toy industry have adopted product launch and business expansion as their major development strategies to enlarge their market, increase their profitability and stay competitive in the market. Key Players profiled in this report are HASBRO, Safari Ltd., Mattel, Inc., Build-A-Bear Workshop, Inc., Lego System A/S, Sanrio Co., Ltd, RAVENSBURGER AG, Goliath Games, CLEMENTONI and Tomy . Company, Ltd.
Main results of the study
The Cloth Toy Market size was valued at USD 10,417.20 Million in 2020 and is projected to reach USD 14,291.90 Million by 2030, registering a CAGR of 3.3% from 2021 to 2030.
By type, the stuffed animal segment is expected to witness significant growth, registering a CAGR of 3.8% during the forecast period.
By age group, the 5-10 year segment is estimated to witness significant growth, registering a CAGR of 3.7% during the forecast period.
In 2020, by distribution channel, the department store segment was valued at $2,138.00 million, or 20.5% of the global cloth toy market share.
In 2020, the United States was the largest market in North America and is expected to reach $3,564.81 million by 2030, growing at a CAGR of 2.9% over the period of forecast.
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area. AMR introduces its subscription-based premium online library Avenue, designed specifically to provide a unique and cost-effective solution for businesses, investors and universities
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