INDUSTRY OUTLOOK

Market Size & Growth

• Current size: Estimated at ₹14,000–16,000 crore (as of FY2024).
• Projected size: Expected to reach ₹33,000–39,000 crore by FY2032.
• Growth rate: Strong CAGR of ~10–12%, driven by rising middle-class spending, educational toys, and domestic manufacturing.

Shift from Importer to Exporter

• Import value dropped from ~₹2,400 crore (FY19) to ₹550 crore (FY24), a decline of ~77% due to import duties and quality restrictions.
• Export value rose from ~₹870 crore to ₹1,250–1,450 crore, growing at over 12–15% CAGR.
• India has now become a net exporter of toys.

Government Push & Incentives

• PLI Scheme: Announced at ₹3,489 crore, aimed at boosting domestic toy manufacturing with financial incentives.
• Custom duties on imported toys increased from 20% to 70% to encourage local sourcing.
• Mandatory BIS certification for toys improved safety standards and global export readiness.

Key Growth Drivers

• Rising demand for STEM and educational toys among urban parents.
• Growth of e-commerce (Amazon, Flipkart, FirstCry) is pushing toy sales into Tier 2 & 3 cities.
• Brand licensing and partnerships (e.g., with Hasbro, Disney) are increasing premium toy sales.
• Eco-conscious shift toward biodegradable, wooden, and recycled-material toys.

Global Positioning & Opportunity

• India benefits from the “China + 1” manufacturing strategy as global toy companies diversify production bases.
• The global toy market is worth ₹7–8 lakh crore, and India aims to expand its current ~1.5% share to ~5% by 2030.
• Export opportunities in Middle East, Europe, and the US are growing—particularly for traditional toys, plastic ride-ons, and role-play sets.

Summary

India’s toy manufacturing industry is in a rapid transformation phase, moving from a highly import-dependent market to an export-ready, government-supported sector. With strong domestic demand, rising exports, policy incentives, and a surge in organized manufacturing capacity, India is poised to become a global hub for toy production in the next decade.

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