Portland, OR, Nov. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fabric toys market generated $10.41 billion in 2020, and is expected to reach $14.29 billion by 2030, manifesting a CAGR of 3.3% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Rise in demand for games in bars and cafes and increase in interest of children and the young population in fabric toys drive the growth of the global fabric toys market. On the other hand, tariff duties to limit market extension, rise in digitalization, and penetration of smartphones hamper the market. On the contrary, a decline in carbon footprint and advent of environment-friendly projects coupled with untapped opportunities in developing countries and fast-paced growth of the retail sector are expected to create more opportunities for the market players.
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COVID-19 scenario:
- The outbreak of the pandemic has positively impacted the global fabric toys market. Several sectors from the toys industry witnessed significant growth during the lockdown.
- Children were confined to their homes during the COVID-19 pandemic, which increased the sales of fabric toys to keep children engaged.
- However, lack of workforce and supply chain interruptions hindered the production and delivery network in the market.
The report segments the global fabric toys market on the basis of type, product type, distribution channel, age group, and region.
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Based on product type, the character soft toys segment accounted for the largest market share in 2020, contributing to more than one-third of the total share. On the other hand, the dolls segment is estimated to witness the fastest CAGR of 4.3% from 2021 to 2030.
Based on age group, the up to 5 years segment contributed to the highest market share in 2020, contributing to more than two-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the above 10 years segment is expected to manifest a CAGR of 4.3% from 2021 to 2030.
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Based on region, North America contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to portray the fastest CAGR of 4.0% from 2021-2030.
Key players of the global fabric toys market analyzed in the research include Safari Ltd., Mattel, HASBRO, Inc., Lego System A/S, Build-A-Bear Workshop, Inc., Sanrio Co., Ltd, Goliath Games, RAVENSBURGER AG, CLEMENTONI, and Tomy company, ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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