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Export News
18-03-2024
Due to various factors such as regulatory requirements, protectionism, and strategic business decisions by major participants, the global toy industry is undergoing a significant shift from China to India. This transition has led to a substantial increase in toy exports from India and a decrease in imports, making the country a net exporter.
According to a report by the market research company IMARC, the value of the Indian toy industry was $1.7 billion in 2023 and is projected to reach $4.4 billion by 2032, demonstrating a strong growth rate of 10.6%.
Leading toy brands such as Hasbro, Mattel, and Spin Master are increasingly relying on India for procurement, while renowned manufacturers such as Dream Plast, Microplast, and Incas are gradually shifting their business focus from China to India.
What Are the Reasons for the Shift in the Toy Manufacturing Center?
Import data from the United States and the European Union shows that, as of the first seven months of last year, 79% of toys sold to the US and Europe were still produced in mainland China, compared to 82% in 2019.
The continuous increase in wages in China is pushing up toy prices. For example, according to data from Circana (formerly NPD), prices in the UK rose by about 8% in the first six months of 2022. Consumers face the risk that if manufacturers cannot reduce costs by shifting to cheaper production centers, prices will continue to rise significantly. The minimum wage in China ranges from 1,420 to 2,690 yuan per month (approximately $198.52 to $376.08), while in India, non-skilled and semi-skilled workers can earn between 9,000 and 15,000 Indian rupees per month (approximately $108.04 to $180.06).
Where Is the Future of the Toy Export Market?
The global toy market is constantly evolving, and export trends change over time. Understanding and keeping up with these trends can help companies adapt to the pulse of the market, identify popular products for procurement or production, and determine the direction of company development. If you want to find toy import data now, please contact Tendata for a free demo!
If you want to query toy export data, you can obtain it from Tendata, a reputable global trade data provider. With Tendata's reporting features, you can see key importers, major exporters, trade volumes, quantities, weights, prices, trade frequencies, and more in a data-driven way.
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