Plastic Toy Manufacturing Industry In India
The Indian toy industry is become growing and reached to $1.5 billion which is 0.5% of the global toy industry. The majority of toy manufacturers in India are located in NCR, Maharashtra, Karnataka, Tamil Nadu, and other parts of India. There is 90% of the toy market is organized. There are 4000 toy industries from the MSME sector.
It is estimated that the Indian toy industry will reach $2-3 billion by 2024. Domestic toy industry demand is projected to 10 to 15% growth every year while the global growth rate is 5%.
Toy guns and teddy bears are the most popular toys among kids. But for the past few years, the trend is become changing. The government of India has initiated the Toycathon 2021 to encourage students, toy designers, manufacturers, and start-ups to provide a platform to present at a global stage.
In this, even national, as well as international manufacturers, are gathered and a good chance to display the talent. According to the general secretary of the Toy Association, the Indian Toy industry employs 2.5 million workers and 50% of them are women. At present, the retail value of the Indian toy market is 16,000 crores in which 75% are imported from China. The domestic production value is only 6000 crores. From total toy manufacturing in India, 75% is from micro industries, 22% from MSMEs, and 3% from large manufacturers.
There are big changes in the toy industries as the BIS certification is compulsory for toy manufacturers from January 1, 2021. Every toy manufacturer needs to fulfill the criteria to get clearance. There are different states in India that delicately locate land for toy parks. Delhi government allocate 100-acre land for toy park and around 115 units start manufacturing toys. Karnataka’s Koppal has become a new toy hub and Gujarat is planning to ease for toy manufacturers and announced Nation’s first Toy Museum.
The Indian toy market is mainly disorganized and consists of wholesalers, importers, and manufacturers. Current toys are different from the toys of the past. In the present time, educational toys are designed with a team of teachers, parents, and psychologists.
With the advancement in technology, educational toys have a very large market. Now the toys are equipped with Augmented Reality and they are most liked by children. This enhances the cognitive, creative, and linguistic development of children.
The Indian toy industry faces the biggest challenge from cheap Chinese electronic toys. To overcome this problem, there are courses introduced by IITs for toy designing and electronics used in toys. New Delhi-based company made toys based on popular cartoons and other characters. There are also changes in Ride On toys as they are mostly imported from China but now it is changed.