The ‘Sri Lanka Toys Market Size, Share, Demand and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the Sri Lanka toys market, assessing the market on the basis of its segments like toy type, age group, and distribution channels.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Sri Lanka Toys Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 19.50 %
Innovative toys are becoming more widely available in Sri Lanka as a result of the expansion of various online retail channels, which is fuelling the toy market’s expansion. The market’s expansion is also being aided by the growing number of business-to-consumer (B2C) platforms for the hassle-free and quick delivery of genuine toys of superior quality.
The change from low and middle-end toys to smart and technological toys is a result of increased disposable incomes. Such toys are fostering children’s involvement and interactivity while encouraging creative thinking, which is projected to present profitable opportunities for the market’s expansion in the forecast time frame.
Sales of action figures and dolls, among other toys, are increasing as a result of the increased desire for toys with cultural themes brought on by children’s media like animation and movies. As a result of the COVID-19 pandemic, there has been an increase in the market for nostalgic goods. Accordingly, a number of top companies are releasing vintage toys to appeal to different generations.
The Sri Lanka toys market may experience some volatility as a result of children being exposed to digital gadgets at an earlier age. Nevertheless, the growing popularity of STEM (science, technology, engineering, and math) toys is having a favourable effect on the market’s expansion.
Sri Lanka Toys Market Industry Definition and Major Segments
Toys are used as playthings by infants, children, and young people. Examples include puzzles, games, dolls, and action figures. They are used to encourage the cognitive, emotional, and physical development of infants, toddlers, and children. They are typically available in vivid and distinctive colours and textures, often with sound capabilities. Toys are used to promote communication and language development while serving educational purposes.
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Based on toy type, the market includes:
• Building Sets
• Action Figures
• Games and Puzzles
• Sports and Outdoor Games
Based on age group, the market is segmented into:
• Above 10 Years
• 5 to 10 Years
• Up to 5 Years
Based on distribution channel, the Sri Lanka toys market is divided into:
• Speciality Stores
• Convenience Stores
• Hypermarkets and Supermarkets
Sri Lanka Toys Market Market Trends
The rising availability of safe, high-quality toys for the learning and development of children is boosting the Sri Lanka toys market. Toy demand is rapidly increasing as a result of the growing understanding of the beneficial effects of toys on fostering innovation and creativity as well as the cognitive, emotional, physical, and social development of children. The market boom is being further fuelled by the growing investments made by the top corporations in the development of locally produced, cheap, accessible, and high-quality toys.
Toys are compliant with international quality and safety standards since they go through rigorous quality inspections during manufacturing. This is fuelling the market’s expansion by increasing demand for toys such as dolls and puzzles, among others, across global marketplaces.
The Sri Lanka toys market production is rapidly expanding in the nation thanks to the easy access to raw resources such recycled paper, metals, and textiles, among others. To create toys with ethical sourcing, a number of top manufacturers are also using sustainable materials like cotton, bamboo, and wool. This has increased the attractiveness of these toys among consumers who care about the environment, especially in the European and North American markets.
Key Market Players
Some major players in the market:
• DSL Lanka (PVT) Ltd.
• Sri Toys Educational International (Pvt) Ltd
• The Green Rubber Toy Company Pvt Ltd
• Tikiri Toys Sri Lanka
• Mona Plastics (Pvt) Ltd.
• Paradise Toys Pvt Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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