Project report for Toys Manufacturing Industry

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India has one of the world's largest young populations, which has fuelled the country's toy industry's rapid expansion. A wide variety of conventional and new toys are available on the market. However, changing tastes have resulted in a transition away from traditional toys and into creative and high-tech electronic toys. Lego has supplanted wooden building blocks, and Barbie dolls have superseded traditional cloth dolls. In today's market, there is a wide range of toys to choose from. Classic plush toys, design and building toys, dolls, board games, and puzzles are among the many products available, as are high-end interactive toys, instructional toys, and ride-ons. There are toys made in the United States by independent, medium, and major businesses, as well as toys made by well-known foreign brands. There are low-cost and high-end models of each toy type.

Even though a large variety of toys are available within the Indian market, they can broadly be classified into two very distinct categories on the basis of their application & purpose i.e. educational and recreational toys. And amongst these two categories, under Educational toys various toys & games made out of Plastics and cardboard materials are under prominence while recreational toys primarily include Electronic toys such as remote controls, video games,, battery operated toys, cars, plastic toys, dolls, soft toys and mechanical pull back toys. India's growing domestic toy market is sparked by the country's high economic growth and rising disposable incomes. For many years, India has seen high GDP growth rates, and it is now one of the world's biggest economies. The region's middle-class demographic has grown rapidly as a result of this trend. Consumers' disposable incomes have increased, and their buying habits have shifted. As a result, there has been a significant move away from conventional, medium- to low-end battery-operated toys and toward revolutionary mechanical toys, intelligent toys, and upmarket plush toys.

Market potential & Strategy

In 2017, the Indian toys industry was worth US$ 1.3 billion, with a Compound annual growth rate of 15.8 percent from 2010 to 2017. The demand is expected to reach US$ 2.9 billion by 2023, growing at a CAGR of 13.9 percent between 2018 and 2023. Toys have been found in India since the Indus Valley Civilization, which was about 5,000 years ago. Whistles shaped like birds, toy monkeys that could roll down a rope, and miniature carts constructed from natural materials such as sticks, clay, and rocks were among the first toys. Manufacturers have been inspired to make new and revolutionary toys in recent years as improved technologies and equipment have become available.

With the advent of smartphones and other digital platforms, online distribution outlets have recently exploded in India. Online sales channels have appeared to be one of the fastest growing distribution channels for toys in India, as content and features of goods can be debated by shoppers and prices can be measured on different platforms. Over the last few years, the toy industry in our country has seen a lot of new innovations, including the introduction of new types of toys as well as further creativity in terms of structure and other fields. The toy industry has seen considerable growth and expansion within the domestic sector, which is currently projected to be worth Rs. 5750 crores (approximately $78.5 million) per annum (factory manufactured toys by MSMEs and big units plus imports) and is growing at a rate of 10-15 percent per year. The toy manufacturing market despite of all the technological advancements, we have witnessed over the past 2 decades seems to move upwards only.

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