Polyester Soft Toys Market Size (2023 – 2030)

In 2022, the Global Polyester Soft Toys Market was valued at USD 7.99 billion and is projected to reach a market size of USD 13.89 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 7.16%.

INDUSTRY OVERVIEW

Soft toys are excellent companions for young children, especially newborns and toddlers. They are manufactured specifically for young children from textile materials and filled with a soft substance that the kids adore cuddling, hugging, and playing with. Soft toys assist kids to develop their social and emotional skills as well as their sensory abilities. These toys, often known as stuffed toys, come in a variety of shapes, including dolls, mythological creatures, animals, people, and others. Even though stuffed toys are made for kids, they may also be given as beautiful gifts for special occasions and events. To meet the needs of a larger global kid population, manufacturers have continually prioritized expanding up the manufacturing of soft toys. For instance, the Swedish furniture giant IKEA, which has over 1,000 goods in its children's line, is reportedly aiming to expand the procurement of toys from India for its operations, according to a story from The Economic Times that was published on March 1st, 2021. In the upcoming years, the enterprise will also concentrate on making investments in the wooden toy category.

Polyester soft toys are constructed of polyethene terephthalate, a polyester fiber produced from mono ethylene glycol and purified terephthalic acid. The global need for polyester fiber is being driven by its several benefits, including soft cushioning, insulation, little shrinking, and mildew resistance. The sector for polyester soft toys is expanding as a result of additional causes like the population boom among youngsters, the expansion of kindergarten and nursery schools, and the government's strengthening investment in child care. The development of the polyester soft toy business is expected to be hindered by government rules regarding the safety of children's toys. The COVID-19 pandemic hurt the outlook for the polyester soft toy business since lockdown regulations decreased consumer demand for toys, which led to a decrease in the use of polyester fiber in soft toys.

COVID-19 IMPACT ON THE POLYESTER SOFT TOYS MARKET

Due to COVID-19 effects, the market saw a significant increase in both middle-class and high-income customers, which prompted the major firms to provide a wide selection of products geared at stay-at-home consumers. Online retail was the main factor in driving toy and game sales during the epidemic.  However, the COVID-19 pandemic has also hurt the outlook for the polyester soft toy business since lockdown regulations decreased consumer demand for toys, which led to a decrease in the use of polyester fiber in soft toys.

MARKET DRIVERS: 

The rapidly growing population of children is driving market growth.

The declining death rate, rising birth rates, fast urbanization, and accelerating immigration have all contributed to the enormous growth in the world's kid population throughout time. For instance, the World Bank estimates that there were 1.98 billion children worldwide in 2021, a rise of 3% over the population in 2015. Particularly for toddlers, the demand for soft and plush toys like dolls, stuffed animals, and action figures has increased due to the rise in the number of children. As a result, this has concurrently expanded the use of polyester fiber manufactured from mono ethylene glycol and purified terephthalic acid in the production of such toys, favorably affecting the growth of the polyester soft toys market throughout the forecast period.

An increase in the number of kindergarten and nursery schools is propelling the market growth

The development of children is greatly influenced by settings like kindergarten and nursery schools because they provide kids with the chance to practice their social skills and form bonds with other kids that aid in their growth. The need for these institutions has accelerated due to the fast-expanding kid population, leading to an overall rise in their number. The number of pre-and nursery schools in 2021 was 294,832 units, up 1.1% from 2020, according to the China Ministry of Education. The number of kindergartens, nurseries, and primary schools in the US was at 70,039 units in 2019, up 1% from the previous year, according to the US National Centre for Education Statistics. Having more of these institutions has increased demand for soft toys that are meant to help children learn language and play skills, which has also increased market demand for polyester fiber, the main raw material used to make these toys.

MARKET RESTRAINTS:

Government regulations are strict regarding toy quality is impeding the market expansion

Although polyester fiber is a key raw material for the production of soft toys, the chemicals used to produce it make it very sensitive to the skin. Governments have implemented strict rules to maintain adequate quality checks on toys created from these materials. For instance, the Toys (Quality Control) Order 2020, adopted by the Indian Government, aims to tighten the quality standards for toys made in India and imported there as well, to create safer toys for kids. Additionally, the US Consumer Product Safety Commission's December 2021 update includes specific guidelines for the materials used in toy manufacture. Such laws could make it difficult for the polyester soft toy business to expand, which would hurt the size of the polyester soft toy market over the anticipated time.

POLYESTER SOFT TOYS MARKET REPORT COVERAGE:

This research report on the Polyester Soft Toys Market has been segmented and sub-segmented based on Product, Age, By Distribution Channel and By Region.

POLYESTER SOFT TOYS MARKET – BY PRODUCT

• Stuffed Animals
• Cartoon Toys
• Action Figures
• Others

Based on product, the polyester soft toys market is segmented into stuffed animals, cartoon toys, action figures, and others. With a market share of more than 42% in 2021, the sector of stuffed animal items topped the global markets. Over the forecast period, the market is anticipated to grow at a constant CAGR. The stuffed toys are more attractive and often include animals like bears, elephants, bunnies, and others, which helps young children and babies form stronger emotional bonds with them. They are often categorized according to how they look since they frequently resemble familiar animals or items. The most often used plush animal seen in homes is the teddy bear. Stuffed animals provide comfort for extremely young children. The toys provide kids with a sense of security and safety and can aid in sleep; thus they are predicted to experience a significant increase throughout the projection period. Over the projected period, the cartoon toy product sector is predicted to see the fastest CAGR, at 9.32%. The rising popularity of various cartoon program is predicted to fuel demand for these toys and support the segment's expansion.

POLYESTER SOFT TOYS MARKET - BY AGE

• New Born
• Infants
• Toddlers
• Other age groups

Based on age, the polyester soft toys market is segmented into newborns, infants, toddlers, and other age groups. In the future years, it is anticipated that the toddler market would rise significantly. Soft toys are a common way for young toddlers to express their emotions and later find solace, developing traits like love, affection, and kinship. Additionally, the children's role-playing is encouraged by these plush animals. Different plush animals teach young toddlers how to distinguish words like "cat," "dog," "bear," and "pig," as well as the right sound that each animal makes. Stuffed animals eventually get names and start living with their owners. Since stuffed animals are frequently a child's first true pals, it is anticipated that their popularity will increase. They are anticipated to be adopted by families with kids more frequently, resulting in segmental development.

POLYESTER SOFT TOYS MARKET - BY DISTRIBUTION CHANNEL

• Online
• Offline

Based on the distribution channel, the polyester soft toys market is segmented into Online and Offline. The market for polyester soft toys' offline distribution channel, which brought in USD 6.89 billion in sales in 2021, was the largest sector. Gift shops, toy shops, hypermarkets, specialized shops, etc. are examples of offline distribution channels. The main engine of this segment's growth is the large variety of items that are offered at these stores. Furthermore, a variety of promotions and special discounts on name-brand goods as well as store assistants offered by these shops will promote segment growth.

With a CAGR of 10.75% from 2023 - 2030, the market's fastest-growing sector is anticipated to be the online channel. The major drivers of product sales through online platforms include the rapidly growing e-commerce sector, particularly in emerging nations, and the rising number of internet and smartphone users. Additionally, these platforms provide home delivery and a variety of payment methods, including Cash on Deliver (COD), which will help the market grow.

POLYESTER SOFT TOYS MARKET - BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

By region, the Polyester Soft Toys Market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. Due to rising spending on toys and other items for fun and amusement including playsets, dolls, and other plush toys, the North American region is anticipated to have the largest market share. The US Bureau of Labor Statistics reports that in 2018, US spending on leisure-related activities and equipment was USD 3.22 million. Additionally, the region's market is expanding as a result of the population's growing gift-giving preferences. The region's demand for soft toys and playthings has grown as a result of parents encouraging their children to purchase sporting goods and recreational equipment to help them learn and develop new abilities and become spontaneous with their schedules.

Due to nations like China, India, and Japan, where the average person's disposable income has grown and where parents increasingly see traditional toys as an important instrument for a child's growth, the Asia Pacific area is predicted to grow its market share in the sector. The recent government measures concerning the development of the toy sector in nations like India, China, and Japan are also to blame for the quickest growth in the APAC area. To prioritize manufacturing and production processes, for instance, the Indian government introduced the Production Linked Incentive (PLI) in 2020. The program gives local manufacturers incentives to increase production and lower import costs, including the toys industry, which operates in a variety of industries. As a result, the demand for toys and recreational equipment will increase in the next years due to the growing child population. The primary goal of manufacturers is to increase sales or revenue by diversifying their product lines or establishing new manufacturing facilities in the international market.

POLYESTER SOFT TOYS MARKET - BY COMPANIES

Some of the major players operating in the Polyester Soft Toys Market include:

1. MATTEL, INC.
2. BANDAI NAMCO GROUP
3. LEGO A/S; HASBRO, INC.
4.  SIMBA DICKIE GROUP
5. SPIN MASTER LTD.
6. BUDSIES, LLC
7. GIANTMICROBES, INC.
8. TY, INC. 
9. PLAYMOBIL
10. BARBIE
11. FISHER PRINCE

NOTABLE HAPPENING IN THE POLYESTER SOFT TOYS MARKET

1. PRODUCT LAUNCH- Star Wars Galactic Pals plush toys for kids, including characters such as Wookiees, Ewoks, Jawas, and Rodians, were released in April 2022 as a result of Mattel Inc.'s partnership with Lucasf
2. PRODUCT LAUNCH- One of the top producers of soft and plush toys, Tomy Company, introduced "My Fuzzy Friend in February 2022. This soft creature clings to kids' arms, performs adorable motions, and speaks in a beautiful voice.
3. PARTNERSHIP- Simba Dickie Group and Xilam Animations partnered in October 2021 to expand the product range of Xilam Animations' well-known Oggy and the Cockroaches plush toys among kids between the ages of 3-6.
4. PRODUCT LAUNCH- During the time of the kids' Christmas celebrations, Luki Lab, a part of Strottman International, released two imaginative toy lines called Gojo adventure and Pinxies in November 2020.
5. PARTNERSHIP- In September 2020, Moonberg Media Company and Jazwares Company collaborated to develop a range of children's toys based on the 3D animated television series CoComelon.