TOY INDUSTRY

Group 17
Mayur Gavande (RM32)

Vinit Hule (RM59)

Date

19th Feb 2021

Course title

Retail Business Environment, Policy and Strategy

Faculty Name

Prof. Dr. Swapna Pradhan

Table of Contents
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Overview............................................................................................................................5

Key Numbers.....................................................................................................................6

Structure of the sector.......................................................................................................7

Leading Toy Brands Globally.............................................................................................8

Top Indian Toy Companies................................................................................................9

Popular Indian Toy Start-Ups...........................................................................................10

Kreeda......................................................................................................................10

Ariro Wooden Toys...................................................................................................10

Desi Toys..................................................................................................................10

Skola.........................................................................................................................10

Toing.........................................................................................................................11

Skillmatics.................................................................................................................11

Distribution & Supply Networks of Toys...........................................................................11

Government Support.......................................................................................................12

Legal requirements for Toy industry................................................................................13

Taxation............................................................................................................................14

Challenges.......................................................................................................................16

Invasion of foreign toys in the Indian market...............................................................16

Effect of increased import duties..................................................................................16

Labour laws..................................................................................................................17

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Leveraging Technology................................................................................................17

Head backs in the supply chain...................................................................................17

Dependency on foreign countries for sourcing raw materials.....................................18

Reduction in free trade and rising geopolitical tensions..............................................18

Porters 5 forces analysis of Plush Toys...........................................................................19

The threat of new entrance (High)...............................................................................19

The threat of substitute products or services (High)....................................................20

Bargaining power of customers/buyers / Market of output (Moderate).......................20

Bargaining power of suppliers (Low to Moderate).......................................................21

The intensity of competitive rivalry (Moderate)............................................................22

Future Trends..................................................................................................................23

The shift from conventional toys..................................................................................23

The Atmanirbhar mantra..............................................................................................23

Branding.......................................................................................................................23

Buying power...............................................................................................................24

Changing worldwide situation......................................................................................24

Start-Up chance...........................................................................................................24

Critical success factors....................................................................................................25

Tapping Omnichannel opportunities............................................................................25

Growth in STEM toys segments..................................................................................25

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Sustainable & Eco-Friendly Toys.................................................................................25

Bibliography.....................................................................................................................26

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Overview

The Indian Toy Industry has seen a ton of changes throughout the most recent

couple of years concerning classes of toys, advancement, eye-catching plans, and

different aspects. As India recovers from the covid-19 crisis, taking steps towards a new

dawn, a host of envisioned and implemented reform measures taken during the

pandemic could see tangible advances on the ground in 2021. Prime Minister Narendra

Modi issuing Quality Control Order (QCO) for the toy manufacturing industry is a step

towards encouraging the domestic toy sector. In the 68th edition of his monthly radio

program, Mann Ki Baat, the Prime Minister has called upon the toy industry in the

country and urged start-ups to team up and make toys for the entire world indigenously

as "India has the talent and the ability to become a toy hub.” He also said that the new

National Education Policy focuses on toys for children to nurture their creativity and

innovation quotient. Prime Minister Narendra Modi mentioned India’s lag in toy

manufacturing on a radio broadcast, which has resulted in a resurgent interest in this

marginalized segment.

In the current situation, the Indian toy market is overwhelmed with Chinese toy

imports and, subsequently, the Indian toy producers are been granulated because of the

winged Dragon impact. But the presence of toys in India traces back to the Indus Valley

Civilization around 5,000 years prior. The earliest toys included whistles shaped like

birds, toy monkeys that could slide down a string, and small carts that were made from

materials found in nature such as sticks, clay, and rocks. As of late, the appearance of

trend-setting innovation and hardware has urged makers to deliver current and creative

toys.

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Key Numbers

India’s vision of becoming a global toy hub to cater to domestic demand, the

revamping of the toy business has indicated enormous development and extension in

the homegrown market.

According to the Barnes report, the global toy manufacturing market is expected to

decline from US$ 102.6 billion in 2019 to US$ 101.6 billion in 2020 at -0.91%. This is

due to disruption in supply chains and decline in consumption because of trade

restrictions and lockdowns across countries owing to the COVID-19 outbreak.

Manufacturing activities were halted to contain the spread of the virus, thereby

significantly affecting revenues. The market is then expected to recover and increase at

a CAGR of 8.12% from 2020 to reach US$ 128.4 billion in 2023.

According to the latest available data, the Indian Toys Industry is estimated to be

US$ 678.30-813.96 million (Rs. 5,000-6,000 crore), India’s share in the global toy

market is less than 1%. Given that 28.8% of India's population is of the Median Age and

with a Yearly change of 0.99% (13,586,631 looking at the current scenario), the

domestic toy market is slated to grow to $3.3 billion by 2024, at a CAGR of 13.3%.

Preference of children's toys across India

37.95%
32.05%

25%

5.01%

Soft Electronic Puzzles Wooden

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Up to Monthly
700 ru... expenditure
65.23% on children's toys in India

701 to 1,700 ru... 20.19%

1,701 to 3,500 ru... 8.95%

3,501 to 7,000 ru... 2.97%

More than 10,000 ru... 1.38%

7,001 to 10,000 ru... 1.28%

Structure of the sector

It is assessed that roughly 30% of the Indian toys market is served by

Homegrown makers (MSMEs and Large units), with the rest 70% (around) being

accounted by imports primarily from China (roughly 75 percent portion of all-out imports

of toys in India), which offers a more extensive assortment of toys of substandard quality

at less expensive costs and draw in offspring, everything being equal. Because of this

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reality, the homegrown toy industry, which generally comprises miniature, little and

medium endeavours (MSMEs), is confronting a troublesome time in rivalling imported

toys, especially from China. To make due in the Indian toy market, numerous Indian

MSME toymakers have depended on bringing in less expensive toys from China (less

expensive by 25-30 percent when contrasted with Indian toys) and market them in the

Indian market.

The sector is fragmented with 90% of the market being unorganized and 4,000 toy

industry units from the MSME sector. It has likewise been noticed 2 that at the national

level a heavy part of the Indian Toy Manufacturing Industry (MSMEs) is as yet in the

Unorganized Sector representing just about 60% offer. Moreover, there are not many

toys fabricating units situated in enormous scope area and the noticeable ones

incorporate Funskool (under the joint effort of MRF and Hasbro), Hanung toys, OK play,

and so on in addition to unfamiliar brands like Mattel that are bringing in toys from their

processing plant at China and advertising them in the Indian market.

Leading Toy Brands Globally

Sr.no Logo Company name Brand value

1 Lego $6556 M

2 Bandai Namco $1903 M

3 Fisher-price $658 M

4 Nerf $587 M

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5 Funko Pop! $474 M

Top Indian Toy Companies

Companies Company description

Offers innovative toys for children to play, learn

and grow by designing an exclusive, child-safe

assortment of early learning experience.

Operating since the past 34years, functioning

under PLASTECH international; offers a range

of top-notch toys, children’s stationery,

character merchandise and promotional

products.
Engaged in the development of board games,

making learning exciting with a potent mix of

play
Specialises in educational toys, games, DIY

activates kits and maps that help children learn

and develop the right skill-sets at the right age

through the joy of a toy

Manufacturer of child-friendly toys that ensure

strong fine motor development skills in

children; the company has over200 SKUs and

presence across 10,000 Indian stores

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Popular Indian Toy Start-Ups

Kreeda

 Founded in 1999 2000, Kreeda makes board games inspired by real, ancient

games from India.

 The games are created keeping the Indian tradition in mind and are environment

friendly (avoids plastic and uses naturally available materials).

Ariro Wooden Toys

 Founded in 2016, Ariro Wooden Toys offers developmental toys such as pikler

triangle, rattles, learning tower, puzzles, teethers Sliders, step stool, and indoor

gym.

 The toys are priced between Rs. 200 (US$ 2.70) and Rs. 19.000 (US$ 256.23),

having 80 SKUs available on 20 platforms including Amazon and Flipkart.

Desi Toys

 Founded in 2012. Desi Toys offers traditional Indian toys and games to expose

the tech-savvy generation to India's age-old collection of toys and games.

 The company has retail outlets at most airports in India, thus attracting NRI

customers.

Skola

 Skola Toys focuses on the early education sector, making learning products that

enhance development among children.

 They have supplied high-quality educational materials to > 10,000 schools across

the globe for over 25 years.

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Toing

 Founded in 2016, Toiing launched products ranging from craft kits, board games.

party games and outdoor toys.

 Toiing's range of toys and games helps develop social and emotional intelligence

in children.

Skillmatics

 Founded in 2017, Skillmatics is an educational games business designed to

reduce children's dependency on technology.

 Its products are now available in 15 countries via its website and online

marketplaces, and 3,000 retail stores.

Distribution & Supply Networks of Toys

The toy store network comprises parts, toymakers, toy merchants or wholesalers,

toy dealers, and toy customers. Channels assume a fundamental part of the

appropriation work. Showcasing channels are creating expanded client interest for

specific items and assume an urgent part in getting upper hands for the firm. Customers

used to buy the majority of their toys from conventional channels, for example,

departmental stores, grocery stores, and independent toy subject matter experts.

Currently, emerging sales channels such as hypermarkets, discounters, and toy

specialists (superstores) are dominating toy sales.

Internet retailing is becoming an important distribution channel due to several

reasons. Consumers have increasing access to the Internet and online retailers often

have better merchandise in terms of variety, new launches, and spread of branded toys.

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Though the online toys market represents a mere 5%, it is growing rapidly. E-commerce

platforms have increased in number and people have found ease in paying digitally and

ordering online from websites such as Amazon.

Sr.no Distribution CAGR projections

1 Supermarket and Hypermarket 5.92%
2 Speciality store 6.99%
3 Departmental store 6.37%
4 Other 7.17%
5 Online 8.92%
Total 7.16%

Government Support

A) Central Government Schemes

1. Scheme for Granting Recognition & Registration to In-House R&D Units.

2. Remission of Duties & Taxes on Exported Products (RoDTEP).

3. Duty Drawback Scheme.

4. Export Promotion Capital Goods (EPCG) Scheme.

5. Custom Bonded Warehouse Scheme.

6. Increase in BCD for Electronic Toys (under HSN 9503) from 5% to 15% to

encourage domestic manufacturing.

B) State Incentives

1. Capital subsidy.

2. Stamp duty exemption.

3. Interest subsidy.

4. Tax reimbursement.

5. Electrical duty exemption.

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Legal requirements for Toy industry

The central government published the “The toys (Quality control) order, 2020 on

26th February 2020 in the exercise of the power under the Bureau of Indian Standard

Act, 2016. As mentioned in the Order, also, the toys shall bear the Standard Mark under

a license, obtained from the Bureau, as per Scheme-I of Schedule-II of BIS (Conformity

Assessment) Regulations, 2018. This order makes it mandatory for the manufacturers to

follow strict standards requirements. It imposes on the regulation of material and/or toys

for use in play for children or other similar products as notified by the central

government.

For BIS certification, toys have been classified into the following two categories:

Sr. Type Applicable Primary

No. standard

Non-Electric Toys (these are ordinary toys such as IS9873

1.  rattles, dolls, puzzles, etc. which do not have any (Part 1):2019

function dependent on electricity)

2. Electric Toys (these are toys which have at least one IS 15644:2006

function dependent on electricity)

The manufacturers, at the time, of applying for a license may choose one of the

above applicable primary standards based on the type of toy for which license is

required. If a license is required for more than one type of toy, the manufacturer will

have to make individual applications for each type. (As per the notice, the samples will

be tested by BIS authorities for conformity to the primary standard and the secondary

standards which are applicable i.e., IS 9873 parts 2,3,4,7, and 9, etc.).

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Toy making is unique in many ways. It is, by nature, labour-intensive. The life of a

toy is limited. For instance, a Transformer Toy sells well when the movie releases and

the off-take dies down soon thereafter. The demand for a product, thus, changes rapidly

and each toy requires a different skillset. These factors not only rule out mechanization

but also calls for flexible staffing. Indian labour laws do not permit recruitment or

retrenchment based on demand if the organization grows beyond a certain size in terms

of employee strength.

Taxation

India’s finance ministry had proposed raising the customs or import duty from 20

to 60 percent on toys like tricycles, dolls, and puzzles. This will hit toy retailers and the

wholesale market in India, which imports toys worth about INR 25 billion (US$340.17

million) of which 75 percent is sourced from China. (US$1=INR 73.49). Unfortunately,

under COVID-19, the retail demand for toys has crashed but the price of toys has shot

up by at least 40 percent in the wholesale market due to the import duty hike.

Sr. Toy type GST

no applicable

1. Toys like tricycles, scooters, pedal cars etc. (including parts and 12%

accessories thereof) [other than electronic toys].

2 Electronic Toys like tricycles, scooters, pedal cars etc. (including 18%

parts and accessories thereof).

3 Video games consoles and Machines, article and accessories 28%

for billiards, other games operated by coins, banknotes.

4 Sports good for general physical exercise. 5%

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5 Articles and equipment for general physical exercise, 18%

gymnastics, athletics.

6 Swimming pool and paddling pool equipment. 28%

7 Roundabouts, swings, shooting galleries and other fairground 28%

amusements.

8 Dolls or other toys made of wood or metal or textile material 12%

[including wooden toys of Sawantwadi, Channapatna toys,

Thanjavur doll).

9 Toy balloons made of natural rubber latex. 5%

10 Playing cards, chess board, carrom board and other board 12%

games, like ludo, etc. [other than Video game consoles and

Machines].

Challenges

Invasion of foreign toys in the Indian market

Rattles, spinning tops, skipping ropes, wooden dolls, or Chaturanga (the

predecessor of chess) - these traditional Indian toys and dozens more have impacted

millions of children for generations and helped kids develop vital motor skills as well as

thinking capabilities. The inflow of cheap mechanical toys that started flowing into the

country with the liberalization of the Indian economy surpassed the traditional toy market

in a matter of years, overrunning the market with low-quality Chinese imports. As a

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result, many toy factories closed in the past 30 years as they couldn’t compete with

China-made toys, especially the electric ones.

Effect of increased import duties

Recently, the government increased import duty from 20% to 60%. Customers

started to cancel orders; some held their orders back in hope that the duties will be

reduced. The 200% increase in duties led to price hikes, making toys more expensive.

Quality certification accompanied by challenges for traditional craftsmen.

The government has mandated the Bureau of Indian Standard (BIS) certification

for toys. In response to this move, artisans, and toy-making families in the ‘toy town’ of

Channapatna, Karnataka, fear for their future. As per the Union Ministry of Commerce,

toy manufacturers have time until January 1, 2021, to get the BIS certification. But

experts have warned that the move will be disastrous for traditional craftsmen who have

depended on toy making for centuries in Channapatna.

Labour laws

A closer look at what has held India back from making it big in this sector reveals

an important flaw — labour laws. Toy making is, by nature, labour-intensive. The life of a

toy is limited. For instance, a Transformer Toy sells well when the movie releases and

the off-take dies down soon after. Therefore, the demand for a product changes rapidly

and each toy requires a different skillset. These factors not only rule out mechanization

but also call for flexible staffing. Indian laws do not permit recruitment or retrenchment

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based on demand if the organization grows beyond a certain size in terms of employee

strength. Hence, most units in the toy sector are very small and no major corporates

have forayed into the industry despite the low capital investment needs.

Leveraging Technology

The wooden toys are created with a great deal of thought and craftsmanship. They

add value to the growing years of a child helping in developing the child’s overall

senses. However, kids are now fast gravitating towards intelligent toys and video

games. Owing to this trend, domestic toy manufacturers are now tapping into India’s

expertise in information technology to offer games that capture the imagination of

children. The Prime Minister is hence asking the start-ups to help achieve this

transformation.

Head backs in the supply chain

Due to the fragmented nature of the sector, the country lacks a decent supply

chain. Toys have a very short shelf life and tooling needs to be changed every time a

new toy is to be made. However, tooling in India has barely evolved and is too costly.

Most players depend on China for this. The virus outbreak in China has affected the toy

business way before the lockdown in India. Most toys reaching India are manufactured

some 1,000 km away from Wuhan, the epicentre of the pandemic. Besides finished

toys, China is a big supplier of second-hand toy moulds that are bought by local Indian

toymakers at heavily discounted prices. Parts of toys and stationery items also come

from China. Even a Made in India toy may use springs and plastic parts that are

imported from China. Certain buttons and batteries in toys also come from China. All

these products will be in short supply until regular business activities resume.

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Dependency on foreign countries for sourcing raw materials

Indian manufacturers specialize in board games, soft and plastic toys, pull-along

toys, play dough, and puzzles. Companies have to import machines from South Korea

and Japan to source raw materials for these toys.

Reduction in free trade and rising geopolitical tensions

Many economies are imposing restrictions on free trade to boost their local

economies. The US government is taking a more protectionist stance and renegotiating

many trade agreements, including NAFTA (North America Free Trade Agreement) and

increasing tariffs on Chinese manufactured goods. These changes could set off a wider

trade war, reversing the recent trend towards greater global free trade. For example,

according to a report by the International Monetary Fund, a rise in trade barriers could

increase import prices by 10% and decrease exports by 15% during the forecast period,

affecting the growth of the toy manufacturing market, which relies on the easy and

cheap movement of goods between countries.

Porters 5 forces analysis of Plush Toys

The threat of new entrance (High)

Profitable markets that yield high returns will attract new firms. This results in many new

entrants, which eventually will decrease profitability for all firms in the industry. The

existence of barriers to entry (patents, rights, etc.). The most attractive segment is one

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in which entry barriers are high and exit barriers are low. Few new firms can enter and

non-performing firms can exit easily.

 Government policy - Safety of toys are bought under BIS certification and no

other major government policy affects the plush toy sector.

 Capital requirements - The capital required is moderate to high depending on the

economics of scale.

 Absolute cost - low to moderate.

 Low entry and exit cost.

 Low customer loyalty as similar plush toys are made available at cheaper prices

by the unorganized sector.

 No much experience needed to manufacture plush toys.

 Labour intensive sector as each type of plush toy may need special skills to

manufacture them.

 Switching costs are low for buyers as many substitutes are available in the

market.

 Profit margins are high.

The threat of substitute products or services (High)

The existence of products outside of the realm of the common product boundaries

increases the propensity of customers to switch to alternatives. Potential factors

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 Buyer propensity to substitute is high as similar quality plush toys are available at

much cheaper rates.

 Buyer switching costs are low

 Number of Substitute products available is also increasing, which is a threat

collectively for the whole industry as consumption of current products decreases

 Ease of substitution is very high there have been numerous players that have

entered the market and are gaining market share by gaining existing companies’

market share.

 Availability of Substandard product is high in India also there is high availability of

a close substitute in the market.

 Quality depreciation is high since cheap imports from China are available in the

markets and to curb this down India is making stringent quality controls measures

for consumer and capital goods

Bargaining power of customers/buyers / Market of output (Moderate)

The ability of customers to put the firm under pressure, which also affects the

customer’s sensitivity to price changes. Firms can take measures to reduce buyer

power, such as implementing a loyalty program. The buyer power is high if the buyer

has many alternatives. The buyer power is low if they act independently e.g. If a large

number of customers will act with each other and ask to make prices low the company

will have no other choice because of the large number of customers’ pressure. Potential

factors: -

 As buyers are highly sensitive to price change so buyers tend to buy cheaper

products from unorganized sectors.

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 Customers usually do not make a bulk purchase in this sub-sector making it

difficult for buyers to bargain for their purchase.

 Buyers switching cost is low due to the availability of close substitutes at a

cheaper rate due to the availability of Chinese products in the Market.

 Information about the plush toys is available on E-commerce sites and different

sites on the internet.

Bargaining power of suppliers (Low to Moderate)

The bargaining power of suppliers is also described as the market of inputs. Suppliers of

raw materials, components, labour, and services (such as expertise) to the firm can be a

source of power over the firm when there are few substitutes. If you are making biscuits

and there is only one person who sells flour, you have no alternative but to buy it from

them. Suppliers may refuse to work with the firm or charge excessively high prices for

unique resources. Potential factors

 Switching cost is low to moderate when switching to other suppliers.

 Large number of suppliers are available in the market.

 Company’s ability to substitute is high due to the availability of a large number of

suppliers supplying substitutes.

 Powerful and huge suppliers have high bargaining power.

 Impact of inputs on cost or differentiation is high since the suppliers in the market

are low and the plush toy market is still in its growth phase.

 Strength of distribution channel high since the Direct distribution channels is used

by the suppliers.

 Supplier concentration to firm concentration ratio is low.

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 Employee solidarity (e.g., labour unions) is affecting less to the suppliers.

The intensity of competitive rivalry (Moderate)

For most industries, the intensity of competitive rivalry is the major determinant of the

competitiveness of the industry. Potential factors: -

 Sustainable competitive advantage through innovation is done only by

established market players and not the MSME and SME sector competitors.

 Competition between online and offline companies is very low since the segment

is dominated by Unorganised marketers.

 Level of advertising expense is low

 Powerful competitive strategy is a Low-cost strategy, the emphasis is placed on

the production of standardized products at a low per-unit cost for price-sensitive

customers.

 Firm concentration ratio is low since there are already a lot of Market players

available in the Market

 The degree of transparency is very low and the availability of the actual data of

Revenue and market share of competitors.

Future Trends

The shift from conventional toys

With advancing patterns, there has been a move from customary toys to creative

and howdy tech electronic toys. For example, Lego has replaced wooden structure

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blocks, while Barbie dolls have now taken over customary material dolls. In the

connected present world, containing the Internet of Things (IoT), brilliant tech toys are

setting down deep roots. These toys, for example, can make learning a good time for

youngsters and help guardians monitor their whereabouts. The market for associated

toy gear in India is assessed at US$ 1,208.3 million every 2020 and is relied upon to

change by 20.2% from 2020 to 2021. The market will be Rs. 90,421 million of every

2020 and is a figure to change by 23.8% from 2020 to 2021. In India, the market for

shrewd toys is still a little contrasted and the conventional plastic toys, however, the

interest is expanding, especially in urban communities, for example, New Delhi,

Bangalore, Mumbai, and Hyderabad.

The Atmanirbhar mantra

The enlivening towards a confident India is probably going to observe solid

development in capital and deals for industry players. While India continues to

seek higher foreign investment and boost trade, the Modi government remains invested

in the ‘self-reliance’ narrative.

Branding

While it will be hard for Indian organizations to accomplish the scale worked by

China, they can order a premium for toys if their work shows energy for establishing a

positive climate for laborers just as end purchasers. Such marking is probably going to

draw in worldwide toy brands, which are now confronting China's outburst back home, to

float towards India despite greater expenses.

Buying power

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The Indian working class has arisen as an amazing powerhouse in the

consumerist world. The buying force of the Indian working class has been viewed as

comparable to the whole European economy.

Changing worldwide situation

Toy production is an ideal area to restore a striving economy. It offers enormous

scope work to semiskilled/untalented specialists and particularly, ladies. With China

moving concentration to higher-esteem toys, the chance has opened for moderate

advancing nations, for example, India. Vietnam has just changed its laws and made a

US$ 4-billion toy industry in only three years. India also is currently joining the worldwide

competition to make its imprint.

Start-Up chance

There is a beginning up a promising circumstance in the Indian toy market now, as the

reception of non-Chinese items will make a gigantic vacuum. Hopeful business people

are probably going to get incredible help and opportunity in the Indian toy industry.

Critical success factors

Tapping Omnichannel opportunities

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An important area of focus for vendors catering to the toys market is in leveraging global

retail trends. The retail environment is currently undergoing significant transformations,

and the onus is on vendors to capitalize on these emerging trends and quickly react to

them same. This transformation comprises several aspects, including the way that 

vendors organize themselves across brands and re-shape their future strategies to

remain relevant to the market demands.

Growth in STEM toys segments 

Science, Technology, Engineering, and Math (STEM) toys are an up-growing segment

witnessing high demand in the market. They rely on the core concepts of designing toys

that promote education, curiosity, and learning among children. The majority of

educational toys currently focus on subjects such as chemistry, electronics, robotics,

and mechanical as well.

Sustainable & Eco-Friendly Toys

Sustainability can be an upcoming potential trend in the toy industry despite being more

difficult to achieve. It is a tougher scenario for vendors in this industry than other

businesses as the majority of toys are made out of plastic, which otherwise is not

feasible for commercial and economical purposes. As the removal of plastic from toys is

not feasible, vendors are addressing the challenge through certain aspects such as

sustainability, which is currently a growing challenge in the consumer market.

Bibliography

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 The Indian Toy Story: Rs.200 crore Toy Market is dominated 90% by China, time

to doll-up for ‘Local’ production says PM Narendra Modi - The Indian Wire

 https://elibrary.welingkar.org:2143/php/search/docpdf?

pc=YY&sv=EMIS&doc_id=686033496&numresult=4

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Retail Business Environment, Policy and Strategy Group 17

 https://www.indiafilings.com/learn/gst-rate-for-toys-and-sporting-

goods/#:~:text=12%25%20shall%20apply%20to%20toys,consoles%20shall

%20attract%2028%25%20GST

 Toycathon 2021: All you need to know about the Indian toy industry

(jagranjosh.com)

 https://cleartax.in/s/children-toys-table-board-games-sports-goods-gst-rate-hsn-

code

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