Chennai: India’s $1.72 billion toy market is witnessing an increase in consumer interest in niche products like cultural and heritage products as well as toys that plug into the desi parent’s obsession with science and maths. With the market poised to grow in double digits over the next six years, toy makers say niche products are the way to go.
Deepak Chaudhary, founder of Urban Tots, “The Indian toy industry is witnessing new trends, including the incorporation of Indian folklore, mythology, and history into toy designs to evoke nostalgia and foster cultural awareness among children.” Alongside that is the trend of educational toys which are “aligned with the Indian curriculum, promoting STEM learning and nurturing cognitive, problem-solving, and critical thinking skills.” That twin focus is important given the growth trajectory the industry is in.
Karandeep Singh, chief business officer, Toys “R” Us said, “According to Invest India, the Indian toy industry is among the fastest-growing globally, projected to reach $3 billion by 2028, growing at a CAGR of 12% between 2022-28. Mythological and historical toys, he added, are “more commonly seen during festive seasons when cultural affinity is at its peak”. Toy makers say the interest in Indian traditional/heritage/cultural toys alongside more “learning” toys is driven by multiple factors.
Philip Royappan, GM marketing, Funskool India, which has introduced popular history/heritage products like fable-b.