Toy Trends That Will Shape The Global Toy Market In 2024

Sustainable Toys

With growing environmental concerns, sustainability is a core value that toy manufacturers will prioritize and is expected to become a widespread trend in 2024. For example, Mattel has committed to using 100% "green" or recyclable materials in its products and packaging by 2030. At the same time, increased awareness is also the reason why consumer demand for environmentally friendly products is also changing positively.

A recent survey by global research and media company Nielsen found that 66% of global consumers, especially millennials, are willing to pay more for a toy product if it comes from a brand that pursues sustainable values. This trend shows that toy manufacturers and suppliers using organic, environmentally friendly materials will have a competitive advantage in the future.

The Rise of Smart Toys

In a world that emphasizes the importance of technology, toys that combine tradition with digital, interactive and educational for all ages are becoming increasingly popular. According to a 2020 report by Research and Markets, the global smart toy market is expected to reach $34.2 billion by 2024, with a CAGR of 15.1% from 2019.

However, as smart toys become more popular, there are also growing concerns about privacy, personal information security, and cybersecurity, especially for children. Therefore, ensuring safety when using is something that manufacturers and parents need to be concerned about.

Toys with a Complete Experience

In addition to physical products, toys that offer online experiences are also receiving a lot of love, especially after the success of role-playing game platforms like Roblox and Minecraft. In 2024, the global online gaming market is predicted to reach $196.4 billion by 2024.

Not only that, in the context of technology becoming increasingly popular, augmented reality (AR) and virtual reality (VR) are also expected by manufacturers to be able to innovate and integrate into many toy products to bring the most complete experience possible.

The Demand for eSports Games Skyrocketed

The explosion of eSports - a form of sports competition using video games is also predicted to contribute to shaping the gaming market in 2024. Data collection and visualization company Statista estimates that the global eSports market will reach $1.79 billion by 2024, thanks to the popularity and response from young people.

In addition, Tony Estanguet, Vice President of the Paris Olympic Jury, also said that eSports could become one of the medal-winning sports at the "2024 Olympics", partly due to the growing interest of the young generation in this field.

Toys with Pop Culture Spirit

Pop culture - pop culture with its diversity and excitement is increasingly having a profound impact on all aspects of life from music, movies to fashion. Especially in recent years, pop culture has shown a close relationship with toys and games and is predicted to propel this industry to a new position and reflect more clearly the world we live in.

Pop culture plays a role in encouraging game change by creating more diverse characters and storylines, from superheroes to characters with local cultural and ethnic characteristics. Almost every genre such as card games, role-playing, puzzle, online, etc. are changing under the influence of pop culture.

In particular, with the ability to "evoke nostalgia", toys have become a means of connecting adults with childhood. Grasping this psychological trend, toy companies have "resurrected" a series of prominent characters in pop culture such as Mickey, Mario, Pokémon, DC universe, etc. but with more premium versions and suitable for the adult customer group. This trend will continue in 2024 and beyond.

The Rise of STEM Toys

A key trend predicted to shape the toy market is STEM toys - combining science, technology, engineering and math to foster critical thinking and creativity for players, especially children and seniors. The STEM toy market is also projected to grow by an additional $8.09 billion from 2023 to 2028.

In addition, the growing awareness of the importance of STEM toys in educating students is also a major factor driving the growth of this segment in the

Source: Team 1ToyShop (1.T.S) compiled, analyzed and wrote.