Research Nester has released a report titled “Korea Toys Market – Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Korea toys market in terms of market segmentation by product, by user age group, by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Korea toys market is segmented by product into outdoor & sports toys, preschool toys, building sets, action figures, dolls, art & crafts, plush, vehicles and others, out of which, the outdoor & sports toy segment is anticipated to gain massive market share in the year 2027 and attain a value of around USD 1300 million by the end of 2027. The segment which held a market share of around 31% in the year 2018 and is predicted to grow with a CAGR of around 5% during the forecast period 2019-2027 and further gain an incremental $ opportunity of around USD 70 million in the year 2027 as compared to the previous year.
The Korea toys market is also segmented by distribution channel into online and offline. The hypermarket segment, which is sub-segment of the offline segment, is anticipated to hold the largest market share and gain a value of around USD 1100 million by the end of 2027 owing to high footfall observed in hypermarket as hypermarkets are very large establishments and they have a wide array of products which are displayed to lure customers. Additionally, the segment, which held a market share of around 41% in the year 2018, is further anticipated to grow at a CAGR of around 3% during the forecast period and attain an incremental $ opportunity of around USD 10 million in the year 2027 as compared to the previous year.
The Korea toys market is anticipated to grow at a highest CAGR of around 4% over the forecast period and reach a value of around USD 4300 million in the year 2027 owing to the rising demand for replica of cartoon characters that are being displayed in television shows, as well as for goods whose replica can be made as toys, coupled with the rising influence for toys from social media. The Korea toys market, which accounted for a value of around USD 2900 million in the year 2018 is further anticipated to attain an absolute $ opportunity of around USD 1400 million during the assessment period.
Decreasing Child Mortality Rates and Increasing Expenditures Made on Children
In the statistics by the United Nations Inter-agency Group for Child Mortality Estimation (2019), mortality rate of children in-between the age group 5-14 years reached to 0.75 deaths per 1000 children aged 5 from 1.19 deaths per 1000 children aged 5 in-between the years 2010-2018. Additionally, in the statistics by the World Bank, the population of Republic of Korea reached to 51.64 million from 49.94 million in-between the years 2011-2018.
Over the years, there has been an increasing concern for the lower birth rate in Korea, which has also affected the total population of kids and has impacted severely to the sales of toys. The increasing focus of the government to solve the issue has led to the decrease in the mortality rates of children and has also significantly influenced the population growth in the nation. Such a factor has thereby raised the necessity of toy manufacturers to increase their production of toys. Additionally, the increasing expenditure being made by the parents on their children on products which help them learn and gain knowledge are some of the factors anticipated to drive the growth of the Korea toys market.
However, concerns regarding instability in the total kids’ population as well as high price of few toy products are some of the factors anticipated to limit the growth of the Korea toys market.
This report also provides the existing competitive scenario of some of the key players of the Korea toys market, which includes company profiling of Infomark Corporation (KOSDAQ: 175140), VTech Electronics North America, LLC, YOUNGTOYS, Inc., EFOLIUM Co., Ltd., Mimi World Co., Ltd., AURORAWORLD Corp. (KOSDAQ: 039830), Iringo Co. Ltd., Hamleys, Mattel (NASDAQ: MAT) and Sieper GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Korea toys market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.