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Indian toy industry exports reach $523.24 million; surpass imports
Industry News- Aug 19,24
The next objective for Indian toy manufacturers is to reach international consumers more effectively through online platforms, according to government plans.
The Indian toy industry has experienced remarkable growth over the past decade, with toy exports reaching $523.24 million, surpassing imports, which stand at $517.71 million. This shift is largely attributed to several government initiatives aimed at bolstering the sector.
Just a few years ago, 'Made in China' toys dominated the Indian market, but the landscape has changed significantly. In the 2011-12 financial year, India imported $422.79 million worth of toys, while exports were less than half of that amount. Today, the domestic toy industry has expanded its footprint to over 100 countries, including the US, UK, Germany, the Netherlands, Denmark, and even China.
The next objective for Indian toy manufacturers is to reach international consumers more effectively through online platforms, according to government plans. Senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) highlight that the industry's success is evident in increased exports, a stronger manufacturing ecosystem, and reduced reliance on imports.
As part of its commitment to fostering a better environment for the toy industry, the government has identified this sector as one of the champion sectors, with a long-term vision to create a global market for 'Made in India' toys. Initiatives such as mandatory quality standards, increased customs duties, and the National Action Plan on Toys (NAPT) have led to the production of high-quality products that have gained international recognition.
Between 2014-15 and 2022-23, Indian exports of toys, games, and sports articles increased by 239%, while imports fell by 52%, according to industry estimates. The current market size of the Indian toy industry is $1.7 billion, with projections suggesting it could reach $4 billion by 2032, growing at an annual rate of 10.5%.
Domestic toy exporters have reported growing interest from buyers in countries such as the US, UK, South Africa, and Germany, further solidifying India's position in the global toy market.
(The Hans India)
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