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Stuffed Animal & Plush Toys Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global stuffed animal and plush toys market was valued at USD 32.6 billion in 2022 and is projected to expand at a CAGR of 6.4% from 2023 to 2030. Stuffed animals and plush toys are becoming increasingly popular among children, as they provide a sense of comfort and security. Furthermore, these toys have become popular among adults, who are using them as a relaxation tool. Additionally, plush toys are gaining traction due to the rising trend of purchasing them as gifts.
The increasing demand for eco-friendly, sustainable, and organic materials is a major factor driving the market’s growth. For instance, in April 2021, KINN Living announced the launch of its new line of plush toys made from eco-friendly materials such as organic cotton, bamboo, and hemp. Furthermore, the trend of customization is also gaining traction in the market. Manufacturers are providing customers with the option to customize the stuffed animals, plush toys, and other products according to the customer’s needs. This is further driving the demand for the market.
An increase in the number of television shows, movies, and animation series featuring stuffed animals and plush toys has also boosted the market’s growth. For instance, in February 2021, Disney released a new animated series called ‘Lamput’, which features a talking and singing plush toy. Similarly, in March 2021, Netflix released ‘Kipo and the Age of the Wonderbeasts’, which featured a variety of plush toys. Such marketing strategies are helping to create a strong demand for these products.
Retailers are also playing a vital role in driving the demand for stuffed animals and plush toys. For instance, in April 2021, Wal-Mart launched a new campaign to promote its stuffed animals and plush toys. The company is offering special discounts and promotional offers to attract customers. Furthermore, the growing popularity of e-commerce is also contributing to the growth of the market. The availability of stuffed animals and plush toys on various e-commerce platforms is spurring the market’s growth.
Product Insights
The traditional segment dominated the market and accounted for the largest share of around 23.3% in 2020. Stuffed animals and plush toys are being used as traditional gifts for children and are being used as a tool to convey emotions. According to a survey conducted by the National Retail Federation (NRF), in 2019, more than two-thirds of people surveyed said that they gave at least one stuffed animal as a gift. Furthermore, the rising number of children’s birthday parties and the increasing trend of gifting stuffed animals and plush toys on special occasions are driving the demand for traditional stuffed animal and plush toys.
The interactive segment is expected to expand at the fastest CAGR of 10.1% over the forecast period. Rising disposable income and the increasing use of technology are driving the demand for interactive stuffed animal and plush toys. According to an article published by the American Psychological Association, in August 2020, parents are increasingly buying interactive stuffed animals and plush toys to help their children develop a sense of empathy and understanding. Furthermore, the introduction of voice-enabled interactive stuffed animals and plush toys is driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment is expected to dominate the global stuffed animal & plush toys market in 2022 with a market share of 43.9%. The growth of the segment is mainly driven by the availability of a wide range of stuffed animals & plush toys in supermarkets & hypermarkets. Moreover, the presence of physical stores allows customers to touch and feel the product before purchase, which further boosts the demand for stuffed animals & plush toys in supermarkets & hypermarkets.
The online segment is expected to expand at the highest CAGR of 13.9% over the forecast period. Increasing internet penetration and the presence of numerous online retail websites offering stuffed animals & plush toys at competitive prices have been driving the online segment. In addition, online retail stores offer customers a wide range of options, convenience of purchase, and easy returns of products, all of which are expected to further fuel the growth of the segment during the forecast period.
Type Insights
The premium segment accounted for a revenue share of 45.9% in 2022. Premium products offer high quality and are usually made up of premium materials such as organic cotton, polyester, and other fabrics that are safe for use by children. This has been a major factor driving the adoption of premium stuffed animal and plush toys. The presence of a large number of brands in the premium segment has also boosted the growth of this segment. For instance, Ty Inc., a U.S.-based company, offers a wide range of premium plush toys such as Beanie Babies and Boos.
The mass segment is expected to witness a CAGR of 10.1% during 2022-2028. The emergence of e-commerce platforms and the increasing trend of online retailing has been a key factor driving the growth of this segment. The availability of a wide range of products at highly discounted prices has been a major factor propelling the growth of the mass segment. Furthermore, the increasing focus of companies on promotional campaigns and discounts is also driving the growth of the mass segment.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 37.2% in 2022. Increasing demand for plush toys is expected to drive the regional market. Additionally, the presence of prominent players such as Hasbro, Bandai, and Mattel are expected to further contribute to the growth of the market. For instance, in April 2021, Hasbro launched a new line of plush toys featuring characters from the animated series, ‘My Little Pony’.
North America is expected to witness the second-fastest growth in the coming years. An increase in disposable income, advancements in product technologies, and rising demand for licensed plush toys are the key factors driving the growth of the market. For instance, in April 2021, Mattel launched the new line of ‘Barbie’ plush toys. The company also partnered with Nickelodeon to launch a new line of ‘SpongeBob SquarePants’ plush toys.
Financial Projections
In this part of the stuffed animal & plush toys products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your venture. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a stuffed animal & plush toys products business come from retail sales, wholesale sales, and online sales. Here you will find a list with a description of each of them, as well as other possible sources of profit such as the sale of additional items, like accessories, books, or apparel.
Projecting Expenses
In this section, all the regular expenses related to keeping the stuffed animal & plush toys products business running will be described. The list of operating expenses includes inventory costs, wages, advertising and marketing expenses, rent, utilities, insurance policies, and miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the stuffed animal & plush toys market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Hasbro, Inc. launched the FurReal Friends Cubby, a robotic stuffed bear with advanced features such as over 100 sound and motion combinations.
– In October 2022, Mattel, Inc. launched the Polly Pocket Friends World, a line of small, collectible stuffed animals with interchangeable parts.
– In November 2022, MGA Entertainment launched the Poopsie Slime Surprise Unicorn, a line of colorful and collectible stuffed unicorns.
Some of the prominent players in the stuffed animal & plush toys market include:
– Hasbro, Inc.
– Mattel, Inc.
– MGA Entertainment
– Spin Master Corp.
– Jakks Pacific, Inc.
– Little Tikes
– GUND
– Wild Republic
– Aurora World, Inc.
– Douglas Cuddle Toys
Global Stuffed Animal & Plush Toys Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global stuffed animal & plush toys market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Stuffed Animals
– Plush Toys
– Accessories
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Licensed
– Non-Licensed
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Stuffed Animal & Plush Toys Market?
[A]: The major drivers of the market are increasing disposable income, rising popularity of online retailing, and increasing demand from the children population. Additionally, the growing trend of gifting stuffed animals and plush toys as a gesture of love and friendship has contributed to the growth of the market. Furthermore, the rising trend of customization of stuffed animals and plush toys is also expected to drive the market.
[Q]: What are the Major Restraints of the Stuffed Animal & Plush Toys Market?
[A]: The major restraints of the market include the rising competitive intensity, high price of raw materials, and increasing cases of product recalls. Additionally, the increasing demand for electronic toys and games is expected to restrain the market growth over the forecast period.
[Q]: Who are the Key Players in the Stuffed Animal & Plush Toys Market?
[A]: Key players in the market include JAKKS Pacific Inc., GUND, Wild Republic Inc., TY, Hasbro Inc., Toy Factory, Aurora World Inc., Mattel Inc., and Build-A-Bear Workshop.
[Q]: Which Region Offers the Largest Opportunity for Sales of Stuffed Animal & Plush Toys?
[A]: Asia Pacific is expected to offer the largest opportunity for sales of stuffed animals and plush toys over the forecast period. The increasing economic growth, rising disposable income, and increasing demand for stuffed animals and plush toys from the children population are expected to propel the market growth in the region.
[Q]: What are the Latest Trends in the Stuffed Animal & Plush Toys Market?
[A]: The latest trends in the market include the increasing focus on product innovation, rising preference for organic stuffed animals and plush toys, and increasing demand for customized stuffed animals and plush toys. Additionally, the growing trend of gifting stuffed animals and plush toys is also expected to fuel the market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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