Sri Lanka Toys Market Report and Forecast 2024-2032

Sri Lanka Toys Market Outlook

The Sri Lanka toys market is estimated to grow in the forecast period of 2024-2032 at a CAGR of 19.50%.

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Increasing Availability of Diverse, Safe, and High-Quality Toys Bolstering the Market Growth in Sri Lanka

The market for toys in Sri Lanka is being fuelled by the growing availability of safe and high-quality toys for childhood development and learning. Due to the rising awareness regarding the positive impact of toys in driving innovation and creativity while aiding the cognitive, emotional, physical, and social development of children and young adults, their demand is significantly surging. The increasing investments by the leading companies to develop localised, affordable, accessible, and quality toys are further propelling the market expansion.

As the manufacturing of toys involves stringent quality checks, they meet the international quality and safety regulations. This, in turn, is surging the demand for toys like dolls and puzzles, among others, in international markets, hence driving the growth of the market. With the wide availability of raw materials like textile, metals, and recycled paper, among others, the manufacturing of toys in the country is significantly growing. Various leading manufacturers are also utilising sustainable materials, such as cotton, bamboo, and wool, among others, to develop ethically-sourced toys, hence increasing its appeal among environmentally-conscious consumers, particularly in Europe and North America markets.

Market Segmentation

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Toys are objects such as puzzles, games, dolls, and action figures, among others, that are typically used by infants, children, and young adults as playthings. They are usually available in bright and distinctive colours, textures, and sounds and are used to promote the cognitive, emotional, and physical development of infants and children. Moreover, toys are utilised for educational purposes while facilitating communication and language skills.

The major types of toys are:

• Action Figures
• Building Sets
• Dolls
• Games and Puzzles
• Sports and Outdoor Games
• Plush 
• Others

The market can be broadly categorised on the basis of its age groups into:

• Up to 5 Years
• 5 to 10 Years
• Above 10 Years

Based on distribution channel, the market is divided into:

• Hypermarkets and Supermarkets
• Convenience Stores
• Speciality Stores
• Online
• Others

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Expansion of Distribution Channels to Propel the Growth of the Market for Toys in Sri Lanka

With the growing popularity of various online retail channels, the accessibility to innovative toys in the country is increasing, hence propelling the market growth. The increasing proliferation of business to consumer (B2C) platforms for hassle-free and rapid delivery of authentic and high-quality toys is also augmenting the growth of the market. In addition, the growing disposable incomes are resulting in a shift from low and middle-end toys to smart and electronic toys. Such toys are enhancing the engagement and interactivity of children and young adults while promoting creative thinking, which is anticipated to provide lucrative growth opportunities for the market expansion in the forecast period.

The rising demand for toys based on cultural elements owing to the growing popularity of animation works and films among children in the country are surging the sales of action figures and dolls, among others. Capitalising on the surged demand for nostalgic products in the wake of the COVID-19 pandemic, various leading companies are launching classic toys to cater to multiple generations. Although the market may witness some turbulence due to the growing exposure of children to digital devices, the increasing focus on science, technology, engineering, and math (STEM) toys is positively impacting the growth of the market.

Key Players in the Sri Lanka Toys Market

The report presents a detailed analysis of the following key players in the Sri Lanka toys market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• DSL Lanka (PVT) Ltd.
• Sri Toys Educational International (Pvt) Ltd
• The Green Rubber Toy Company Pvt Ltd
• Tikiri Toys Sri Lanka 
• Mona Plastics (Pvt) Ltd.
• Paradise Toys Pvt Ltd
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report