The toy industry in india has undergone significant transformations in recent years, transitioning from reliance on imports to emerging as a net exporter. This shift has been fuelled by strategic decisions and policies aimed at promoting indigenous manufacturing and bolstering domestic production.
Between the financial years 2015 and 2023, India's toy exports soared by an impressive 239%, while imports experienced a notable decline of 52 %. This surge in exports has propelled india into the ranks of net exporters in the toy industry. Key policy measures, such as mandating Bureau of indian Standards (BIS) approval for toy sales and raising the basic custom duty to 70 percent, have played a pivotal role in driving the growth of domestically manufactured toys.
These initiatives have compelled major industry players like Hasbro, Mattel, and Spin master to increase their reliance on Indian-made toys. Consequently, prominent manufacturers such as Dream Plast, Microplastic, and Incas have shifted their focus from china to india, contributing to the expansion of the indian toy market.
Prior to the BIS regulation, India's toy sector was heavily reliant on imports from china, accounting for over 80% of the market. However, with the implementation of stringent standards and policies, more than 60% of India's toy production is now geared towards meeting export demands. This growth trajectory spans across 33 categories, with increasing demand observed from regions including europe and America.
Several noteworthy facts underscore the industry's trajectory. In 2023, the size of India's toy industry stood at $1.7 billion, with projections indicating a surge to $4.4 billion by 2032. Additionally, the ban on the sale of non-BIS certified toys since january 1, 2021, and the substantial increase in custom duties on toy imports in march 2023 have further bolstered the domestic toy manufacturing ecosystem. These developments highlight India's ascension as a significant player in the global toy market, driven by proactive policy interventions and a robust manufacturing landscape.
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