We are witnessing several new global trends that are shaping the toy industry. With changing times, new technologies are evolving and it's entirely changing the way toys are designed, manufactured, and consumed. Having been in this industry for quite a long, here are 3 emerging key trends in the global toy industry.

Technological Innovation is key to success: Toys are becoming more interactive, incorporating augmented reality (AR), virtual reality (VR), and Internet of Things (IoT) technologies. We now see that more and more toys have features that can be controlled through smartphones or tablets with even voice recognition capabilities, and toys that integrate with digital platforms are gaining popularity. Science, Technology, Engineering, Arts, and Math (STEM) toys are also in global demand. The way things are evolving, investment in research and development has become key in this industry to create innovative, tech-driven toys that can offer unique play experiences.

Consumer awareness towards society: As parents become aware of the global challenges, there is a growing demand for toys that are eco-friendly, made from sustainable materials, and have minimal impact on the environment. All leading toy companies are increasingly using recycled or biodegradable materials, reducing packaging waste, and promoting eco-friendly manufacturing practices. Toy companies are trying their best in adapting to responsible manufacturing practices, such as fair trade certifications, ethical sourcing of materials, and transparency in their supply chains.

Inclusivity and Diversity are buzz words: As global consumers have different cultures and preferences, the industry is acknowledging this fact by producing toys that are representative of diverse cultures, ethnicities, genders, abilities, and body types. Toy companies are responding by creating toys that are inclusive and promote diversity, breaking gender stereotypes, and offering toys that are accessible and inclusive for children with disabilities. American children may love Barbie but Indian children are still more inclined to Chota Bheem.

My understanding is that the toy industry is undergoing significant changes and will see more disruptive trends. Companies like Lego, Mattel, Hasbro, Bandai Namco, and several small enterprises are gearing up for the evolving trends. When big money is involved, it's not child's play!#innovation #technology #tech #development #engineering #love #success #research #investment #like #environment #manufacturing #sustainable #diversity #money #packaging #sourcing #society #iot #gender #internetofthings #supplychains #science #digitalbranding #digital #augmentedreality #toys #globalbusiness #ftp2023 #ftp