Now is the time to expand in Europe
The EU imported €9.10 billion in toys’ worth from abroad, so if you are looking to expand your business to the European toy industry, now is the time!
The market is projected to grow by 8.9bn during 2023-2027, showing a CAGR of 4.4%. To ensure continuous growth in the industry, the industry needs to constantly introduce new products to meet changing desires of both parents and kids. This makes it one of the most dynamic sectors in Europe: approximately 60% of toys on the market each year are newly developed products.
Across Europe, most toys are sold in traditional retail outlets such as specialized toy stores, which often account for 40% of toy sales, and supermarkets. Total sales in 2016 were €18 billion and online sales are steadily increasing. The EU imported €9.10 billion in toys’ worth from abroad, so if you are looking to expand your business to the European toy industry, now is the time!
The European toy industry is estimated to grow at a CAGR of 4.4% between 2023 and 2027. The market is expected to increase by USD 8.9 million. This growth will depend on several factors, including expanding product portfolio, the emergence of eco-friendly toys, and the presence of a toy gifting culture.
While these trends are strong in the European environment, Spielwarenmesse presented kidult, board games, and licensing as the common trends that will drive the European toy, play, and youth entertainment market.
As staying current with the latest trends and developments in the European toy industry can be challenging for North American manufacturers expanding to Europe.
Thanks to the developments in medical science, infant mortality rates are reducing. On the other hand, many fertility techniques are perfected. This combination led to an increased number of newborns.
Infants up to the age of 24 months outgrow their clothing sizes rapidly. That is why there is a constant need to purchase new clothes, which leads to the growth of the babywear market in Europe.
Many modern parents are following the newest babywear trends. The majority of big brands are launching their children’s clothing lines or collaborating with some brands that are already in the industry. Especially since matching parents’ and kids’ clothes are getting more in demand.
Due to social media, with the increasing trends for baby photoshoots, the demand for stylish baby garments is growing.