Indian toy industry surges; exports outpace imports as ‘Made in China’ toys fade

The domestic toy exporters say that buyers from countries such as the US, the UK, South Africa and Germany have showed interest in Indian products

PGurus Newsdesk

August 18, 2024

The domestic toy exporters say that buyers from countries such as the US, the UK, South Africa and Germany have showed interest in Indian products

From ‘Made in China’ to Made in India: Toy industry exports surge amid market shift

The Indian toy industry has experienced remarkable growth, with toy exports reaching $523.24 million in the past decade, surpassing imports which stand at $517.71 million. This significant shift is attributed to a range of supportive government initiatives.

Historically dominated by ‘Made in China‘ toys, the Indian market has seen a transformation. Industry data reveals that in the financial year 2011-12, India imported toys worth $422.79 million while exporting less than half that amount.

The current market size of the Indian toy industry is $1.7 billion and is expected to reach $4 billion by 2032 with a 10.5 percent annual growth rate.

The domestic toy exporters say that buyers from countries such as the US, the UK, South Africa, and Germany have shown interest in their products.

Today, Indian-made toys have expanded their reach to over 100 countries, including major markets such as the US, the UK, Germany, the Netherlands, Denmark, and even China. This global presence underscores the rapid growth and competitiveness of the domestic toy industry.

In the financial year 2011-12, India imported toys worth $422.79 million while exporting less than half that amount. Since then, the domestic toy industry has expanded to over 100 countries, including the US, UK, Germany, and China.

The government’s strategy to enhance the sector includes leveraging online platforms for international reach and implementing initiatives such as mandatory quality standards, increased customs duties, and a National Action Plan on Toys (NAPT).

These measures aim to foster high-quality production and position ‘Made in India‘ toys on the global stage.

Senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) say that the success of the Indian toy industry is reflected in the enhanced exports, increasing the robustness of the manufacturing ecosystem, and reduced import dependence.

Indian exports of toys, games, and sports articles between 2014-15 to 2022-23 increased by 239 percent whereas the imports fell by 52 percent, according to industry estimates.

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