Views: 9 Author: Site Editor Publish Time: 2023-02-23 Origin: Site
As a China manufacturer of educational toys, Alpha science toys has always been committed to developing new products and educational ideas for children, and the children's educational toy industry is a growing industry with a diverse range of toys based on various movies, serials, anime, fictional works and other themes around the world. So children's educational toys range from simple plastic models to advanced robots with complex functions.
Children's educational toys will continue to evolve over time and in response to consumer demand. Technological innovation plays an important role in technology toys. Whatever the reason, the children's educational toys industry has been growing and will continue to grow in the future.
From time to time, trends in the children's educational toy industry have a huge impact on the evolution of toys. These trends are also dynamic and continue to evolve over time.
Today, Alpha science toys has written an article dedicated to the 8 major trends, innovations and challenges in the toy industry in 2023. Learn everything you need to know about the trends in the toy industry in 2023.
8 Trends, Innovations, and Challenges for the Toy Industry in 2023
1. Omni-directional and inclusive is for a better start
This trend is one of the innovative and laudable trends in the toy industry for 2023 and the years to come. It breaks with the past idea of standardized dolls that include dolls of all races, ages, appearances, sizes, and genders.
This vision includes and helps children - especially able-bodied or normal children - become familiar with real-life scenarios from an early age. It promotes the comfort and confidence of all children to accept themselves as equal to all people.
This trend in the children's educational toy industry may not sweep the globe, but it has tremendous potential for the future. Introducing diverse toys to the younger generation will help them understand accurate representations of the world and treat everyone equally from a very young age.
Fostering this good culture among children through educational toys is a big step forward for children's educational toy companies around the world. Children's empathy and compassion are the seeds of a better world.
2. Focus on Environmental Sustainability
By 2023, no one will be unaware of the impact of non-biodegradable waste, and everyone will want to contribute to environmental sustainability and longevity. It has become a universal norm that eliminating plastic helps save the planet.
Many children's educational toy companies are already aware of this and are turning to more sustainable materials for their toys. This is another commendable step in the trend of the children's educational toy industry in 2023. The use of sugarcane fiber, bamboo, and other sustainable raw materials for toys should be encouraged globally.
Transforming business models and operations is a huge challenge for the toy industry in 2023. These large companies have invested heavily in infrastructure that may not meet the requirements of new sustainable raw materials, which has become a major obstacle for the toy industry.
However, as more and more people are attracted to a sustainable environment, companies that adopt the sustainable toy trend will greatly influence the next generation and the toy industry.
3. Nostalgic family-friendly games
This family-friendly game trend includes a variety of educational toys, puzzles, board games, construction sets, and elaborate collectible figurines. This type of game stems from the 2019 pandemic, which provided an opportunity for the whole family to spend time together.
While the epidemic subsides and life returns to normal, we can assume that these games and puzzle toy trends will taper off in 2023. However, metrics released by professional organizations show that the board game market is expected to grow at a CAGR of 13% from 2021 to 2026.
The trend toward family games will (of course) diminish, but not disappear soon, as family members find it easier to bond through such games. Instead of using their digital devices, parents can encourage their children to participate in such activities.
The toy industry's trend toward family-friendly games will flourish in the coming years, at least if not forever.
4. Parents Seek Toys with Educational Implications
This toy industry trend began during the 2019 pandemic when parents had to work from home and take care of their children. Multitasking was nearly impossible, so parents adopted toys that could teach their children while they played.
Companies such as Thames and Kosmos, which have been producing science toys since 2001, see great potential in 2019 and are capitalizing on the demand from parents who want educational toys for their children. These companies are seeing an 80% increase in sales in 2020 and 2021.
This trend in the educational toy industry is not going away easily as parents find it useful for their children's intellectual and cognitive skill development. From 2022 to 2024, these trends in children's toys with educational purposes are expected to grow by more than $24 billion.
Based on these indicators, we can assume that this trend in the children's educational toys industry will flourish in the coming years.
5. Advances in technological children's toys
It is clear that as science and innovative technology evolve, so will tech kids' toy companies enhance their competitiveness. 2023 will witness a variety of creative and tremendous toy improvements. These technological toys will make playtime more interactive and educational, contributing to children's mental health development.
Wonder Workshop's Dot, a robot, is a great example of a technology toy that can be easily programmed by children to tell stories and create exciting games. Dash and Cue are suitable for older children with some advanced features. However, it may require some parental help and supervision.
The challenge with this trend in the children's educational toy industry is the high price tag, which may not be appropriate for all families to consume. It is a challenge for tech toy companies to lower their CP and make it affordable for every household, which can significantly increase their sales.
Despite the challenges, the tech toy industry will continue to upgrade its features to keep pace with market mobility and consumer demand and, more importantly, to challenge itself and its niche competitors.
6. More Movie and TV Franchise Toys
Movie and TV franchises are becoming increasingly popular with children. Children's toy companies will look to capitalize on fan bases and create character images/figurines. Fans will (definitely) consider buying them, especially after watching movies and serials.
This is not news for 2023; new children's toy companies will still emerge and work with movie and TV franchises to create toys or character figurines. This trend will never go out of style, as the company is smart enough to categorize figures through limited editions to attract more buyers.
Toys from movies and other TV shows and anime have a huge fan base who use the proceeds for their collections. These collectors are obsessed, and the company's ride-along makes their dreams come true.
7. Toy subscription services are booming
Many families spend a lot on toys for their children, and some can't afford them. Several companies have been set up to take advantage of this situation by offering toys on a subscription basis.
Another factor is the growing awareness of environmental sustainability and their desire to contribute to a better environment. These people do not want toys that have a negative impact on nature, so they prefer to rent rather than buy.
Renting toys can help families on a budget buy new toys for their children every other month. This approach would also support maintaining the number of toys that are wasted at some point to pollute the environment. Exploding Topics presented a chart that showed a 136% increase in Google searches for "Toy Subscription" over a 10-year period.
This trend in the children's toy industry is popular in the UK, US, and China, and is on the rise over time and as customer demand grows globally. UK-based subscription company Whirli raised approximately $5.4 million in a seed funding round. It shows the popularity and acceptance of the concept by investors.
KiwiCo is another up-and-coming subscription company that focuses on toys and games, such as hands-on projects for science experiments, STEM activities, and crafts. Since its launch in 2018, KiwiCo claims to have sold $100 million worth of subscription boxes.
This trend has the potential to succeed, but there is one huge hurdle to overcome - the specter of toy companies.
The Rise of Unboxed Toys
Unboxing toys is not news in 2023, but it's not simply toys that need to be unboxed. Toy companies are taking the concept of unboxing to a new level, where children can enjoy many mysteries that the companies don't reveal upfront.
The theme of unboxing toys has several hidden surprises for kids to discover. These companies have found a way to keep sales up by unboxing toys.
Isaac Larian's dolls are a perfect example of this concept. These dolls have custom toys that come with various accessories and black lights to reveal hidden surprises. The dolls were a huge success in 2018, with the company behind the dolls, MGA Entertainment, selling $4 million worth of products.
The rise of unboxing toys is imminent in the coming years, as children are heavily influenced by YouTube videos in which channels unbox a range of such toys, forcing kids to claim them in reality.
Finally: What the future holds for the toy industry ......
The global children's educational toy industry depends on the number of children worldwide. We do not see the child birth rate declining anytime soon, suggesting a strong and sustainable future for the toy industry.
Regarding sustainability, companies should focus on making toys with sustainable materials to attract more consumers and, more importantly, contribute to the longevity and sustainability of the planet.
With effective marketing and sustainable support from their environmental status, children's educational toy companies will thrive through the various ups and downs of the children's educational toy industry.
Grand View Research reports that the global children's educational toys industry is valued at US$10.11B in 2020 and is expected to grow at a CAGR (compound annual growth rate) of 16.5% through 2028. This metric indicates that the children's educational toys industry has an amazing future with huge potential.
Alpha science toys, as a long-established China educational toy manufacturer, has been paying attention to the global market and trend changes in the children's educational toy industry, and every year we continue to cooperate with world-renowned toy brands and companies, with the aim of delivering the most professional educational toys and learning assistance to children around the world, but of course we are also very concerned about environmental issues and have been committed to developing environmentally safe products. In 2023, Alpha science toys will expand its range of educational toys to create more quality toys for children around the world and help them to realize their scientific dreams with toys.