The report is in line with industry estimates that show the current market size of the industry is $1.7 billion and expected to reach $4 billion by 2032 with a 10.5 per cent annual growth rate.

With a continued push towards self-reliance, quality improvements, and a strong manufacturing ecosystem, India’s toy industry is well-positioned for global expansion. The sector’s growth not only strengthens the economy but also aligns with the broader vision of making India a global manufacturing hub.

The Indian toy industry has expanded its global presence to more than 100 countries, including the US, the UK, Germany, Netherlands, Denmark and even China and the next step for the toy manufacturers is to reach international consumers through the effective use of online mediums, a senior official of the Department for Promotion of Industry and Internal Trade (DPIIT) said.

As part of its strong commitment to create a better ecosystem for the toy industry, the Government of India has identified the sector as one of the champion sectors, with a long-term vision to create a global market for ‘Made in India’ toys. A cohesive approach is being followed by breaking the silos and working with industry in all aspects for enhancing the robustness of the sector, he added.