India's Toy Industry Thrives as Global Retailers Embrace Direct Sourcing

Retailing giants like Walmart and Target are directly sourcing from Indian toy manufacturers, starting from FY25. Walmart wanted to triple its Indian sourcing by 2027, from $3billion to $10billion. The Indian toy industry has seen a huge transformation, with exports growing from $109 million in 2019-20 to $152 million in 2023-24. Government initiatives like mandatory BIS certification, and more customs duty have made it more plausible for domestic manufacturers. It is projected to reach $4.4 billion by 2032, with a growth independence of 10.6% driven by domestic consumption. Major toy-making hubs at Maharashtra and Tamil Nadu are being established, focusing on ecofriendly and sustainable products.

 

Source: Business Standard