The Indian toys market was worth US$ 1.3 Billion in 2017, registering a CAGR of 15.8% during the year 2010-to 2017. The market is further projected to cross US$ 2.9 Billion by 2023, at a CAGR of 13.9% during 2018-to 2023. The existence of toys in India dates back to the Indus Valley Civilization around five thousand years ago.
The earliest toys included whistles shaped like birds, toy monkeys that could slide down a string and small carts which were made from materials found in nature such as sticks, clay and rocks. In recent years, the advent of advanced technology and machinery has encouraged manufacturers to produce modern and innovative toys.
India has one of the largest young population in the world, owing to which, the toy industry in the country has witnessed a rapid growth. The market is brimming with a wide array of both traditional and modern toys. However, with evolving trends, there has been a shift from conventional toys towards innovative and hi-tech electronic toys. For instance, Lego has replaced wooden building blocks while Barbie dolls have now taken over traditional cloth dolls.