India’s biggest toy company is selling more than 100,000 toys to US consumers and the country’s biggest exporter of soft drinks is also making inroads with the US.
In its latest annual report, the National Toy Distributors Association (NTDA) said the Chinese company had surpassed the US to become the biggest global toy market with annual sales of about US$9 billion ($8.6 billion).
In a statement, NTDA said that the Chinese toy market has been growing in the past few years with a huge amount of toys entering the country from the US, which was one of the biggest buyers of Chinese toys in the world.
It also said the domestic market for Chinese toys was also growing, with the number of Chinese toy retailers increasing from 2,200 in 2010 to about 4,000 in 2014.NTDA said the biggest growth in China came from the global toy industry.
The US and Japan have grown in the market with the likes of Amazon and Walmart, as well as Alibaba and Alibaba Group Holding Ltd, which are now the top two sellers in the US and third-largest seller in Japan.NTBA also said that there were over 1.4 million toys sold in the domestic Chinese market in 2014, up from over 1,200 last year.NTTA said that over 70 per cent of toys sold by Chinese toy makers were in the two largest markets, China and the US with the other 30 per cent sold in third- and fourth-largest markets.NTDI said that as China continues to grow its market, it is investing heavily in technology, including in the manufacture of its own toys.NTIBA also highlighted the importance of domestic toy sales to China’s economy, with its statement saying that the country is spending more than US$200 billion on toys annually.
The NTDA also said there are about 5,000,000 toy factories operating in China with more than 3 million factories across the country.