Project Report For Toy Factory
The project report for Toy factory is as follows.
Toys serve as cultural ambassadors, showcasing 5000 years of Indian civilization. Toys made around the country represent the country’s cultural variety. India manufactures a broad variety of toys, including plastic, mechanical, soft/plush dolls and animals. board games, puzzles, instructional games, metal and tin, wood, and battery-operated pullback toys, for example. Indian toys are produced from a variety of raw materials, such as plastic, wood, rubber, metal, fabrics, and so on. Over the previous decade, the Indian toy industry has seen significant changes in terms of toy categories, creativity, eye-catching design, and other elements. Traditionally, the toy business has been a labour-intensive industry that employs over 3 million people, with women accounting for around 70% of the workforce.
The toy business is mostly centred on the small and cottage sectors, with around 4000 production units organised into micro (77%), small and medium (23%), and large (4%) units. Delhi, Mumbai, Punjab, Uttar Pradesh, Haryana, and Rajasthan are home to the bulk of toy manufacturers. As well as clusters in other states in central India. Toy manufacturing in India makes use of master craftsmen, local talent, as well as innovative design. The Indian toy business is made up of a huge number of indigenous producers as well as a few worldwide leaders.
The toy market is divided into two major segments: the “organised” section, which accounts for around one-third of the market, and the “unorganised” portion. Outside of major urban areas, mom-and-pop stores (also known as “Kirana”) are mostly “unorganised,” and operate mostly on a cash-and-carry basis. The Indian toy industry is worth around Rs.8000 crores, with the organised sector accounting for approximately Rs.3000 crores and the unorganised sector accounting for approximately Rs.5000 crores. Large cities have “organised” sector stores, mostly toy speciality stores.
Market potential & Strategy
The toy business in India is fragmented, with 90 per cent of the market being unorganised, and 4,000 toy manufacturing units mostly in New Delhi, Maharashtra, Karnataka, Tamil Nadu, and clusters across central Indian states. According to Invest India, India’s national investment promotion and facilitation organization, the toy sector is worth USD 2.5 billion, accounting for 0.5 per cent of the worldwide market. On the other hand, it meets about 60% of this need.
While this sector has the potential for growth of USD 4.4 billion at a CAGR of 14.4 per cent between 2019 and 2024, local toy demand is expected to rise at a rate of 10%-15% compared to the global average of 7%. This might be related to some of the tendencies driving increased demand. One of the trends is that between 2016 and 2027, income per capita will increase 3.5 times. According to Invest India data, the proportion of rich and elite consumers in tier 2 and tier 3 cities will more than double by 2025. India is also the world’s second-largest producer of polyester and related fibres, accounting for 8% of the global plush toy industry.
The Indian toy sector is facing tremendous competition from low-cost Chinese goods. It is making every effort to re-enter the children’s market with new and better-designed toys. According to the Euromonitor Report (2013), action figures and accessories have increased in popularity. In 2011, the conventional toys category had a 36 per cent increase.
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