The global games and puzzles market is anticipated to register a CAGR of 18.6% during the forecast period, according to the new report by Grand View Research, Inc. Parents continue to introduce their kids with modern educational board games to facilitate a child’s brain development and this is positively influencing the product demand. The introduction of educational puzzles and games expected to further contribute to growth.
Growing usage of social media networks is likely to offer new market growth prospects during the analysis timeframe. Key industry players have designed puzzles that are particularly made for digital platforms such as YouTube and Instagram. Puzzle enthusiasts are also nudging an impetus to fuel further growth by using trending hashtags, thereby, promoting people to incorporate puzzle-solving as their new hobby. Furthermore, puzzle-solving enhances creativity on social media platforms and enables people to display their talents across communities. Such trends are presumed to boom further growth of the market.
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COVID-19 Effect:
The COVID-19 pandemic has driven the rapid adoption of card and board games. This can be ascribed to the long stretch of lockdowns put forth by several countries and consequent need to engage in leisure and entertainment activities. Board games such as Ludo, monopoly, carom, and snakes & ladders have gained a widespread popularity since the initiation of a global lockdown.
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Further findings from the report suggest:
- The non-licensed segment accounted to the largest revenue share of 67.0% in 2019 and can be attributed to a widespread availability similar products and games at affordable prices
- The brick and mortar segment accounted for a revenue share of 60.50% and dominated the market in 2019. Consumers prefer brick and mortar or offline stores, where they can gain the complete buying experience and interact with the sales associates before making any purchase decision
- The games segment dominated the market and captured a revenue share of 60.42% in 2019. This is attributed to the rising acceptance of board games amongst people in an attempt to engage in fun activities at house parties, corporate team-building exercises, and other occasions
Major Players:
- Buffalo Games
- Hasbro, Inc.
- Mattel, Inc.
- Ceaco, Inc.
- Ravensburger AG
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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