India Toy Imports Down 71% Since 2019, Market Seen Hitting $5B by 2034: FM
FM Sitharaman said India's toy industry slashed imports 71% since 2019 while exporting $186M to 153 countries in FY2025-26. The domestic market is projected to reach $5 billion by 2034, aided by manufacturing gains, innovation and DPI platforms like ONDC and UPI.
What happened
Toy Association of India · FM Sitharaman said India's toy industry cut imports 71% since 2019, exported $186M to 153 countries, with the domestic market
Key facts
- imports down 71% since 2019
- exports $186 million FY2025-26
- 153 countries
- market to hit $5 billion by 2034
Why this matters
The rapid localization and export ramp make Indian toy manufacturers and DPI-native distribution assets attractive acquisition or JV targets ahead of the projected $5B market.
What to watch
- Any tariff or BIS norm revisions in upcoming budget cycles
- FY26-27 export figures confirming growth vs plateau
- New PLI or incentive scheme announcements for toy sector
- Gray-market/smuggling enforcement data indicating leakage
- Foreign brand localization or JV announcements
- Domestic toy brands ramp capacity and seek licensing deals for character/IP-driven lines
- Retailers rebalance shelf mix toward Made-in-India SKUs to align with policy tailwinds
- Global toy majors evaluate India as an alternate manufacturing base amid China+1 shift
- MSME clusters onboard to ONDC to widen tier-2/3 distribution