Board Games Market Size Worth USD 26.04 Billion by 2030 | Board Games Industry Expected CAGR 10.36%
The board games industry's monetary value reached USD 11.88 billion in 2022 and is predicted to rise to USD 13.06 billion in 2023. According to projections, the market is anticipated to hit USD 26.04 billion by 2030, experiencing a compound annual growth rate (CAGR) of 10.36% throughout the forecasted period.
The desire for leisurely pursuits has dramatically risen in recent times as individuals are seeking fresh and creative forms of amusement. Specifically, board games have experienced a revived fascination among customers due to their ability to boost cognitive abilities and boost self-assurance. Numerous players in the market are striving to enhance the appeal of their offerings by incorporating multiplayer options or incorporating intricate strategic elements. This not only encourages people to engage and interact socially, but also enhances their ability to communicate and connect with others. These advantages are anticipated to propel growth in the board games market.
Fortune Business Insights™ presents this data in a report called "Board Games Market, 2023-2030."
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Below is a compilation of important individuals featured in the Board Games Market report:
Scope and Segmentation of the Report:
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Increase in Popularity of Money-Focused Multiplayer Games Fuels Rise in Demand for Monopoly
Categorizing games by their types, the market is segmented into Monopoly, Scrabble, Chess, and various others. Monopoly holds the largest piece of the board games market, as there is a greater demand among customers for multiplayer games centered around money. These types of games not only entertain, but also contribute to the development of social interaction skills, thus fueling their popularity even more.
Increase in the number of people watching well-liked television shows and movies is set to boost the demand for products among individuals over the age of 25.
The market is divided into different age groups: 2-5 years old, 5-12 years old, 12-25 years old, and over 25 years old. The over 25 years old group has a significant share in the market because adults in this age range are increasingly interested in watching popular TV shows and movies on streaming platforms. This has opened up opportunities for market players to expand their growth by introducing board games inspired by these movies and shows, which in turn has led to further growth in this age group's segment.
Improving the Accessibility of Products to Enhance Customers' Fondness for Niche Retailers
The market can be divided into different sales channels, namely specialty stores, online stores, hypermarkets & supermarkets, and others. Among these channels, specialty stores have a dominant position in the market. This is because these stores offer a wide range of tabletop games, providing customers with a greater selection to pick from.
Regarding geographical area, the market encompasses North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The analysis conducts a thorough examination of the sector and emphasizes important aspects such as popular game categories and notable producers. It also presents valuable perspectives on the latest market patterns and incorporates significant industry advancements. In addition to the aforementioned factors, the report encompasses various elements that contribute to the expansion of the market.
Companies to Enhance their Social Media Reach to Attract Fresh Customers
In this market, there are many companies that create captivating and intricate board games. They are recognizing the power of social media in shaping people's buying habits and striving to increase their reach on these online platforms. By doing so, they aim to enhance the appeal of tabletop games among the younger population and attract a broader range of customers.
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The market growth is expected to be propelled by the growing trend of individuals favoring games that revolve around specific themes.
The idea of board games centered around specific themes, like movies, concepts, or series, has become extremely popular among young people who enjoy playing games. This is because these types of games are very intricate and captivating, often demanding strategic thinking in order to be successful. This can greatly enhance a player’s enjoyment of the game. Numerous companies have recognized the potential of these gaming concepts and have released a variety of tabletop games inspired by well-known themes or movies. These advancements will contribute to the expansion of the market.
Nevertheless, the increasing accessibility of digital and mobile gaming platforms may impede the progress of the market.
The tabletop gaming convention scene in North America is expected to experience thriving growth due to a rising number of events.
The North American market has claimed a significant portion of the worldwide market. This is due to the region's efforts to increase the number of board game conventions, in order to attract more fans of gaming. Additionally, North America is recognized for its numerous esteemed game developers, which will additionally drive growth in the local market.
The Asia Pacific region is also expected to see continuous growth as more people become aware of board games. This is happening because board game bars and cafes are becoming more prevalent across the region.
Government-mandated limitations on movement and travel amplified the demand for products.
The outbreak of COVID-19 had a severe effect on the functioning and profits of various industries that cater to the final consumers. This was due to the restrictions on movement and travel imposed by governments. However, this circumstance had a beneficial impact on the gaming sector, as a greater number of individuals either started using online gaming platforms or bought board games to keep themselves amused. This element significantly enhanced the expansion of the market during this period.
Comprehensive Index: 1. Introduction - Setting the Groundwork 2. Methodology - Our Approach to Research 3. Findings - Discoveries and Results 4. Analysis - In-depth Examination and Interpretation 5. Conclusion - Final Thoughts and Implications 6. References - Sources Cited and Consulted 1. Introduction - Establishing the Foundation 2. Methodology - Our Unique Research Approach 3. Findings - Uncovering and Revealing 4. Analysis - Thorough Exploration and Interpretation 5. Conclusion - Conclusive Remarks and Significances 6. References - Referenced and Studied Sources
The market for educational toys is expected to reach a size of USD 106.26 billion by 2030, with a compound annual growth rate (CAGR) of 8.10%.
Size, Share, and Rate of Expansion of the Connected Toys Market [2023-2030] | Examination by Fortune Business Insights™
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The Board Games Market is experiencing significant growth in recent times.
