Union Finance Minister Nirmala Sitharaman on Tuesday urged Indian doll makers to capture a quarter or 25 percent of the global doll market. By 2032, the global doll market is estimated to be around $179 billion. In view of this huge market, the minister said that Indian industries have the potential for further growth and should come forward to embrace this huge opportunity.
India currently exports dolls to 153 countries and is expected to reach $186 million between 2019 and 2026 in 2025-2025, with doll imports declining by 71 percent. Speaking at an international doll exhibition, the minister said that India’s own doll market is estimated to reach $5 billion but believes that this target is not enough. “Our expectations should be high and we need to aim to capture a quarter of the global market,” he said.
Sitharaman added that earlier, most dolls were imported from only one country. That country sold dolls in the Indian market at very low prices, which were of poor quality and harmful to children’s health. The minister specifically advised the industries of our country to increase their production and focus more on their branding.