Playing Cards & Board Games Market is Predicted to Observe 8.7% CAGR till 2025
Posted by Ryan Shaw on December 23rd, 2019
The global Playing Cards and Board Games Market size is anticipated to reach USD 21.56 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.7% during the forecast period. Growing popularity of traditional recreational activities among the younger generation is projected to drive the market. Rising preference of millennials for old school games during social gatherings is expected to further fuel the growth.
Increasing resurgence of retro-games is projected to drive the market growth. Manufacturers are focusing on producing simple games with elegant mechanics and impressive artwork to attract more consumers. For instance, the massively successful launch of Settlers of Catan has attracted a number of players to the industry. Rapid rise in demand has created growth opportunities for the market players. The new manufacturers focus on innovation and creativity while developing as well as reinventing the playing cards and board games, which in turn is anticipated to drive the market growth. Rising popularity is expected to encourage companies to introduce board games specifically designed for different groups such as children, millennials, and families. For instance, Pandemic Legacy, Scythe, and Gloomhaven, are some of the board games designed especially 13 years and above.
In terms of product, the board games held the leading market share in 2018 and is anticipated to continue its dominance over the forecast period. Factors such as increasing engagement in leisure activities, trend of taking a break from digital screens, and emphasis on face to face interaction are projected to boost the popularity of traditional board games. Monopoly held the largest market share of more than 29% in 2018. Rising popularity of checkers, puzzles, scrabble, and chess among others is expected to contribute to the market growth.
Offline distribution channel is expected to continue leading the market over the forecast period. Rising culture of board game cafes is expected to fuel the growth of the segment. Moreover, introduction of gaming zones in malls and pubs is expected to positively influence the market growth.
North America is projected to register the fastest CAGR of 9.2% from 2019 to 2025. Rise in the number of gaming cafes across the U.S. and increasing popularity among millennials seeking for old-fashioned entertainment is expected to boost the regional growth. Asia Pacific, on the other hand, is expected to continue holding the largest market share over the forecast period. High interest in playing cards across countries such as India and Japan is projected to drive the regional market growth.
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About the AuthorRyan Shaw
Joined: August 11th, 2017
Articles Posted: 572
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