2023 Trend Play Industry Development Report

The global pop toy market grew from $8.7 billion in 2015 to $31.2 billion in 2022, and is expected to approach $44.8 billion by 2024. China's pop toy retail market surged from RMB 6.3 billion in 2015 to RMB 34.5 billion in 2021, with a CAGR of 34%. It is projected to reach RMB 110.1 billion by 2026 (CAGR 24% between 2022-2026).

Pop toy consumption reflects a shift from material to spiritual needs. In a post-information society, creativity drives production — “DIY toy modification (Gai Wa)” satisfies self-fulfillment. In a post-scarcity era, emotional and social values prevail.

IP is the core of the pop toy ecosystem. Pop Mart's proprietary IP SKULLPANDA generated RMB 852 million in 2022. The IP licensing market is 2~3x larger than pop toys, while IP adaptation (games/films) is 7~15x larger, reaching RMB 156.1 billion and RMB 586.7 billion by 2024 respectively.

Leading companies like Pop Mart (MOLLY, DIMOO), Bandai (Gundam), and MEDICOM TOY (BE@RBRICK) show how cross-industry licensing, theme parks, and mobile games extend IP value. Pop Mart's first self-developed mobile game "Dream Home" and its urban theme park (opened Sept 2023) turn IP into immersive entertainment.

Generation Z (264 million people) accounts for 38.4% of pop toy consumption. Female users comprise nearly 70% of Pop Mart's customer base. “Joyful consumption” and companionship are core drivers. The blind box model triggers collectible excitement — hidden editions often sell at 20–50x original price on secondhand platforms like Xianyu.

Four key values emerge: Emotional value (healing, childhood companionship), Social value (doll circles, social media unboxing), Collectible value (scarcity, secondary market), and Sustainable value (eco-friendly packaging, carbon reduction). Pop Mart reduced 6.5 tons of CO2 by using reusable logistics boxes.

Top-tier cities account for over 50% of sales, but lower-tier counties are becoming new growth engines. Offline stores boost foot traffic — e.g., Joy City × Pop Mart exhibition increased store traffic by 117.9%.

Pop Mart has 55 overseas stores (as of June 2023), with overseas revenue surging 139.8% YoY. By integrating traditional Chinese elements — "Journey to the West", "Imperial Beast", Sanxingdui co-branded figures — Chinese pop toys spread cultural confidence. The MEGA "Pure Porcelain·Blaze" auction at RMB 230,000 elevated Chinese craftsmanship.

Dongguan City, known as the "Capital of Pop Toys in China", transformed from OEM to independent IPs, with export value reaching US$47.6 billion in 2022. PTS International Pop Toy Show (Asia's largest) attracts over 500 global artists, helping establish a new international discourse for Chinese design.

In 2022, Pop Mart's offline revenue still accounted for 53.08% of total sales, with 340 mainland stores + 2,185 robotic shops. Pop toy exhibitions and city theme parks stimulate adjacent spending — e.g., Xiamen's Youth Pop Festival drove +33% YoY foot traffic; Shanghai Haichang Ocean Park's "Cyberpunk Shanhai Trend Festival" welcomed nearly 500,000 visitors.

Employment impact: Pop Mart employed 4,042 staff in 2022 (+5.12% YoY), with sales team expansion of 6.49%. Collaborations with Central Academy of Fine Arts and Communication University of China train future designer talents. The cultural industry's labor elasticity is 0.12 — every 1% labor input boosts output by 0.12%.

Pop toys demonstrate counter-cyclical resilience: during the pandemic, Pop Mart's store network continued expanding while online sales ranked #1 in Tmall's toy category for four consecutive years. The licensed merchandise and IP adaptation markets are predicted to reach RMB 586.7 billion by 2024.

Digital technologies (3D printing, VR) lower marginal costs and enrich interactivity. With China's vast market and manufacturing advantages, the per capita pop toy spending in China is only 1/5 of Japan's, offering huge growth headroom. Analysts predict Pop Mart's overseas revenue could reach RMB 9.5-18 billion by 2026.

The industry fuels the transformation from material-driven to service-driven consumption, with the service sector expected to account for 52% of private consumption by 2030.