Chinese collectible toy manufacturer Pop Mart generated revenues of over 6.3 billion yuan in 2023, significantly higher than in the previous year. Over 5.2 billion of its revenues were generated in mainland China.

Chinese collectible toy manufacturer Pop Mart generated revenues of over 5.2 billion yuan from mainland China in 2023, almost 1.1 billion less than the previous year. Nevertheless, the company generated more than one billion yuan from its overseas market and special administrative regions, more than double compared to 2022.

Chinese collectible toy manufacturer Pop Mart generated revenues of over 5.2 billion yuan from mainland China in 2023, of which around 3.03 billion was from offline sales channels. Pop Mart's offline channels included retail stores and roboshops.

According to Cognitive Market Research, the global Blind Box Toys market size will be USD 14251.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 5700.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4275.3 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3277.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 712.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 285.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The Medium Price Range sector dominates the market

Market Dynamics of Blind Box Toys Market

Key Drivers for Blind Box Toys Market

Limited-edition releases and collaborations

Limited editions and collaborations result in much growth for the market demand within the Blind Box Toys Market, as these create excitement and a feeling of urgency among consumers. When brands collaborate with well-known franchises, artists, or even influencers, they release very special blind box series that highly make collectors' and fans' eyes widen. Eventually, this becomes a reason for their products to sell out fast, hence increasing the demand and sales of the products. Therefore, the demand for rare goods grows with their perceived value among collectors. Even the buzz created on social media brings together a network that allows and includes the sharing and trading of these limited items. It is this dynamic that furthers not just the brand but catapults overall market growth. For instance, POP MART collaborated with the popular artist Kasing Lung. In 2023, they debuted a limited-edition blind box series with innovative designs that soon garnered traction. Within two weeks of release, the whole collection sold out, representing a 70% increase in sales over previous releases.)

Growing popularity of collectibles

The growing popularity of collectibles within the Blind Box Toys Market has driven consumer interest significantly. Many collectors, in particular, enjoy the thrill of the hunt associated with collecting one-of-a-kind items and often form a community among the enthusiasts. This trend is very strong among younger audiences who showcase their finds on social media to create buzz and demand. Besides, set completion really motivates the desire to repeat purchases, hence turning the whole idea of a blind box into an exciting, interactive experience. While the collectors are trying to complete sets, find the rarest, or get exclusive items, companies benefit from the trend by issuing limited editions and keeping the growth curve high.

Restraint Factor for the Blind Box Toys Market

Consumer fatigue from oversaturation

Consumer fatigue due to oversaturation is among the major constraints impeding the growth of the Blind Box Toys Market. With different brands releasing new series and products consecutively, collectors may soon get tired by the large number of options available in the market. This might spur a lack of excitement or interest, as too much has to be done by the consumer to keep up with the collecting trends. Second, having too many items in the market would make any given item less desirable to collectors who usually invest in a blind box. The fatigue will eventually result in lower sales and reduced growth in market activities.

Impact of Covid-19 on the Blind Box Toys Market

The influence of COVID-19 on the Blind Box Toys market was multifaceted, first causing disruptions due to factory closures and supply chain issues that resulted in delays in production and distribution. However, with physical retail stores under restriction, there was a notable shift toward online shopping that allowed brands to ramp up their e-commerce strategies. The longer time at home drove the demand for collectibles also, as many sought to entertain themselv...

With a GMV of around 4.7 billion yuan, Pop Mart ranked first among leading pop toy players in China in 2021. The Danish toy manufacturing giant Lego ranked second with about 2.6 billion yuan in GMV, accounting for 7.5 percent of the market.