(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Board Games market by Game Type (Chess, Ludo, Monopoly), Age Group (12-25 Years, 2-5 Years, Above 25 Years), Game Theme, Sales channel - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Board Games Market grew from USD 13.12 billion in 2023 to USD 14.42 billion in 2024. It is expected to continue growing at a CAGR of 10.02%, reaching USD 25.62 billion by 2030.
The application of board games stretches across various spectrums, particularly leisure and entertainment activities. Their end-use is predominantly found amongst a wide demographic from children, teenagers, and adults to the geriatric population. They are utilized in homes and educational institutions for learning purposes and by professionals in corporate setups for team building and social interaction. The prevalence of online retail, the growth of e-commerce, and a resurgence of interest in social and group-oriented gaming are all robust driving measures contributing to board game escalation. Notable growth factors for board games include increased public interest in social gameplay, a cultural shift towards experiential and educational gaming, and the demand for strategic and war simulation games. However, the growing incidences of product recall of board games due to choking hazards and the presence of toxic chemicals impede widespread adoption among consumers.
Furthermore, complications related to the intellectual property rights of board games present challenges for new entrants in the industry. However, major manufacturers are constantly investing efforts to develop novel, innovative games without infringing on the patents or copyrights of existing games. The emergence of crowdfunded games, the surge in board games in cafes, and the increased adoption of board games in learning and development activities are presenting promising opportunities for growth in this space.
Regional Insights
In the Americas, particularly in the United States and Canada, the demand for board games remains robust due to constant product innovation. A rejuvenated interest in nostalgic board games and ongoing initiatives to digitize classics for modern players contribute to the board games's growth. Furthermore, due to the increased spending power of millennial consumers, the demand for creative and complex games is on the rise. The board games industry in the EU is categorized by high buyer power and intense competition, driven by a diversified supplier landscape.
Notably, many European countries are spearheading the trend of analog game nights,' fostering a community around traditional gaming. Research indicates a growing preference for eco-friendly board games, which has prompted industry players to invest in sustainable production methods. In the Asia-Pacific region, economies such as Japan, China, and India offer a mixture of local and global board games that uniquely cater to their culture and gameplay preferences. Government initiatives to promote board games such as chess through competitions and championships have also stimulated interest among consumers.
Recent Developments
Nex and Hasbro Launch Family-Centric Titles on Nex Playground
Nex and Hasbro expanded their partnership with the launch of a new series of interactive family games for the Nex Playground console. This collaboration builds on the previous success of the PEPPA PIG: JUMP & GIGGLE game, establishing a deeper connection between the two companies to revitalize classic Hasbro games. This approach enhances the interactive experience and promotes physical activity and social interaction among players of all ages.
Integration of AI in Classic Board Games: A Closer Look at Mattel's Pictionary Vs. AI
Mattel, Inc. introduced Pictionary Vs. AI, an innovative board game that incorporates AI technology into its classic gameplay. In this game, players take turns drawing while the AI attempts to guess their drawings. Additionally, players can earn points by correctly predicting whether the AI will guess other players' sketches accurately. To add to the excitement, challenge rounds have been introduced, including drawing with eyes closed and drawing without using hands. This modern adaptation of Pictionary combines the beloved quickdraw gameplay that fans have enjoyed for decades, offering a fresh and engaging way to interact with the brand.
A Strategic Partnership Between Hasbro and Xplored
Hasbro joined forces with Italian tech firm Xplored to bring AI integration to board games to offer advanced gaming experiences, including digital expansions of physical games and robust AI-powered game mechanics. This collaboration aims to seamlessly incorporate technology into analog gaming experiences to enhance user experience.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $14.42 Billion |
| Forecasted Market Value (USD) by 2030 | $25.62 Billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Global |
Market Dynamics
Market Segmentation Analysis
Game Type: Rising number of chess competitions and championships across the world Age group: Demand for strategic and innovative games catering to adults above 25 Years Sales Channel: Preference for convenience shopping leading to expansion of online stores
Market Drivers
Growing parental focus on children's brain development through board games Rising consumer demand for indoor recreational activities Increasing availability on e-commerce platforms
Market Restraints
Rising number of product recalls
Market Opportunities
Introduction of board gaming events and competitions Increasing number of innovative board games catering to both adults and children
Market Challenges
Concerns related to intellectual property rights of board games
Industry Insights
Market Disruption Analysis Porter's Five Forces Analysis Value Chain & Critical Path Analysis Pricing Analysis Technology Analysis Patent Analysis Trade Analysis Regulatory Framework Analysis
Key Company Profiles
Alderac Entertainment Group (AEG) AMIGO Games Inc. Arcane Wonders Asmodee Group by Embracer Group Atlas Games Bezier Games Inc. Blue Orange Sarl Buffalo Game LLC Facade Games LLC Gamelyn Games Games Workshop Group PLC Grey Gnome Games HABA USA Hasbro Inc. Mattel Inc. Mindware Inc. National Entertainment Collectibles Association Inc. Noris Spiele by Simba Dickie Group Paizo Inc. Queen Games by XSET R & R Games Inc. Ravensburger North America, Inc. Rio Grande Games Schmidt Spiele GmbH Spin Master Ltd Steamforged Games Ltd. Tasty Minstrel Games Thames & Kosmos. ThinkFun, Inc. Wiener Spielkartenfabrik Ferd. Piatnik & Sohne
Market Segmentation & Coverage
Game Type
Chess Ludo Monopoly Scrabble
Age Group
12-25 Years 2-5 Years Above 25 Years Between 5 & 12 Years
Game Theme
Educational Fun & Entertainment Strategy & War
Sales Channel
Hypermarkets & Supermarket Online Stores Specialty Stores
Region
Americas
Argentina Brazil Canada Mexico United States California Florida Illinois New York Ohio Pennsylvania Texas
Asia-Pacific
Australia China India Indonesia Japan Malaysia Philippines Singapore South Korea Taiwan Thailand Vietnam
Europe, Middle East & Africa
Denmark Egypt Finland France Germany Israel Italy Netherlands Nigeria Norway Poland Qatar Russia Saudi Arabia South Africa Spain Sweden Switzerland Turkey United Arab Emirates United Kingdom
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Attachment
Global Board Games Market
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