Sustainability has shifted from ‘a peripheral concern’ of the toy industry to a central focus that has began to shape business strategies as well as consumer expectations, according to the latest findings from the Sustainable Toys Report – Snapshot 2024.
But despite the positive shift in mindsets towards sustainability across the global industry, it remains that only 30% of the international toy market is currently measuring its carbon footprint.
Compiled by Sustainable Toys Action Consulting (STAC), the report offers a comprehensive examination of the industry’s journey towards sustainability, shedding light on its achievements, challenges, and collective commitment to fostering positive change.
The Report has been established to document the global toy industry’s positioning with sustainable development as well as benchmark its progress on the transition to a business more sustainable. According to its analysis, 86% of the global toy industry’s leaders now acknowledge the paramount importance of sustainability for ongoing success. Meanwhile, 90% of participants have identified sustainability as a top priority for 2024, highlighting its role in shaping the trajectory of toy companies.
A key finding of the report is the dual acknowledgement among industry leaders, recognizing societal expectations and personal values as primary drivers of sustainability. However, despite recent regulatory measures, only 17% of participants emphasize regulatory requirements as a significant driver. It suggests, state the report’s researchers that ‘either there is a time lag in perceived impact of these changes or that smaller companies remain unaware of these regulatory implications.’
Encouragingly, over two-thirds of the industry now view sustainability not simply as a compliance measure but a catalyst for innovation, emphasising its pivotal role in driving competition and differentiation on the market. However, concerns persist regarding the industry’s comprehension of regulatory nuances, indicating a need for greater clarity and guidance.
Initiatives towards sustainability begin with manageable steps, such as certified cardboard packaging and waste reduction, before progressing to more complex actions involving bio-based and recycled polymers in toys. Only 30% of companies currently measure their carbon footprint, underscoring the necessity for improved measurement tools to support decision-making processes.
“Survey participants express multifaceted challenges in navigating sustainability, including consumer resistance to higher costs, the quest for practical and cost-effective solutions, and supplier readiness for sustainable processes,” said Sonia Sanchez, co-founder of Sustainable Toys Action Consulting and lead researcher on the Report. “Despite these challenges, the industry remains optimistic, demonstrating a willingness to collaborate and invest in necessary skills and resources to drive meaningful change.
“As the toy industry continues to evolve, the insights gleaned from the Sustainable Toys Report for 2024 serve as a roadmap for companies seeking to integrate sustainability into their core business practices.
“By prioritizing sustainability, embracing innovation, and fostering collaboration, toy companies can not only meet market expectations but also contribute to a more sustainable future for generations to come.”
To learn more about the Sustainable Toys Report – Snapshot 2024, click here.
