Potential Health and Cognitive Benefits of Games and Puzzles to Push Market Valuation to US$ 88.8 Billion by 2033 | Future Market Insights, Inc.
The United States is anticipated to remain at the epicenter of the worldwide games and puzzles market during the forecast period. Due to the digitalization of games and puzzles, the increasing focus on mental health, and the large presence of leading gaming companies
NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global games and puzzles market value is anticipated to reach US$ 18.0 Billion in 2023 and US$ 88.8 Billion by 2033. Overall sales of games and puzzles are likely to soar at 17.3% CAGR during the assessment period.
Games are expected to remain highly sought-after, by type, in the market through 2033. This is because they offer more interactive and immersive experiences than puzzles. The target segment is expected to progress at a robust CAGR of 17.2% during the assessment period.
Several factors are expected to spur growth in the games and puzzle market. These include increasing awareness about the benefits of games and puzzles, rising interest in indoor gaming activities, and innovation in games and puzzles.
Games and puzzles are witnessing a higher demand due to their several advantages. They come in various forms and provide entertainment, mental stimulation, and opportunities for social interaction.
Rising popularity of games and puzzles in homes, schools, and other educational settings is expected to boost the global market through 2033. As people and educators become more aware of the benefits of games and puzzles, their demand will likely rise rapidly.
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Games and puzzles provide entertainment while fulfilling an educational role. They can improve the cognitive behavior of people, increase creativity, and stimulate creativity. Today, parents spend large amounts on purchasing games and puzzles for their children.
Games and puzzles can also improve social skills and connections as they can be played with friends and family. They provide a safe and supportive environment for people to socialize and interact with others.
The rising prevalence of mental health disorders, such as depression, and increasing focus on mental health are expected to uplift the demand for games and puzzles. This is because they can effectively reduce stress & anxiety.
Multiple studies have indicated that specific games and puzzles can be helpful for people with depression. For instance, a study published in Frontiers in Psychology shows that playing games involving problem-solving and spatial reasoning can benefit depressed people.
Similarly, the growing usage of sustainable and eco-friendly materials and the digital transformation of games and puzzles are expected to influence the target market positively. Futuristic market projection predicted the target market to expand over 4.9X through 2033.
Key Takeaways from the Games and Puzzles Market Report:
The global industry is expected to reach US$ 88.8 billion by 2033.
Based on type, the games segment is set to thrive at 17.2% CAGR through 2033.
By licensing, the non-licensed segment is poised to exhibit 17.0% CAGR through 2033.
The United States is forecast to attain a valuation of US$ 15.7 billion by 2033.
Demand in Japan is projected to increase at 18.5% CAGR between 2023 and 2033.
China's market value is predicted to reach US$ 13.3 billion by 2033.
The United Kingdom market is set to thrive at 18.3% CAGR through 2033.
Sales revenue in South Korea is expected to reach US$ 4.7 billion by 2033.
“Growing awareness about the potential benefits of games and puzzles on human health, intellect, and skill development is expected to drive the target market forward during the forecast period. Key players are continuously developing new products made from eco-friendly materials to gain maximum profits,” says a lead analyst at Future Market Insights (FMI).
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Who is Winning?
Buffalo Games, Hasbro, Inc., Ravensburger AG, Mattel, Inc., Ceaco, Inc., Cubicfun 3D Puzzle, Educa Borras, Castorland, Schmidt Spiele, and Cobble Hill are a few of the key manufacturers of games and puzzles listed in the report.
These key players are constantly introducing novel solutions into the market to increase their customer base and revenues. They also adopt strategies, such as collaborations, partnerships, mergers, and acquisitions, to solidify their market positions.
For instance,
In July 2022, Hasbro Gaming and New York Times Games introduced The Party Game. This new board game is intended to bring Wordle to life.
In 2023, new jigsaw puzzles and board games were launched by Gibsons Games Ltd.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global games and puzzles market, presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on type (games and puzzles), licensing (licensed and non-licensed), distribution channel (online and offline), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
Games and Puzzles Market Scope
Attribute | Details |
Estimated Market Value (2023) | US$ 18.0 billion |
Projected Market Value (2033) | US$ 88.8 billion |
Anticipated Growth Rate (2023 to 2033) | 17.3% CAGR |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in US$ Billion and CAGR from 2023 to 2033 |
Segments Covered | Type, Licensing, Distribution Channel, and Region |
Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa |
Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
Key Companies Profiled |
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About Consumer Product Division at Future Market Insights (FMI)
The consumer product team at Future Market Insights (FMI) provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the consumer product industry, the team is happy to help with every business intelligence research and consulting requirement.
Author
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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