The Bangladesh Plastic Goods Manufacturers & Exporters Association (BPGMEA) urged strategic support from the government to seize the opportunity to maintain an average 24 percent annual growth in exports, potentially reaching $466 million by 2030.
As the global market for plastic toys is expected to jump to $150 billion in five years, up from $102 billion now, Bangladesh has room to grow exponentially and increase its global market share, speakers said at a Dhaka Chamber of Commerce and Industry (DCCI) focus group discussion on “Diversifying the Export Basket: Innovation, Export Potential, and Market Expansion of the Toy Manufacturing Industry.”
Around 250 Bangladeshi firms exported toys worth $77 million to 88 countries in 2022-23, up from less than $16 million in 2016-17, BPGMEA President and Jalalabad Polymer Industries Managing Director Shamim Ahmed said in his keynote.
Export destinations include major markets like the United States, the United Kingdom, Germany, Japan, and Russia. The rapidly expanding global presence signals Bangladesh’s growing role in the toy market.
If Bangladesh maintains its current growth, it could become the 28th largest toy exporter in the world by 2030, with exports exceeding $466 million, he added.
However, there are challenges in realizing the immense potential of this growing sector, said DCCI President Taskeen Ahmed.
“Due to the lack of necessary policy support, high tariffs on raw material imports, absence of bonded facilities, inadequate infrastructure, and insufficient testing facilities, the potential of this sector remains largely untapped,” he added.
Strategic support through a dedicated industry development policy for toy manufacturers would be helpful, said Shamim Ahmed.
He called for proper infrastructure, toy manufacturing clusters, policy support for research and development, adherence to international safety standards, joint ventures, technology transfer, and market development.
“Policy is crucial but has yet to be developed for plastic toys,” said Belal Ahmed, managing director of publicly traded firm Golden Son, which is pioneering local manufacturing of a wide range of products, including gas lighters, electric motors, computer casings, and plastic toys.
In 2005, he sought policies and incentives for plastic toy exports that were not granted.
“I am still a deemed exporter,” he expressed his frustration.
Compliance with global safety standards is one of the primary hurdles.
A BPGMEA member said Bangladesh’s toy industry must adhere to strict regulations in the developed world’s stringent markets.
Many local manufacturers struggle with the costs and complexity of meeting these standards, which could limit their ability to expand into larger markets.
Another major concern for the industry is the limited investment in research and development (R&D).
As the global toy market becomes increasingly tech-driven and environmentally conscious, Bangladesh’s manufacturers must innovate in product design and sustainable materials to remain competitive.
The growing demand for eco-friendly toys aligns with Bangladesh’s manufacturing strengths, but this potential can only be realized with proper investment in R&D to meet global consumer preferences.
The toy sector is a small part of the country’s plastic industry. The local market for overall plastic goods surged to Tk 40,000 crore per year, while direct exports reached $276 million in 2023-24, along with $1.2 billion in deemed exports.
Some 5,000 firms, mostly SMEs, made this possible, employing around 1.5 million people, including 28 percent women.
