Overview of Board Games Market
The global board games market is worth over $7.2 billion and is set to rise to $12 billion by 2023. Chess requires two players and is a strategy board game played on a chessboard. It is one of the world’s most ancient and popular games, played by millions of people globally. In 2019, according to Guinness World Records, the world’s best selling board game ever is Monopoly. The oldest demographic (55-74) are most likely to create games.
Market Growth and Trends
The global board games market size is projected to grow from $13.06 billion in 2023 to $26.04 billion by 2030, at a 10.36% CAGR during the period. Another trend is the development of multiplayer games which allow participation of multiple players in the same scenario. Streaming services like Netflix are also entering the online board game industry.
Segmentation and Applications
Board games market is segmented by product type, game type, age group, and distribution channel. The types are RPGs, card games, dice games, and tabletop games. The applications are fantasy-related, warfare-related, survival-related, and adventure-related.
Demand and Social Interaction
Board games offer a tangible way to engage with family and friends face-to-face in an era dominated by digital technology. One trend is the increasing desire for social interaction, driving the demand for board games. People tend to spend quality and productive time with family members through these games. Board game cafes attract millennials looking for old-fashioned recreational activities. Time constraints globally have increased the demand for recreational products, including board games.
Profitability and Market Competitiveness
Corporations are creating initiatives with start-ups to enhance market share and profitability in the highly competitive board games market. Manufacturers are producing simple games with impressive artwork and mechanics to further drive market growth. Despite competition from digital entertainment, the market by revenue is expected to grow at a 13% CAGR during 2021-2026.
Supply and Demand Dynamics
Boards games market has supply reasons and demand reasons for popularity. If supply increases in terms of variety and quality of products, this often leads to higher demand. Similarly, if demand rises for a product, manufacturers are willing to produce more variations to sell.