Market Size and Trends in Board Games Industry
The overall UK games market is valued at £5.11 billion. The UK tabletop gaming segment is worth £350 million. Sales of tabletop games in the UK rose 20 percent in 2016.
The board games market by revenue is expected to grow at a CAGR of approximately 13% during 2021-2026. Forecasts show that Gen Z will become the most significant portion of consumers. This figure gives game devs insight into the potential target market for board games.
57 percent of gamers own between 1 to 25 card and board games. The forecast shows North America has the fastest CAGR of 12.29 percent between 2023 and 2030. The trend of board game cafes attracts millennials who look for old-fashioned recreational activities. This region will have a steady demand increase for board games, collectible card games, and more.
Challenges and Opportunities in Board Games Industry
One of the major challenges is the impact of global trade wars and tariffs imposed across borders. Factors such as reduced access to credit, job losses, bankruptcies, and low consumer confidence impact the demand. The economic impact of changes in trade relations between countries significantly impacts major vendors such as Hasbro and Mattel.
The global board games market is worth over $7.2 billion and is set to rise to $12 billion by 2023. Another trend is the development of multiplayer games. These games allow multiple players to participate in the same scenario. As a result, many game developers are currently working on multiplayer versions.
Streaming giants like Netflix are slowly entering the online board game industry.
Target Audience and Market Growth in Board Games
Millennials are contributing heavily to the increase in board game sales. According to a study by Euromonitor International, millennials are more likely than any other age group to purchase board games. The more time we spend online, the greater the urge many have for offline entertainment. That’s where board games come in.
The global board games market is worth over $7.2 billion and is set to rise to $12 billion by 2023. The board games market share is expected to grow at a CAGR of 13.27 percent from 2022 to 2028. Strategic product innovations, capitalizing on board game conventions, increasing focus on leisure activities, and adopting a digital-first approach are significant factors driving the board games industry.
Increasing crowdfunding platforms for game manufacturers is a prominent factor driving the market growth for board games. The retail sales of the board games market have increased at a tremendous pace due to increasing disposable income in the developing regions of Asia Pacific and South America.