2025 In-depth Analysis of the Trendy Toy Industry: Market Growth, Leading Enterprises, and User Insights

• According to seccw report: The global trendy toy market had a CAGR of 19.8% from 2020 to 2024 and is expected to reach $52 billion in 2025; China’s market had a CAGR of 35.1% over the same period and is expected to reach 87.7 billion yuan in 2025.
• According to qianzhan data: Blind boxes account for 28% of China’s trendy toy segment market, ranking first, followed by assembly toys (23%) and action figures (16%).
• According to iimedia survey: Pop Mart’s own IP ecosystem has a high gross profit margin; TOP TOY has a market share of about 2.2%, relied on external IPs before laying out its own; Miniso’s revenue grew in the first three quarters of 2025 but profits are under pressure.

• Reddit users: The core driver of trendy toys is women’s self-pleasure demand; loyal fans consume rationally or quit due to space constraints; classic IPs need simplicity and high recognition.
• Xueqiu users: Trendy toy users are divided into loyal fans (self-pleasure) and trend-followers (social, easy to lose), with trend-followers accounting for about 70%; Pop Mart’s rise is due to signing Molly and offline channels.

The market grows strongly, but attention needs to be paid to user retention (space constraints, rational consumption) and product lifecycle. Among leading enterprises, Pop Mart’s own IP model has competitive advantages; TOP TOY’s channel synergy and own IP layout are worth attention; Miniso needs to solve profit pressure. Industry opportunities lie in classic IP creation and cross-regional operation.