Collectible toys have transformed from a niche hobby to a dynamic multibillion-dollar sector, with Chinese companies making rapid inroads into an industry traditionally dominated by Japanese and United States companies.

The domestic art toy sector has experienced a compound annual growth rate of 33 percent in recent years, according to the Annual Report on China's Pop Toy and Animation&Comic Industries 2024, released by the Chinese Academy of Social Sciences and the China Animation Association.

The market is expected to continue expanding rapidly, the report said, with projected annual growth rate exceeding 20 percent. By 2026, its production value is forecast to reach 110.1 billion yuan ($15.3 billion).

Since its founding in 2010, Beijing-based company Pop Mart has discovered and developed original products, such as the phenomenally popular Labubu, along with Molly, Skullpanda, Crybaby, Dimoo and Hirono, turning them into household names among Gen Z and millennial consumers.

By the end of 2024, Pop Mart had over 500 brick-and-mortar stores and 2,300 Robo Shops across more than 30 countries and regions. Overseas expansion, which began in 2018, has become a key growth engine. Through cross-border e-commerce its global reach now extends to over 90 markets.