The IP food toy industry is experiencing rapid growth, driven by emotional consumption trends, with supply chain management and IP operations serving as its core competitive advantages. Compared to traditional IP toys, IP food toys offer lower unit prices and higher consumption frequency. From 2020 to 2024, China's IP food market expanded from RMB 18.1 billion to RMB 35.4 billion, achieving a CAGR of 18.2%.

**Key Insights from GTHT:** IP food toys combine "IP + food + IP collectibles," including trading cards, stickers, badges, figurines, and edible toys. As an efficient monetization channel for IP, these products enhance entertainment value through storytelling and collection mechanics, catering to consumers' emotional spending needs. Unlike standard IP food products, IP food toys command higher premiums by offering limited-edition collectibles that stimulate purchasing desire.

**Market Growth in China’s IP Food Sector:** Since 2021, China's IP influence has grown significantly, with IP food products emerging as a key monetization tool. The market size surged from RMB 18.1 billion in 2020 to RMB 35.4 billion in 2024, reflecting an 18.2% CAGR. Within this segment, IP food toys—which blend "eating" and "playing" experiences—grew from RMB 5.6 billion to RMB 11.5 billion, posting a 19.6% CAGR.

**Growth Drivers:** 1) **Demand-Side:** Younger generations, raised in an era of material abundance and digital connectivity, increasingly prioritize emotional consumption. IPs fulfill multi-layered needs for identity, companionship, and aesthetic resonance. 2) **Supply-Side:** China’s mature snack production ecosystem, coupled with the rise of volume-based retail channels, has accelerated the integration of IP collectibles with snacks.

**Core Competitiveness: Supply Chain & IP Management** 1) **Low Product Differentiation:** With minimal variation in snack offerings, cost control and supply chain efficiency are critical. Fragmented demand and supply dynamics further underscore the importance of robust supply chain management. 2) **IP Collectibles as Differentiators:** IP-themed toys attached to snacks serve as the primary differentiator, enabling significant price premiums. For example, collectible cards or badges costing under RMB 1 can elevate snack pricing by 2–3 times.

**Market Fragmentation & Leadership:** The IP food toy sector remains highly fragmented, with top player Jintian Animation holding a 7.6% market share in 2024. While IP licensing barriers and supply chain capabilities drive industry consolidation, the inherently dispersed nature of snack markets suggests prolonged fragmentation. Leading firms are strengthening their positions through IP and product innovation.

**Risks:** Weak consumer demand, intensifying competition, and underperforming IPs may pose challenges.