Inside India's Booming Anime Merchandise Trade

In the narrow lanes of Kolkata's commercial districts, tucked away from the bustling main streets, sits F-Bloc, an underground store that has become something of a pilgrimage site for India's growing community of anime enthusiasts. The walls are lined with Dragon Ball figurines, Attack on Titan merchandise, and carefully curated collectibles that tell the story of how Japanese animation culture has quietly conquered urban India.

Just two decades ago, anime merchandise in India arrived primarily in the luggage of parents returning from overseas trips. Today, according to research firm Grand View Research, it represents a $256 million market that the firm projects could reach $528 million by 2030, though such projections in rapidly evolving markets should be viewed with caution.

This transformation reflects a broader cultural shift that has seen anime evolve from a niche interest among a small group of fans to a mainstream phenomenon reshaping retail strategies and pop culture identities across India's cities.

The story begins in the late 1990s, when shows like Pokémon, Beyblade, and Dragon Ball Z first appeared on Indian television screens. These limited runs created a generation of fans with an appetite for merchandise that simply didn't exist in the Indian market.

Back then, the Indian market was a classic example of unmet demand. Legitimate anime goods were virtually impossible to find, arriving mainly through the occasional traveler. What fans could access were often "inspired" knock-offs of trading cards and figures, a gray market that thrived on the gap between desire and availability.

The landscape began shifting in the mid-2000s as big-box retailers like Landmark and Crossword started importing anime merchandise and manga. The real breakthrough came with the rise of e-commerce platforms. Flipkart, Amazon India, and Myntra began dedicating entire categories to pop culture merchandise, bringing imported Funko Pops, Bandai models, and plushies to eager customers across the country. 

Recognizing the opportunity for more specialized offerings, entrepreneurs launched dedicated platforms. Stores like Souled Store, Comicsense, and The Entertainment Store built standalone websites catering specifically to anime fans, offering everything from official licensed products to fan-made creations.

International brands took notice. Uniqlo and Celio brought anime-themed clothing collections to Indian markets, while homegrown companies like Anime Devta capitalized on the growing enthusiasm by creating locally-inspired anime merchandise.

At F-Bloc, founder Fahad Ahmed and design head Debasish Ghosh witnessed this evolution firsthand. "Pop culture and superhero stuff got popular with the release of Attack on Titan, which is possibly one of the best-known anime in India in the past 20 years," Ahmed explains. "We definitely get more attention because of all that. But for us, it's the people who still love the old-school shows like Dragon Ball and Naruto that are the most popular in our anime category."

Today's market presents a study in contrasts. Import duties and customs procedures can inflate prices dramatically. A figurine that costs $40 in Japan or the United States might retail for over 5,000 rupees (approximately $60) in India. These price pressures have created a two-tier market where serious collectors compete with budget-conscious fans, often driving the latter toward counterfeit alternatives.

The proliferation of knock-off products remains a persistent problem. Online marketplaces struggle to police sellers effectively, and counterfeit goods flood the market with convincing imitations. This creates a cycle where high prices for authentic items fuel demand for fakes, which in turn undermines consumer confidence in the legitimate market.

Ahmed notes that clothing makes up the majority of their sales, while collectibles have faced headwinds. The team attributes this shift partly to an increase in counterfeit products, which makes fans less likely to purchase original items in India. The economics are challenging: anime figures often cost 40-45% more than their Japanese retail prices due to Indian import duties, pushing dedicated collectors toward international vendors like PlayAsia that import directly from Japan. 

Despite these challenges, industry observers see reasons for optimism. Indian retailers and startups are increasingly building direct partnerships with Japanese licensors and authorized distributors, potentially streamlining supply chains and reducing costs.

Policy changes could also help. Industry groups and consumer advocates are pushing for tax breaks or simplified customs procedures on licensed collectibles, which could address pricing pressures that drive consumers toward counterfeit alternatives.

Technology offers additional solutions. Better seller verification systems on major e-commerce platforms, combined with consumer education campaigns about identifying authentic products, could help rebuild trust in the legitimate market.

Perhaps most importantly, the growth of community spaces like physical stores, fan conventions, and online platforms is creating social ecosystems around anime fandom. These gathering places do more than facilitate transactions; they build the relationships and shared experiences that transform casual interest into lasting engagement.

The anime collectibles boom in India represents more than just another consumer trend. It reflects the emergence of a generation comfortable with global pop culture, willing to invest in products that express their identity and interests. From teenagers showcasing new anime apparel on Instagram to entrepreneurs pursuing licensing deals with Japanese studios, the market encompasses multiple layers of cultural and economic activity.

International entertainment companies increasingly view India as "fandom's next frontier," recognizing the potential of a young, digitally connected population with growing disposable income. The success of anime merchandise may well presage broader changes in how global entertainment properties approach the Indian market.

The journey from suitcase imports to a quarter-billion-dollar industry has been remarkable. Whether India's anime collectibles market can overcome its current challenges to reach its projected potential will depend on the industry's ability to balance authenticity with affordability, community with commerce, and global appeal with local reality.

For now, in stores like F-Bloc and countless others across urban India, the passion of fans continues to drive a market that has already transformed how a generation expresses its cultural identity, one carefully chosen figurine at a time.