(I'm going live TONIGHT to discuss both this newsletter and the just-revealed 30th Celebration set. The link is at the bottom of the newsletter: don't miss it!)
In June of 2025, through an update to The Pokémon Company's corporate website, we learned that they had printed 10.2 billion cards in 2024. A massive number, sure, but as I wrote a year ago: it was nowhere near enough.
These annual print numbers were revealed almost immediately after The Pokémon Company International (TPCi) publicly announced that:
We're aware that some fans are experiencing difficulties purchasing certain Pokémon Trading Card Game (TCG) products due to very high demand impacting availability. We understand this inconvenience can be disappointing for fans, and we are actively working to print more of the impacted Pokémon TCG products as quickly as possible and at maximum capacity to acknowledge this.
This was great news for collectors because, as reported by PokéBeach at the time, "TPCi has usually taken six to nine months to print more product." The last time TPCi made this kind of announcement, they flooded the market with supply and got prices for products back to MSRP or less.
It's now been more than a year since this announcement. So: where's the flood of new product?
This week we received an explanation: TPCi's maximum capacity printing isn't enough.
It's once again that time of year when The Pokémon Company updates their annual Corporate figures. In 2025, the announcement they are printing at maximum capacity...
The Pokémon Company printed LESS cards.
The presented figure has increased 10 billion from last year, less than the 10.2 billion number the year prior and 20% below their all-time record when they reported 11.9 billion cards printed in 2023.
With the popularity of Pokémon cards at an all time high, what the hell is going on?
The Complexities of Trading Card Production
The reality is that mass production of trading cards is complicated. It requires a massive amount of specialized materials, machinery, and the people to coordinate it. Along the way, there are many points of failure that The Pokémon Company may not control.
This was a point made by industry industry insider, Charlie Hurlocker, when he was interviewed on The Poke Knowledge Cards YouTube channel. (The link is timestamped to this exact point if you want to see him speak to it yourself.)
Charlie is a long-time Pokémon card collector who has also spent 15+ years working full-time within the collectibles market, including leading CGC's launch of TCG grading and, most recently, leading the acquisition of and now serving as CEO of the new MetaZoo TCG.
Perhaps more than anyone, Charlie understands the realities of the trading card market.
And, when asked about the supply of Pokémon cards during the interview, Charlie had this to say:
That's really complicated. There's just a bunch of different factors. So factor number one is the assumption that if they could just have a facility with additional machinery and also magically they were able to supply all of their labor inputs necessary, including their technically skilled labor, that they would be able to produce more cards.
That's not necessarily true, right?
Because you also have raw inputs. So the paper that they're producing on we all know is a particular type of paper... Can that paper producer scale? Hard to say, really hard to say.
According to Charlie, just getting your hands on enough of the top-tier cardstock used to produce Pokémon cards is a challenge. This was not a constraint that had occurred to me prior to this interview.
And that's just one of the many inputs needed to print cards: without knowing for sure, we can extend this understanding to things like:
The ink used to print the cards
The foil used for holo cards
Etc...
In the face of surging international demand for all kinds of trading cards, it isn't surprising that global demand would create supply chain challenges that impact The Pokémon Company's ability to print.
So when they say "We are actively working to print more of the impacted Pokémon TCG products as quickly as possible and at maximum capacity" I believe them.
But "maximum capacity" isn't enough.
What This Means For You
Here's my honest take: As we look forward to the rest of 2026 and beyond, the Pokémon card market will continue to be rough.
I continue to believe the current market conditions will not improve until there is a meaningful increase in supply. And I don't believe The Pokémon Company will be able to produce more cards for well over a year or more.
We already know TPCi is expanding the printing facilities of Millennium Print Group, which is an essential step. But, according to PokéBeach, "The factory will be completed by 2027, with full-scale operations expected to commence in late 2028."
Late 2028 is incredibly far away.
And, Charlie explained that, even with the additional space, machinery, and specialized team, there are still constraints across the supply chain that may add even more delays.
The good news? At this point, we may not like it, but we're pretty used to this kind of market.
My strategy is simple: to do my best to enjoy the hobby despite the state of market.
That means two things:
I'm looking to sell some of my modern products that have appreciated a lot in value (never forget: sell into the hype), and
When I find an acceptable price (even if it's well above MSRP), I'm buying products I can rip to enjoy Pokémon again.
So far, I've been ripping into some Perfect Order which, while not my favorite set, has been relatively affordable and is still fun to open. I'm enjoying myself, and that's the point.
What I'd caution against is making big bets on modern sealed or slabbed products, whether you're aggressively building your collection or making an investment. Although it's possible that prices will continue to rise, when we're at an unprecedented market high, I believe large purchases today present a far higher risk than usual and should be considered carefully.
In the end, hopefully we can all find a way to maintain our sanity and still have some fun, despite the crazy booming market we find ourselves in.
As usual,
Thank you so much for reading the TCG Buyers Club newsletter. My name's Grey, I buy cardboard, and I'm on a mission to make collecting and investing in Pokémon simple.
Cheers 🍻
P.S. Did you see the reveal of the 30th Celebration set? I'll be discussing it, along with this newsletter, in tonight's livestream. Click the link below to set your reminder and see you then!