The phaseout will start in 2020.
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"Removing plastic from our packaging is the latest advancement in our more than decade-long journey to create a more sustainable future for our business and our world," Brian Goldner, Hasbro chairman and CEO, said in a statement. "We have an experienced, cross-functional team in place to manage the complexity of this undertaking and will look to actively engage employees, customers, and partners as we continue to innovate and drive progress as a leader in sustainability."
The company also said that parents can send toys their child no longer uses to TerraCycle, which will recycle the products and use them to make play spaces, park benches, bike racks and other items.