According to Mintel, it is increasingly important for all brands, including Barbie, to respond to demands for diversity from consumers.
"Brands need to embrace this more tolerant, more open, and less prescriptive approach when it comes to marketing to kids and their increasingly diverse and equality-minded parents," said Carli Gernot, manager of trends for North America at Mintel, in a statement.
"Companies and marketers will succeed when they highlight diversity in terms of race, ethnicity, and identity, however that may manifest."
But while Barbie is busy addressing issues of equality, the brand still faces competition from other popular toy lines.
Brands such as Monster High and Bratz, which have an online presence and their own television shows and offer a wider range of entertainment to children, are chipping away at the legacy brand, according to Jenkinson.
"The challenge for Barbie is to remain relevant in the ever shifting world of how kids consume their entertainment," he added. "It isn't an insurmountable task but needs some real light bulb moments at Mattel."
Follow CNBC International on Twitter and Facebook.