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Condom Market worth over $16.2bn by 2027
- Published Date: October 12, 2021
Condom Market size is set to surpass USD 16.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Continuous utilization of the e-commerce platforms to purchase condom due to ongoing COVID-19 pandemic will favor the market growth. Increasing use of condoms by young couple and sex workers along with several government campaigns to provide sex educational programs will further accelerate the market expansion during the forecast timeline.
Increasing use of contraceptives will fuel the condom market progression
Human immunodeficiency virus (HIV) and sexually transmitted diseases (STDs) are emerging as the foremost infectious diseases worldwide. According to UNAIDS, approximately 37.7 million people across the globe were living with HIV, and around 1.5 million individuals became newly infected with HIV in 2020. Therefore, contraceptives such as condom have gained significant popularity among male and women to avoid unwanted pregnancies and STDs. This in turn, has increased the demand for contraceptives that will foster the overall industry growth. Moreover, availability of cost-effective contraceptive products in the market as well as surging demand for female condom due to rising awareness regarding sexually transmitted diseases will favor the overall industry expansion.
Rising demand for synthetic condom will upsurge the segment expansion
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The synthetic segment was valued at USD 1.4 billion in 2020 led by the rising adoption of synthetic variant over latex to avoid any sort of allergic reactions. Additionally, the newly developed condom such as FC2 for female, is made up of synthetic polyurethane and nitrile that secures the segment demand. Furthermore, rising consumer preference towards odorless nature of condom and surging demand for synthetic products owing to their benefits over natural products are some of the factors favoring the industry progression.
Easy availability of male condom will prove beneficial for the market revenue
The male condom market is projected to witness 9.4% growth rate till 2027. High sexual vitality among males, large number of manufacturers for male contraceptive sheaths and easy availability of male condom through different distribution channels are few factors contributing to the market demand. In addition, male condoms are comparatively cheaper as compared to female condom thereby, impelling the overall market value.
Browse key industry insights spread across 190 pages with 213 market data tables & 15 figures & charts from the report, “Condom Market Size By Type (Natural Condom [Latex, Lambskin], Synthetic Condoms [Polyurethane, Polyisoprene, Nitrile]), By Product (Male Condom, Female Condom), By Sector (Institutional, Non-institutional), By Distribution Channel (Retail [Specialty Stores, Drug Stores, Supermarkets and Hypermarkets], Online Platform), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing demand for condom in developing countries to augment the overall market growth
The non-institutional sector crossed USD 3.8 billion in 2020 owing to rising awareness pertaining to sexual wellness coupled with increasing disposable income of middle and low-income countries. Moreover, in the commercial sector industry players sell condoms under various brands at a premium price coupled with low cost of manufacturing that enable companies to earn high profits from these sectors, that will drive the industry revenue.
Increasing preference towards retail sector will propel the market expansion
Retail segment in the condom market is estimated to attain a CAGR of 9.1% through 2027 on account of the presence of large number of retail pharmacies making it preferable. Furthermore, people prefer to buy condom from drug store and supermarkets due to various advantages such as options to choose from and lesser waiting period among others that will spur the overall business progression.
Highly competitive market in Europe will contribute to the industry demand
Europe condom market is poised to expand at over 8.1% CAGR during 2021 to 2027. The European government and several other organizations are undertaking various initiatives to promote the use of contraceptives amongst the young community to prevent the transmission of HIV and other diseases. In addition, presence of leading market players in this region focusing on manufacturing a variety of condoms will fuel the regional expansion.
Key leaders are focusing on strategies & launch of innovative products to capture higher market share
Some of the prominent companies operating in the market include FUJILATEX, Church & Dwight, Reckitt Benckiser Group, Okamoto Industries, Veru, Mayer, Karex Berhad, Mankind Pharma, Cupid Limited. These players are involved in various strategic collaborations, mergers and acquisitions to strengthen their industry value.