According to Custom Market Insights (CMI), the global condom market is expected to grow at a compound annual growth rate of 8.52% during the forecast period. The market was valued at USD 5.31 billion in the year 2021 and it is expected to reach USD 10.97 billion by the year 2030.
The health care products available to the public had great demand during the pandemic. Constant lockdowns and restrictions on movement had affected the accessibility of these products during the pandemic.
The demand for these products had increased through the online platforms. Hassle-free delivery services for such products through the use of e-commerce platforms will lead to increased adoption of these products in the coming years. This product is expected to have a major demand in the coming years due to the existing dating apps, increased use of social media, and dispensers available at various places.
Browse the full “Condom Market Size, Trends and Insights By Material Type (Latex Condoms, Non-latex Condoms), By Product (Male Condoms, Female Condoms), By Distribution Channel (Mass Merchandizers, Drug Stores, E-commerce), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/condom-market/
Regional Snapshots
The Asia Pacific region is expected to have the largest market share in the coming years. The increasing population of the nations like China and India in this region will play a significant role in the growth of the market in the coming years. There has been an increase in awareness regarding the availability of these products and improved education will lead to increased adoption of these products in the Asia Pacific region.
Adoption of various policies by the Chinese and Indian governments will help in increasing the demand for this product for controlling the population in these regions. Initiatives taken by the organizations and the government will be instrumental in reducing the cases of pregnancies. As condom is the most effective contraceptive product the demand for them will continue to grow in the coming years. The North American region and European region also have a larger market share for this product.
There has been a growth in the trend of engaging with numerous sex partners in these regions due to which the market for condoms will grow and there shall be greater use of this product in the coming years. Countries like Canada and the United States will play a major role in the growth of the market. Increased spread of sexually transmitted diseases in underdeveloped or developing nations will drive market growth. Initiatives are taken by the government in these regions to increase the awareness and productivity of such products. Organization across the globe has increased the demand for condoms.
Market Dynamics
Drivers
The existing manufacturers of condoms are providing new products in the market in different flavors. Innovations in the existing products will drive market growth in the coming years. Most of these products available in the market are comfortable and reduce any hindrance in the procedure.
Manufacturers are also constantly engaging in providing good quality materials and enhanced designs in order to increase the convenience of these products. Innovation in the way of packing these products will also play an instrumental role in the growth of the market. Convenient packaging makes these products portable. An increase in cases of hormonal imbalance due to prolonged consumption of oral pills will also be instrumental in the growth of the market during the forecast period.
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Restraints
Cases of splitting of the condom used by the female or the male population of the world will be one of the factors that will have a negative impact on the growth of the market. Less awareness about the availability of this product and the benefits associated with the use of this product in underdeveloped or developing nations will also hamper the growth of the market in the coming years. These products may not be available in some of the rural areas which shall be another reason that shall hamper the growth of this product.
Opportunities
Initiatives taken by the government across the globe especially for the underdeveloped tender developing nations in order to educate the masses about the awareness benefits associated with the use of condoms and the reasons for the transmission of sexual diseases will play an important role in the growth of the market in the coming years. These initiatives taken by the government shall provide growth opportunities in the coming years. Government authorities and the NGOs that are constantly striving for the betterment of sex workers and HIV-infected people will play an instrumental role in the growth of the market in the coming year.
Challenges
The social stigma which is associated with the use of female condoms will hamper the growth of the market and this is expected to be a major challenge in the growth of this market in the coming year. There are also a lot of side effects associated with the use of these condoms as the material used in the manufacturing of these products may cause allergies to the user and also the lubricant may cause some trouble.
Key Market Players in the Condom Market
- Church Dwight Co., Inc.
- Fuji Latex Co., Ltd.
- Veru, Inc.
- Mayer Laboratories, Inc.
- Okamoto Industries, Inc.
- Reckitt Benckiser Group
- Karex Berhad
- Lelo
- LifeStyles Healthcare Pte Ltd.
- Cupid Limited
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