The global condom market size is expected to reach USD 10.97 billion by 2028, exhibiting a CAGR of 9.4% during the forecast period. The growing awareness regarding STDs such as, hepatitis B, Syphilis, trichomoniasis, and chlamydia can fuel demand for condoms, which, in turn, will aid the expansion of the market, states Fortune Business Insights, in a report titled, “Condom Market, 2021-2028.” The market size stood at USD 5.31 billion in 2020.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated a lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Increased Supply of Essential Health Products to Elevate Market amid COVID-19
The lockdown imposed by governments restricted the supply of various products. However, the accessibility and supply of essential wellness products have improved the scope of the market during the pandemic. The United Nations Population Fund (UNFPA) provided a summary in their brief published in April 2020 ‘Condoms and lubricants in the time of COVID-19’. It has provided necessary actions that needed to be taken to sustain supplies of condoms during COVID-19 to ensure unintended pregnancies and other concerns of unprotected sex do not surface during the lockdown. Moreover, the increasing product availability and enhanced supply chain with no lockdown will consequently boost the growth of the market in the time of the pandemic.
Fortune Business Insights™ lists out all the condom market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Reckitt Benckiser Group (Slough, U.K.)
- LifeStyles Healthcare Pte Ltd (Melbourne, Australia)
- Caution Wear Corp. (New Hampshire, USA)
- Church & Dwight Co., Inc. (Ewing, U.S.)
- Cupid Limited (Nashik, India)
- Karex Berhad (Selangor, Malaysia)
- CPR GmbH (Sarstedt, Germany)
- ONE Condoms (Massachusetts, USA)
- Sagami Rubber Industries Co., Ltd. (Kanagawa, Japan)
- Okamoto Industries, Inc. (Tokyo, Japan)
Increasing Consciousness about Birth Control to Effectively Uplift Market
The growing knowledge about the use of condoms as a contraceptive can have an excellent impact on the market growth during the forecast period. As per the Contraceptive Use by Method 2019 of the United Nations report, the prevalence of male condoms has escalated from 4.5% in 1994 to 10.0% in 2019 globally. As per the same report, the number of women (those with reproductive age of 15 to 49 years) relying on male condoms as a means of contraception has substantially increased from 64 million in 1994 to 189 million in 2019.
Furthermore, the increasing utilization of other control methods such as oral pills can simultaneously improve the prospects of the market. However, oral pills have adverse effects and cause hormonal imbalance in women, resulting in serious health problems. Therefore, the weakened inclination towards contraceptive pills among women can subsequently fuel the demand. Besides, the rising sex education in developing nations can have a positive impact on the market in the forthcoming years.
The market is segmented into male and female product types. The male segment is expected to dominate the market based on type owing to the higher usage rate, greater availability, and relatively lower cost compared to female product types. The market is classified into latex and non-latex. The latex segment is expected to hold a major market share due to its greater stretchability and strength compared to non-latex materials such as polyurethane. The market is divided into mass merchandisers, drug stores/pharmacies, online retail stores, and others. The drug stores/pharmacies segment is expected to hold the largest condom market share owing to the high availability of trusted brands.
Ever-increasing Population to Spur Demand in Asia Pacific
The market in Asia Pacific is lucrative and is expected to experience a rapid growth rate during the forecast period owing to the ever-increasing population and increasing education level in developing nations. The growing awareness regarding birth control methods can have an excellent impact on the market in Asia Pacific. The implementation of childbearing policies to control the population will effectually aid the growth of the market in the region. The increasing number of unwanted pregnancies will further spur demand for condoms, thus promoting the growth of the market.
As per the report, Contraceptive Use by Method 2019 of the United Nations, in Eastern and South-Eastern Asia, these are one of the most prevalent contraceptive methods accounting for 17% share in 2019. Europe and North America are expected to experience a steady growth rate due to contraceptive products’ higher usage rate. As per the report, Contraceptive Use by Method 2019 of the United Nations, condoms in Europe and Northern America account for 14.6% share among all contraceptive methods in 2019.
Rising Emphasis on Eco-friendly Products by Prominent Companies to Spur Opportunities
To attract customers, companies are focused on producing original product designs, such as those with unique tastes and lubricants. Furthermore, they are concentrating on making their goods environmentally friendly and safer to use for customers, such as through the use of environmental friendly components and the responsible use of utilities throughout the production process. For example, Ritex, a German company, has employed EKOenergy-certified power in their sustainable product line “PRO NATURE.” As a result, the launch of new goods, the adoption of environmentally friendly production techniques, and mergers and acquisitions strategies are expected to aid manufacturers in their company growth.
Key Industry Development:
October 2020: Durex, a condom brand based in Britain, introduced a new product range, ‘‘Durex invisible condoms’’. This was launched in India as India’s thinnest condom product.
Related Articles: doug wright holland knight
Read For More Related Articles Click here.