Condom Market forecasts on regional growth, industry players and more
Ocean View, DE -- (SBWIRE) -- 04/05/2020 -- Condom Market is expected to exceed USD 7 billion by 2025. Increasing incidences of sexually transmitted diseases should positively influence the industry growth throughout the forecast years.
Some major findings of the condom market report include:
- Latex condoms are highly preferred in developed as well as developing economies. Condoms made of polyisoprene will experience huge demand in the near future.
- Condom market is matured in developed economies such as the U.S. and Germany while it is still in developing phase in emerging economies.
- Online sales of condoms will increase during the analysis timeframe due to availability of several condom brands with promotional discounts.
- Industry players have growth ample opportunities in developing countries that have abundant population suffering from sexually transmitted diseases.
- Few industry players include FUJILATEX, Reckitt Benckiser Group, Cupid Limited among others. Due to favorable regulatory scenario and less capital requirement, condom industry has low entry barriers.
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Rising awareness regarding safe-sex in emerging economies should prove beneficial for the condom market growth. Government in collaboration with industry players plan several campaigns to promote usage of condoms for reducing the number of births for controlling the population. Moreover, various not-for-profit organizations also take efforts to educate people residing in rural areas regarding availability of contraceptives that should elevate the condom market growth.
Natural condom segment accounted for around 70% revenue share in 2018 and it is anticipated to witness momentous growth over the analysis timeframe. Natural condoms are made from lambskin or latex that possess durability. People having sensitive skin often opt for natural condoms as they are produced using lamb cecum and do not cause any skin rashes. Additionally, natural condoms have more strength and doesn't break unlike plastic condoms. Above-mentioned benefits will spur the segment growth over the analysis timeframe.
Male condoms segment is expected to experience more than 7% CAGR in forthcoming future. Male condoms provide protection against HIV, chlamydia and gonorrhea and are more efficient in preventing unwanted pregnancy as compared to female condoms. Moreover, awareness level as well as penetration rate of male condoms is high globally that positively impacts the segment growth.
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Institutional segment was valued around USD 2 billion in 2018. Considerable segmental growth can be attributed to the initiatives undertaken to minimize the total number of births. Government of developed as well as developing countries often funds institutes and NGOs for distributing contraceptives at a lower cost that should prove beneficial for the segment growth.
Online segment of condom market is projected to witness more than 8.5% growth over the analysis timeframe. Majority of the consumer feel awkward or hesitant while buying condoms from retail stores. Thus, due to social stigma, buyers prefer buying condoms through online platforms as it proves to be a convenient option. Additionally, growing internet access in developing countries will fuel segment growth in coming years.
Asia Pacific condom market will experience around 9% growth throughout the analysis timeframe. Rising prevalence of STD is the foremost factor driving the regional growth. According to AVERT, as of 2017, around 2 million people were diagnosed with HIV in India alone. Similar is the condition in other Asian countries that should foster the demand for condoms. Furthermore, increasing government initiatives to create awareness regarding availability of condoms will propel the country growth.
Companies invest heavily in research and development activities to introduce superior quality condoms. Besides investments in innovation, industry players also adopt several strategic initiatives such as product launch, mergers and acquisitions to sustain the market position. New players in the condom market try to compete with other major players on the basis of prices. Reducing the prices of condoms will help the start-up companies to acquire large customer base specially in developing countries.