Condom Market revenue to cross USD 16.2 Bn by 2027: Global Market Insights Inc
Online platform segment in the condom market is poised to expand at more than 11% CAGR through 2027 owing to the rising digital literacy and internet access across the globe including rural areas.
SELBYVILLE, Delaware, Oct. 12, 2021 /PRNewswire/ -- According to latest 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", by Global Market Insights Inc., the market valuation of condom will cross $16.2 billion by 2027. Increasing awareness about the use of condoms among youth coupled with availability of several types of condoms to fulfill customer needs will augment the market growth.
Increasing prevalence of sexually transmitted infection is anticipated to propel the market expansion during the forecast period. People usually acquire STI or HIV infection from unprotected sex with someone who is already living with HIV or through a contact with HIV infected blood. A condom is a thin, loose-fitting pouch that acts as a barrier method of birth control (contraception) to prevent pregnancy as well as other infections. In addition, condom helps to reduce the risk for many STDs that are transmitted by genital fluids thereby, favoring the industry growth. Although STD and HIV is a life-threatening infectious disease its high incidence and associated morbidity makes them an important public health problem. Therefore, rising prevalence of STIs will foster the market progression to a certain extent.
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The natural condom market is projected to witness 9.4% growth rate through 2027. People who are usually sensitive to foreign materials often prefer natural materials that's surges the segment growth. Moreover, natural male and female condoms have benefits over synthetic variant such as it does not break unlike other material that further favors the overall market value.
The female condom market was valued at USD 605 million in 2020. The female condom is a type of a contraceptive that allows individuals and couples to exercise their fundamental right to choose when and how many children to have. Due to increasing cases of HIV across the globe, female's condoms have become an important tool for preventing STI or pregnancy. Female condom is widely available on online platform or any retail store and can be bought without any prescription that impel the segment expansion.
The institutional segment in the condom market crossed USD 4.6 billion in 2020, as institutional sector offers free condom and also at a lower cost as compared to non-institutional sector. Additionally, institutional sector buy condoms directly through manufacturers on a larger scale and is further distributed through rallies or other awareness campaigns that surges the segment demand. Institutional buyers such as WHO, USAID, UNFPA, and other government agencies are the most significant promoters of male and female condom.
The condom market for online platform segment is estimated to attain a CAGR of 11% till 2027. Manufacturers are developing their own websites all over the world in order to make purchasing more convenient. Growing digital literacy and internet access across the globe including rural areas will stimulate the segment revenue. For instance, market leaders such as Mankind Pharma is leveraging social media and moment marketing to promote the Manforce condom brand that further increases customer engagement that reflects the importance and potential of e-commerce. Similarly, different awareness campaign about safe sex through social media is helping to increase condom sales through online platform that accelerates the overall industry expansion.
Asia-Pacific condom market captured 44% of revenue share in 2020. According to the National Health and Family Planning Commission of China, the country is among the top four countries in terms of condom use and production in the world. High regional growth is attributed to increasing prevalence of HIV infection coupled with rising demand for female condoms in various countries including India, China, Japan and others due to large population base. Furthermore, rising adoption of contraceptive products among consumers coupled with increasing awareness about sex education and innovative product launch are set to spur the industry progression.
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Some of the prominent players operating in the market include FUJILATEX, Church & Dwight, Reckitt Benckiser Group, Okamoto Industries, Veru, Mayer, Karex Berhad, Mankind Pharma, Cupid Limited. These market participants are implementing various growth strategies to sustain industry competition. These companies are focusing on offering advance services and strategic partnerships to gain a higher market share.
Table of Contents (ToC) of the report:
Chapter 3 Condom Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By product
3.4.3 By sector
3.4.4 By distribution channel
3.5 COVID-19 impact analysis
3.6 Market Share analysis, 2020
3.7 Regulatory landscape
3.8 Product innovation
3.9 Porter's analysis
3.10 Competitive landscape, 2020
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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