The Condom market is foreseen to develop with a CAGR of 11.3% over the forecast period of (2023-2028)
Factors like expanded interest from developing markets, the presentation of inventive variations, for example, condom-enhanced items and expanding the showcasing and perceivability of these items online have added to the development of the worldwide condom market.
Market Drivers and Restrains:
Expanding attention to condom use, the accessibility of various sorts of condoms to address customer issues, and measures to decrease the spread of HIV and other STIs are relied upon to drive market development over time during the Forecast time frame. Moreover, free dissemination of condoms by government associations is relied upon to animate the market. The expanding utilization of condoms by sex laborers, youthful couples and the LGBTQ people group has drastically diminished general medical issues like STDs, HIV/AIDS and the populace blast. Correct and consistent use avoids the risk of acquiring such conditions. Studies show that since the beginning of the HIV / AIDS epidemic, condoms have prevented 50 million new cases of HIV.
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Report is segmented as:
The global Condom Market is segmented based on product, material, gender, distribution. By Product it is segmented into natural condom, and synthetic condom. By Material it is segmented into latex, PU leather, polyisoprene, polyurethane. By Gender it is segmented into female, male. By Distribution it is segmented into offline, online.
Asia-Pacific accounted for the largest share of over 50% in 2020 and is expected to develop at the fastest growth rate over the forecast period. This can be attributed to an increase in demand in countries such as China, India, Australia and Japan, due to the large population, supportive government initiatives undertaken to control the population, and the increasing prevalence of STDs and HIV. Europe ranked second highest in 2020, followed by North America, due to the growing demand for sex workers, lesbians, and men who have sex with men (MSM). There has been a surge in demand for condoms in North America, with a phased vaccination campaign and a loosening of COVID restrictions.
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Impact of COVID-19 on Condom Market
The COVID-19 crisis is likely to accelerate trends that are already shaping the market, such as the rise of the global middle class and the use of e-commerce. Online retailers are seeing increased interest as homebound consumers explore retail alternatives. For example, online sales of private label condoms, made by the Malaysian company Karex, increased sevenfold in the first half of 2020 due to the national shutdown, which began in March 2020. Some brands and retailers of good products – Be sexual with ready-to-grow inventory and shipping operations are seeing e-commerce sales twice as high as their pre-COVID-19 levels.
Key market players:
The condom market is fairly consolidated as the majority of the market is dominated by a few leading players. The market was led by Reckitt Benckiser Group PLC, followed by Humanwell Group & CITIC Capital, Church & Dwight, and Okamoto Global.
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