New York, USA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global sex toys market is projected to register a revenue of $45,767.2 million at a CAGR of 26.8% during the forecast period from 2020 to 2026, increasing from $24,929.0 million in 2018. The comprehensive report provides a brief summary of the current market scenario including significant aspects of the market such as growth factors, restraints, market challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the changing perception of consumers about sexual enhancement products coupled with the rise in number of providers of sex toys across the globe are the significant factors projected to bolster the growth of the global market during the forecast period. Besides, the growing popularity of sex toys among LGBT community is another factor expected to drive the market growth. Along with legalization of sex toys in many countries and penetration of social media, rising knowledge on the use of sex toys due to its health benefits are projected to impel the market growth. Moreover, the rapid growth in online stores due to swift growth of e-commerce platforms is expected to generate huge growth opportunities for the global market. However, the high costs associated with sex toys along with the chemicals used in sex toys are estimated to hinder the market growth in the coming years.
E-commerce Sub-segment to Grow at Fast Pace
By distribution channel, the E-commerce sub-segment predicted to garner a revenue of $26,956.9 million and grow at a rapid pace during the forecast period. This is mainly due to the increasing e-commerce business and the growing focus of leading manufactures to create awareness among people about the sex toys products through e-commerce.
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Female Sub-segment to Hold the Largest Market Share
By end user, the female sub-segment is projected to account for the majority of market share by 2026 and grow at a CAGR of 7.9% during the forecast period. The dominance of this sub-segment can be attributed to broad usage of sex toys by women as compared to men across the globe. In addition, most of the leading manufacturers of sex toy products such as dildos, vibrators, and massagers for women are marketing their products to attract increased number of female consumers.
Asia Pacific Region to Witness Fastest Growth
By region, the Asia Pacific market for sex toys is projected to grow at the fastest rate and generate a revenue of $12,952.1 million by 2026. The exponential growth of the region can be attributed to the increasing number of suppliers in the developing countries such as Australia, China, and other countries. In addition, the rapid growth and increasing demand for sex toys from Japan and China is predicted to drive the growth of the Asia Pacific market in the coming years.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global sex toys industry are:
- LELO
- FUN FACTORY
- LUVU BRANDS
- ANSELL LTD
- Tantus Technologies, Inc.
- Lovehoney Group Ltd
- CRYSTAL DELIGHTS
- Doc Johnson Enterprises
- BMS Factory
- ADAM & EVE STORES
- Church & Dwight Co., Inc.
- Spot of Delight
- WE-VIBE.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in January 2021, Lora DiCarlo, the sexual wellness brand, launched a range of warming vibrators & plugs that heat up to 104 degrees Fahrenheit for increased sexual pleasure. The company launched the three vibrators namely, ‘Drift,’ ‘Tilt,’ and ‘Sway’ at the Consumer Electronics Show (CES).
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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