New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- From 2022 through 2032, the Latex Condoms Material Type segment is expected to expand at a CAGR of over 11.2%, Persistence Market Research
The Condoms Market revenues were estimated at US$ 10.2 Bn in 2021 and is anticipated to grow at a CAGR of 11% from 2022-2032, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach US$ 31.9 Bn.
Condoms are one of the most widely used contraceptive devices, helping to reduce the risk of sexually transmitted diseases (STDs). As a result, contraception and STD protection are two major factors driving condom demand. Despite the fact that male-oriented products dominate the market, female-oriented products are gaining popularity. This is due to a growing awareness among females of the harmful side effects of other pill-based contraceptives that can harm women's health.
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Furthermore, raising awareness about the risk of HIV infections spread by sex workers is likely to help the product gain traction. According to the UNAIDS Global HIV & AIDS Statistics — 2020 fact sheet, sex workers are 30 times more likely to contract HIV. As a result, increased awareness of contraceptives is predicted to lead to increased uptake of these products.
In 2021, Asia Pacific held the largest market share of over 50%, and it is predicted to grow at the fastest rate during the forecast period. This is due to a surge in demand in nations like China, India, Australia, and Japan, which have a big population, favorable government policies for population control, and a rising prevalence of STDs and HIV.
According to China's National Health and Family Planning Commission, the United States, the United Kingdom, and Japan are the top four countries in the world in terms of condom use and manufacture. A condom constructed of waterborne polyurethane was launched in June 2017 by a firm in Gansu Province. This product had the thinnest sheath, according to the manufacturer. It was designed to boost the market share of Sagami and Okamoto, two Japanese manufacturers.
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Competitive Landscape
The leading vendors in the global Condoms Market are Reckitt Benckiser, Okamoto Industries, LifeStyles Healthcare, and Church & Dwight. Condom adoption has been steadily expanding among end-users around the world. As a result of the rising demand, several new vendors have entered the market. Intense competition among market competitors has resulted in the introduction of cutting-edge and creative solutions to the market. Vendors with a worldwide presence dominate the global contraception industry.
To obtain market share, many global players are likely to increase their presence globally during the projection period, particularly in fast-developing regions in APAC and Latin America. Furthermore, better global economic conditions will stimulate market expansion, making now an appealing moment to launch new products.
Some of the recent developments of key players in the Condoms Market are as follows:
- In September 2021, Durex, which is owned by Reckitt Benckiser, launched a new ad in India to market its recently developed extra–thin flavored condoms. This initiative will assist the company in attracting a large number of customers.
- In November 2020, Karex Berhad bought the remaining 30% of Global Protection Corp and after the purchase owns 100% of the company. This aided the company in expanding its condom product selection.
- In July 2020, Trojan introduced New XOXO, which includes packaging innovations such as a discreet, compact travel pack that holds up to two condoms for added convenience while on the road.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Condoms Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Material Type (Latex Condoms, Non-latex Condoms), Product Type (Male Condoms, Female Condoms), Distribution Channel (Mass Merchandizers, Drug Stores, and E-commerce), across five regions (North America, Latin America, Europe, APAC and Middle East & Africa).
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