New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The latest report on the Condoms Market, presented by Persistence Market Research, reveals that global sales in 2021 reached US$ 10.2 billion. The projected market growth from 2022 to 2032 is expected to be around 11%, surpassing historical growth rates. The Latex Condoms segment is anticipated to lead in revenue generation, with a projected CAGR of nearly 11.2% during 2022–2032.
Factors such as increased awareness about condom usage, diverse condom options catering to consumer preferences, and efforts to curb the spread of HIV and other STIs are likely to fuel market growth. Government initiatives involving free distribution of condoms are also expected to contribute to market expansion.
Governments worldwide are taking steps to promote contraceptive use, especially among the younger population, to combat HIV and STIs and prevent unintended pregnancies. This aligns with the UNAIDS 2020 target, aiming for 90% of people with HIV to be aware of their status, 90% of those infected to receive antiretroviral therapy, and 90% of those on therapy to achieve viral suppression.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 11.2 Billion | |
| Estimated Revenue 2033 | US$ 31.9 Billion | |
| Growth Rate – CAGR | 11% | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Material Type, Product Type, Distribution Channel, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Comparison of Condoms Market Revenue (2017–2021) and Demand Outlook (2022–2032):
According to Persistence Market Research's industry analysis, the Condoms Market witnessed a historical increase in market value at an approximately 10.6% CAGR from 2017 to 2021. Significant market shares were held by countries like the U.S., UK, China, Japan, and South Korea.
Condoms, as widely used contraceptive devices, play a crucial role in reducing the risk of sexually transmitted diseases. The demand for condoms is driven by the dual benefits of contraception and protection against STDs. While male-oriented products traditionally dominated the market, there is a rising popularity of female-oriented products due to increased awareness of the adverse effects associated with other pill-based contraceptives.
Additionally, heightened awareness regarding the risk of HIV infections among sex workers is expected to drive product adoption. According to UNAIDS, sex workers are 30 times more likely to contract HIV, making increased awareness a key factor in boosting the uptake of contraceptives.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/condoms-market.asp
Condom Market Trends:
In this section, we'll highlight the key trends influencing the Condom Market, as identified by our research experts:
Rise in Contraceptive Usage Backed by Government Support
The market is witnessing growth worldwide due to increased awareness facilitated by government initiatives and comprehensive sex education programs. Governments in various regions are encouraging condom use to prevent unwanted pregnancies and combat HIV/AIDS. The U.S. government, for instance, has been a significant supporter of global family planning and reproductive health efforts, consistently allocating around USD 600 million in recent years.
Asia-Pacific Leads the Condom Market
China stands out as one of the largest condom markets globally. Historically, the Chinese government supplied condoms for free or at subsidized prices. However, the expanding middle class has driven a shift towards personal choice, with individuals now opting for high-quality condoms at higher prices. This trend has benefited popular brands like Okamoto, known in the medium- and high-price segments. In India, a new draft policy introduced in June 2021 aims to boost e-commerce and enhance consumer confidence. With e-commerce giants like Flipkart and Amazon making improvements, the online shopping experience is expected to contribute to the growth of the condom market in the Asia-Pacific region.
Factors Driving Growth in the Condoms Market
The worldwide expansion of the condom industry can be attributed to several factors. Increased awareness about condom usage through sex education programs and a rise in sexually transmitted diseases globally contribute to this growth. The use of online distribution channels and an increased adoption of contraceptives to prevent unplanned pregnancies are additional factors fuelling market growth.
Influence of COVID-19 on the Condoms Market
The impact of COVID-19, coupled with the global economic downturn, has caused shifts in market dynamics across various industries. Government-imposed restrictions led to limited product supply. However, the availability of crucial healthcare supplies expanded the market's reach during the pandemic.
During the nationwide lockdown starting March 2020, online sales of house brand condoms by Malaysian company Karex surged seven-fold in the first half of 2020. Sexual health firms and retailers with efficient inventory and shipping operations reported e-commerce sales doubling compared to pre-COVID levels.
Maintaining a stocked supply of condoms was crucial during the COVID-19 crisis to prevent unintended pregnancies and other risks associated with unsafe sex. Additionally, improved product availability and an optimized supply chain, free from lockdown constraints, are expected to contribute to further market expansion during the ongoing pandemic.
Competitive Analysis of Condom Market:
The top players in the global Condoms Market include Reckitt Benckiser, Okamoto Industries, LifeStyles Healthcare, and Church & Dwight. Condom use is growing globally among consumers, attracting new vendors to enter the market. The fierce competition among these vendors has led to the introduction of innovative solutions. Companies with a global presence dominate the contraception industry worldwide.
To gain market share, many global players are expected to expand their presence, especially in fast-growing regions like APAC and Latin America. Additionally, improved global economic conditions will drive market growth, making it an opportune time to introduce new products.
Recent developments by key players in the Condoms Market include:
- In September 2021, Durex, owned by Reckitt Benckiser, launched an ad in India to promote its new extra-thin flavored condoms, aiming to attract a large customer base.
- In November 2020, Karex Berhad acquired the remaining 30% of Global Protection Corp, expanding its condom product selection.
- In July 2020, Trojan introduced New XOXO, featuring packaging innovations like a discreet travel pack for up to two condoms, providing added convenience on the go.
These developments, along with others, are tracked by the Persistence Market Research team, detailed in the full report.
Condom Market Segmentation:
Material Type Insights
Latex condoms held the largest market share, contributing to 88.42% of revenue in 2022. This study focuses on two key material types: latex and non-latex. The market is expected to grow due to new product launches and increased demand from aging baby boomers. Latex condoms, with 82%-98% effectiveness, are the market's majority, known for durability, flexibility, and effectiveness against STDs.
Non-latex condoms are projected to grow the fastest at a 10.00% CAGR, offering benefits like thinness, odorlessness, and non-allergic properties. These alternatives emerged due to latex allergies. However, they are pricier and less effective against viral infections compared to latex condoms, potentially limiting their growth.
Product Insights
Male condoms dominated the market with a 98.75% revenue share in 2022. The male condom segment attributes its growth to manufacturers' focus, societal acceptance, and a diverse product range. The prevalence of HIV/AIDS in underdeveloped African countries has resulted in a high demand for male condoms. Female condoms are expected to grow rapidly, witnessing a 12.69% CAGR, gaining acceptance for reducing STI and unplanned pregnancy risks.
Distribution Channel Insights
Drug stores led the market with a 48.27% revenue share in 2022, driven by easy accessibility. However, e-commerce is rapidly growing at a 9.15% CAGR due to market closures during the pandemic. The discrete delivery and freedom of choice offered by e-commerce platforms contribute to this growth. With digitalization, e-commerce is gaining traction globally, presenting significant opportunities for growth. Top players focus on aggressive online marketing strategies, emphasizing the potential of e-commerce.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the Condoms market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the Condoms market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the Condoms market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Condoms industry?
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