The global condom market size is expected to reach USD 9.90billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. Thegrowing awareness regarding STDs such as, hepatitis B, Syphilis,trichomoniasis, and chlamydia can fuel demand for condoms, which, in turn, willaid the expansion of the market, states Fortune Business Insights, in a report,titled “Condom Market Size, Share & COVID-19 Impact Analysis, By Type (Maleand Female), Material (Latex and Non-latex), Distribution Channel (MassMerchandisers, Drug Stores, Online, and Others), and Regional Forecast,2020-2027.” The market size stood at USD 4.48 billion in2019.
The coronavirus incident has caused colossal loss to severalindustries across the globe. The governments of several countries haveinstigated lockdown to thwart the spread of this deadly virus. Such plans havecaused disturbances in the production and supply chain. But, with time andresolution, we will be able to combat this stern time and get back tonormality. Our well-revised reports will help companies to receive in-depthinformation about the present scenario of every market so that you can adoptthe necessary strategies accordingly.
Key Market Driver:
Increasing Consciousness about Birth Control to EffectivelyUplift Market
The growing knowledge about the use of condoms as a contraceptivecan have an excellent impact on the market growth during the forecast period. As per the report, Contraceptive Use by Method 2019 of the UnitedNations, the prevalence of male contraceptive product has escalated from 4.5%in 1994 to 10.0% in 2019 globally. As per the same report, the number of women(those with reproductive age of 15 to 49 years) relying on male condoms as ameans of contraception has substantially increased from 64 million in 1994 to189 million in 2019. Furthermore, the increasing utilization of other controlmethods such as oral pills can simultaneously improve the prospects of themarket. However, oral pills have adverse effects and cause hormonal imbalancein women, resulting in serious health problems. Therefore, the weakenedinclination towards contraceptive pills among women can subsequently fueldemand for these products. Besides, the rising sex education in developingnations can have a positive impact on the market in the forthcoming years.
Increased Supply of Essential Health Products to Elevate Marketamid COVID-19
The lockdown imposed by governments restricted the supply ofvarious products. However, the accessibility and supply of essential wellnessproducts have improved the scope of the market during the pandemic. The UnitedNations Population Fund (UNFPA) provided a summary in their brief published inApril 2020 ‘Condoms and lubricants in the time of COVID-19’. It has providednecessary actions that needed to be taken to sustain supplies of this during thetime of COVID-19 to ensure unintended pregnancies, as well as other concerns ofunprotected sex, do not surface during the lockdown. Moreover, the increasingproduct availability and enhanced supply chain with no lockdown willconsequently boost the growth of the market in the time of the pandemic.
Regional Analysis:
Ever-increasing Population to Spur Demand in Asia Pacific
The market in Asia Pacific is lucrative and is expected toexperience a rapid growth rate during the forecast period owing to theever-increasing population and increasing education level in the developing nations.The growing awareness regarding birth control methods can have an excellentimpact on the market in Asia Pacific. The implementation of childbearingpolicies to control the population will effectually aid the growth of themarket in the region. The increasing number of unwanted pregnancies willfurther spur demand for condoms, thus promoting the growth of the market. Asper the report, Contraceptive Use by Method 2019 of the United Nations, inEastern and South-Eastern Asia, it is one of the most prevalent contraceptivemethods accounting for 17% share in 2019. Europe and North America are expectedto experience a steady growth rate owing to the higher usage rate ofcontraceptive products. As per the report, Contraceptive Use by Method 2019 ofthe United Nations, condoms in Europe and Northern America account for 14.6%share among all contraceptive methods in 2019.
Key Development:
October 2020: Durex, a brand based inBritain introduced a new product range, ‘‘Durex invisible condoms’’. This waslaunched in India as India’s thinnest product.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/condom-market-104519
