The global condom market size is expected to reach USD 9.90 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. The growing awareness regarding STDs such as, hepatitis B, Syphilis, trichomoniasis, and chlamydia can fuel demand for condoms, which, in turn, will aid the expansion of the market, states Fortune Business Insights, in a report, titled “Condom Market Size, Share & COVID-19 Impact Analysis, By Type (Male and Female), Material (Latex and Non-latex), Distribution Channel (Mass Merchandisers, Drug Stores, Online, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 4.48 billion in 2019.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Key Market Driver:
Increasing Consciousness about Birth Control to Effectively Uplift Market
The growing knowledge about the use of condoms as a contraceptive can have an excellent impact on the market growth during the forecast period. As per the report, Contraceptive Use by Method 2019 of the United Nations, 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 a means of contraception has substantially increased from 64 million in 1994 to 189 million in 2019. Furthermore, the increasing utilization of other control methods such as oral pills can simultaneously improve the prospects of the market. However, oral pills have adverse effects and cause hormonal imbalance in women, resulting in serious health problems. Therefore, the weakened inclination towards contraceptive pills among women can subsequently fuel demand for these products. Besides, the rising sex education in developing nations can have a positive impact on the market in the forthcoming years.
Increased Supply of Essential Health Products to Elevate Market amid COVID-19
The lockdown imposed by governments restricted the supply of various products. However, the accessibility and supply of essential wellness products have improved the scope of the market during the pandemic. The United Nations Population Fund (UNFPA) provided a summary in their brief published in April 2020 ‘Condoms and lubricants in the time of COVID-19’. It has provided necessary actions that needed to be taken to sustain supplies of this during the time of COVID-19 to ensure unintended pregnancies, as well as other concerns of unprotected sex, do not surface during the lockdown. Moreover, the increasing product availability and enhanced supply chain with no lockdown will consequently boost the growth of the market in the time of the pandemic.
Ever-increasing Population to Spur Demand in Asia Pacific
The market in Asia Pacific is lucrative and is expected to experience a rapid growth rate during the forecast period owing to the ever-increasing population and increasing education level in the developing nations. The growing awareness regarding birth control methods can have an excellent impact on the market in Asia Pacific. The implementation of childbearing policies to control the population will effectually aid the growth of the market in the region. The increasing number of unwanted pregnancies will further spur demand for condoms, thus promoting the growth of the market. As per the report, Contraceptive Use by Method 2019 of the United Nations, in Eastern and South-Eastern Asia, it is one of the most prevalent contraceptive methods accounting for 17% share in 2019. Europe and North America are expected to experience a steady growth rate owing to the higher usage rate of contraceptive products. As per the report, Contraceptive Use by Method 2019 of the United Nations, condoms in Europe and Northern America account for 14.6% share among all contraceptive methods in 2019.
October 2020: Durex, a brand based in Britain introduced a new product range, ‘‘Durex invisible condoms’’. This was launched in India as India’s thinnest product.
Browse Detailed Summary of Research Report with TOC: