The global Condom market size is expected to be worth around US$ 25.6 billion by 2030, according to a new report by Vision Research Reports.
The global Condom market size was valued at US$ 8.12 billion in 2020 and is anticipated to grow at a CAGR of 18.9% during forecast period 2021 to 2030.
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Growth Factors
Launch of new products and innovative packaging & promotional activities by international & local brands are expected to boost the market during the forecast period.
For instance, in November 2018, Reckitt Benckiser’s Durex brand introduced a new label “Feels” in South Africa. This range was made available at a lower cost as compared to other products offered by the company. Feels is sold at USD 0.71 in a pack of three, whereas Durex Fetherlite is sold at USD 2.83.This was a strategic move by the company to gain a higher share of the South African market, as public health organizations offer condoms free of cost in the country.
Social media plays a significant role in creating awareness about these products. Moreover, a condom is not only perceived as an economical method of contraception, but is also in demand as a product to improve sexual health. Variations in texture, flavor, and thickness of products available in the market help couples enhance their sexual experience.
Report Highlights
Based on material type, the market is segmented into latex and non-latex condoms. In 2020, the latex segment held the largest market share due to wide availability and low prices. Latex condoms are observed to be 82% to 98% effective, thus a majority of brands offer latex condoms. These are more durable & flexible, provide contraception, and protect against STDs and are widely available under different brands in various shapes, sizes, colors, flavors, and textures.
Manufacturers invest in research activities to develop new products to meet the growing demand of customers. In October 2020, a team of scientists at Boston University developed long-lasting self-lubricating latex condoms for customers. In June 2019, LifeStyles Healthcare Pte. Ltd. announced the launch of LifeStyles Ultra-Sensitive Platinum, the thinnest latex condoms under the LifeStyles brand.
Non-latex condoms made from polyisoprene are also gaining popularity as they are widely preferred by individuals suffering from latex allergies. These are versatile and are preferred more as they are odorless, have texture, and provide improved sensation. Non-latex condoms are also available in different shapes, sizes, and flavors. For instance, in October 2020, LifeStyles Healthcare Pte Ltd, launched the first flavored non-latex polyisoprene condom under the SKYN Cocktail Club brand. The product is inspired by flavors and scents of famous cocktails.
Based on the distribution channel, the condom market is segmented into mass merchandisers, drug stores, and e-commerce. Drug stores are the most preferred source of purchase for customers and held the largest share in 2020. This growth can be attributed to factors such as easy availability and increased access to drug stores.
On the other hand, e-commerce platforms are expected to grow at the fastest rate in the market owing to increasing penetration of the internet in developed and developing economies. Discrete delivery services and freedom to choose on e-commerce platforms are anticipated to drive the growth during the forecast period. Furthermore, manufacturing companies are launching their own online sales platforms.
The product segment consists of male and female condoms. Male condoms dominated the market in 2020 as the majority of the players in the market are focusing on manufacturing products for men. Different varieties of this contraceptive for men are easily accessible and thus are predominantly used during sexual intercourse for protection against STIs & HIV.
However, female condoms are being increasingly accepted for reducing the risk of STIs and unplanned pregnancy. The adoption of female condoms is rising in developed nations such as the U.S., U.K., Canada, Germany, and France. In the U.S., currently, only one company offers the FC2 Female Condom.
Asia Pacific dominated the market in 2020 due to an increase in demand in countries such as China, India, and Japan, owing to the large population, favorable government initiatives being undertaken to control the population and increasing prevalence of STDs and HIV. MEA and Latin America are also anticipated to witness significant growth in the market.
According to the National Health and Family Planning Commission of China, the country is among the top four countries in terms of condom use and production in the world, preceded by the U.S., U.K., and Japan. The market has huge potential in China with expected double-digit growth. Domestic startups are trying to gain market share.
Key Players
Fujilatex Co., LTD.; Church & Dwight Co., Inc.; Reckitt Benckiser Group plc; Karex Berhad; LELO; LifeStyles Healthcare Pte Ltd.; Veru, Inc.; Mayer Laboratories, Inc; Okamoto Industries, Inc.; and Cupid Limited.
Market Segmentation
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