Global latex condom sales forecast increasing with a CAGR of 11.2 percent
Pune, India – Condoms market industry analysis report by Persistence Market Research shows that global sales of the Condoms Market in 2021 were held at US$ 10.2 Bn. With 11%, the projected market growth during 2022 – 2032 is expected to be higher than the historical growth. Latex Condoms are expected to be the highest revenue-generating segment, accounting for a CAGR of nearly 11.2% during 2022 – 2032.
The expansion of the worldwide condom industry can be linked to a number of causes, including increased awareness of condom use through sex training programs and an increase in the frequency of sexually transmitted illnesses around the world. Other factors driving market growth include the increasing usage of online distribution channels and the rising adoption of contraceptives to avoid unplanned pregnancies.
Top corporations have begun to introduce new items with various features, capacities, and unusual enjoyment. Manufacturers are also working on creating a diverse range of products in response to government-sponsored promotions. As a result, these market players benefit from free and widespread advertising, which boosts their sales. In addition, governments in a number of countries are providing condoms at a fair cost and teaching citizens about their usage, raising awareness, and increasing the number of condom users.
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.
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