(MENAFN- Ameliorate Digital Consultancy) The Condom Market was at US$ 5.31 Billion in 2021 and is growing to approx US$ 10.97 Billion by 2030, with a CAGR growth of 8.52% between 2022 and 2030.
The Global Condom Market is expected to grow at a compound annual growth rate of 8.52% during the forecast period. The market was valued at USD 5.31 billion in the year 2021 and it is expected to reach USD 10.97 billion by the year 2030. Condoms are contraceptive products that are used foremost as it helps in minimizing the different types of Risks of sexually transmitted diseases.
The health care products available to the public had great demand during the pandemic. Constant lockdowns and restrictions on movement had affected the accessibility of these products during the pandemic.
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Condom Market: Overview
The market for condoms is expected to grow well during the forecast period due to its preventive and contraceptive nature. Even though this product is largely used by the male category, in recent years there has been a positive change in the market as the products that are female based are also gaining momentum.
Increasing awareness about the availability of such products and the risks associated with the consumption of medicinal pills that are contraceptive in nature will drive the market growth in the forecast period. Prolonged consumption of these contraceptive pills has an adverse effect on the health of the women population. There shall be an increased demand for condoms in the coming years due to an increase in awareness regarding the increasing cases of HIV that spread due to unsafe sex or mostly through sex workers. Various organizations associated with the awareness campaigns for health will help in creating a better market for the product and will increase the adoption of this product in the coming years. Sex workers are at higher risk of this infection which exceeds 30 times.
Condom Market: Growth Drivers
Constant awareness regarding the availability of these products and the benefits associated with their use will drive market growth in the coming years. The condom industry is expected to grow during the forecast. Due to the appropriate use of the product, the products available in the market for male contraceptives have increased drastically across the globe as compared to those available for women. An increase in the literacy rate and improved education which helps in creating an understanding of these products has helped the market by providing positive growth.
The health risks associated with the consumption of oral pills will benefit the market as the prolonged consumption of these pills may cause hormonal imbalance. Growing education amongst the women population regarding the elects of the consumption of these oral pills will create more demand for the usage of the contraceptive products by their sex partners and make efficient use of these products in the coming years.
Condom Market: Key Insights
A) As per the analysis shared by our research analyst, the Condom market is estimated to grow annually at a CAGR of around 8.52% over the forecast period (2022-2030).
B) In terms of revenue, the Condom market size was valued at around USD 5.31 billion in 2021 and is projected to reach USD 10.97 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The existing manufacturers of condoms are providing new products in the market in different flavors. Innovations in the existing products will drive market growth in the coming years.
D) Manufacturers are also constantly engaging in providing good quality materials and enhanced designs in order to increase the convenience of these products.
E) Cases of splitting of the condom used by the female or the male population of the world will be one of the factors that will have a negative impact on the growth of the market.
F) Initiatives taken by the government across the globe especially for the underdeveloped tender developing nations in order to educate the masses about the awareness benefits associated with the use of condoms and the reasons for the transmission of sexual diseases will play an important role in the growth of the market in the coming years.
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Condom Market: Regional Landscape
The demand for condoms is expected to be highest in the Asia Pacific region. This region had a market share of about 52% in the past and it is expected to grow well in the coming years. In the countries like India, China, Japan, and Australia the demand for condoms is expected to grow as these nations have large populations. The government in these nations is engaged in taking initiatives for the prevention and control of population growth. An increase in the cases of sexually transmitted diseases and HIV infections will create more demand for the product in the coming years.
The regulatory and authoritative bodies of China have some policies in place that have created a larger demand for this product. This nation has also increased its production of condoms which is more than the manufacturing of the product in the United States or even Japan. This region is expected to have a significant compound annual growth rate during the forecast period as this nation has a good amount of potential. These startups in this nation are engaging in increasing their market share. Manufacturers had launched a product with the thinnest sheath, which was expected to drive the market growth for these condoms and improve the market presence of Okamoto and Sagami.
Condom Market: Key Players
Church & Dwight Co., Inc.
Fuji Latex Co., Ltd.
Veru, Inc.
Mayer Laboratories, Inc.
Okamoto Industries, Inc.
Reckitt Benckiser Group
Karex Berhad
Lelo
LifeStyles Healthcare Pte Ltd.
Cupid Limited
The Condom Market is segmented as follows:
By Material Type
Latex Condoms
Non-latex Condoms
By Product
Male Condoms
Female Condoms
By Distribution Channel
Mass Merchandizers
Drug Stores
E-commerce
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