The global condom market size is
expected to reach USD 10.97 billion by 2028, exhibiting a CAGR of 9.4% 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, 2021-2028.” The market size stood at USD 5.31 billion in 2020.
The Report Lists the Key Companies in the Condom Market:
- Reckitt Benckiser Group (Slough, U.K.)
- LifeStyles Healthcare Pte Ltd (Melbourne, Australia)
- Mankind Pharma (New Delhi, India)
- Church & Dwight Co., Inc. (Ewing, U.S.)
- Cupid Limited (Nashik, India)
- Karex Berhad (Selangor, Malaysia)
- Veru Inc. (Miami, U.S.)
- HLL Lifecare
Limited
(Thiruvananthapuram, India)
- Mayer Laboratories, Inc. (Sonoma, U.S.)
- Okamoto Industries, Inc. (Tokyo, Japan)
 |
The report on the
condom market features:
- Far-reaching analysis of the market
- Essential facts about prominent players
- Dominant regions in the market
- Key drivers and trends
- Significant development
- Market challenges and restraints
- Coronavirus effect
Driving Factor:
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 Contraceptive
Use by Method 2019 of the United Nations report, the prevalence of male condoms
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 the demand for condoms. Besides, the rising sex education in
developing nations can have a positive impact on the market in the forthcoming
years.
Read Detailed Summary of This Report: https://www.fortunebusinessinsights.com/condom-market-104519
COVID-19
IMPACT:
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 condoms during COVID-19 to ensure unintended pregnancies
and 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.
Regional
Insights:
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 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, condoms are 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 due to contraceptive products' higher usage rate. 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.
Competitive
Landscape:
Rising Emphasis
on Eco-friendly Products by Prominent Companies to Spur Opportunities
To attract customers, companies are focused on producing original product designs, such as those with unique tastes and lubricants. Furthermore, they are concentrating on making their goods environmentally friendly and safer to use for customers, such as through the use of environmentally friendly components and the responsible use of utilities throughout the condom production process. For example, Ritex, a German company, has employed EKOenergy-certified power in their sustainable product line "PRO NATURE." As a result, the launch of new goods, the adoption of environmentally friendly production techniques, and mergers and acquisitions strategies are expected to aid manufacturers in their company growth.
Key Development:
October 2020: Durex, a condom brand based in Britain, introduced a new product range, ‘‘Durex invisible condoms’’. This was launched in India as India’s thinnest condom product.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/global-condom-market-10367
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