The Global Condom Market is anticipated to expand at a substantial CAGR during the forecast period, between 2020 and 2027. A condom is a pouch made from flexible materials such as plastic or rubber. It acts as a physical barrier which stops bodily fluids such as blood, vaginal fluids, and semen from passing from one person to another during sex. Condoms are considered to be highly effective against sexually transmitted infections (STIs) such as HIV, which is viruses that cause AIDS.
Market Trends, Drivers, Restraints, and Opportunities:
- Increase in the adoption of condom as a contraceptive worldwide is expected to boost the market.
- Rise in awareness through a comprehensive sex education programs and government initiatives to reduce the prevalence of STIs using a condom fuels the market.
- Public health concerns such as AIDS/HIV, STDs, and population expulsion have significantly reduced in many parts of the world due to the growing use of condoms by young couples, sex workers, and the lesbian, gay, bisexual, and transgender (LGBTQ) community.
- Government and international bodies such as the Centers for Disease Control and Prevention (CDC), the United Nations Population Fund (UNFPA), the Joint United Nations Programme on HIV/AIDS (UNAIDS), and The World Health Organization (WHO) are undertaking various initiatives and activities for creating awareness among people about safe sex through the use of condoms.
Condom Market Segment Insights:
Natural types segment to hold significant share of the market
In the terms of types, the condom market has been segmented into natural and syntenic. The natural segment is divided into latex and lambskin. The syntenic segment is further classified as polyurethane, polyisoprene, and nitrile. The natural segment is projected to grow at a significant pace during the forecast period. The natural segment is associated with the growth of latex condom, as they are more cost-effective than a syntenic condom and stretch up to 800% that of the original size.
Male condom segment to expand at a substantial pace
On the basis of products, the market has been segregated into male condom and female condom. The male condom segment is anticipated to hold a majority share of the market due to high sexual vigor among men, easy availability of products, and large number of manufacturers for male contraceptive sheath. The price of male condom is lesser than female condom.
Rising government indicatives to reduce the prevalence of HIV/AIDS fuels the institutional sector segment
Based on sectors, the market is fragmented into institutional and non-institutional. The institutional segment holds a significant share of the market, while the non-institutional segment is projected to expand at a substantial CAGR during the forecast period. The institutional segment is growing, as institutes distribute condoms at subsidized costs or for free. The purchase of condoms from the institutional sector is high in developing and underdeveloped regions such as Africa and Asia Pacific.
Competitive Landscape:
Key players in the condom market include Church & Dwight Co., Inc., Cupid Limited, FUJILATEX CO., LTD., Karex Berhad, LELO, Lifestyles Healthcare Pte Ltd., Mayer Laboratories, Inc., Okamoto Industries, Inc., Reckitt Benckiser Group PLC, Veru, Inc., and among others. Mergers & acquisitions, collaborations, agreements, and partnerships are some growth strategies adopted by these players to strengthen their geographical presence.
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