Condom Market Size is Projected to Reach $11 Billion Globally by 2023
Arizton’s recent market research report on the global condom market categories the market by distribution channel (retail and online), product (female condom and male condom), material (latex and non-latex (polyurethane, polyisoprene, nitrile, and lambskin)), and geography (APAC, Europe, MEA, Latin America, and North America).
The global condom market is projected to grow from $6.76 billion in 2017 to $11.10 billion by 2023, growing at a CAGR of 8.62%.
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The top 3 drivers and trends in the global condom market are discussed below:
Creating Awareness through Comprehensive Sex Education Programs
The introduction of sex education helps to prevent unwanted pregnancies and control the teenage pregnancy rate, the usage of birth controls, and post-conception contraceptives. The increasing awareness of comprehensive sex education programs and easy availability of contraceptives will drive the growth of the global condom market. Several countries across the world offer teenage sex education programs to make teenagers aware of their body, reproduction, STDs, and safe sexual intercourses. Such awareness campaigns will contribute to the market size of the global condom market during the forecast period.
Increasing Efforts toward Family Planning and Birth Control
The growing prominence of population control and family planning initiatives undertaken by several federal government organizations and global health organizations such as the UN will boost revenues in the global condom market. The presence of several NGOs and organizations such as UNFPA, WHO, and UNAIDS have started to play a prominent role in promulgating awareness over the need for birth control across the world. The market research analysts at Arizton state that such initiatives are likely to promote the use of contraceptives and birth control measures, which is expected to drive the growth of the global condom market during the forecast period.
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Increased Popularity of Female Condoms
The launch of female condoms provides protection against STDs and STIs and prevent pregnancy. The use of non-latex materials such as nitrile or polyurethane to produce female condoms reduces the chance of allergies and performs better than latex condoms. Such benefits offered by female condoms are likely to increase the market share of this segment. The latest industry analysis offered by Arizton forecasts that the commercialization of scale of production of female condoms will generate higher revenues during the forecast period. Further, several organizations are focusing on distributing these condoms to increase the usage in the global market and raise awareness about birth control and contraception.
Church & Dwight, Ansell (Now Lifestyles Holdco), and Reckitt Benckiser are the leading vendors in the condom market.
The complete overview of the latest market research report on the global condom market by Arizton is now available.
Also, the report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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