Product Innovation Becomes a Key Strategy for Condom Market Growth
Arizton’s recent market research report on the condom market provides comprehensive industry analysis, trends forecasts, and competitive analysis. The research study segments the market by distribution Channel (Retail, Specialty stores, Supermarkets and hypermarkets, Drug stores, Grocery stores, Online) by Material (Latex, Non-latex, Polyurethane, Polyisoprene, Nitril, Lambskin) by End-user (Branded and Institutional) by Geography (APAC, Europe, Latin America, Middle-East & Africa, and North America).
The global condom market is expected to grow at an impressive CAGR of more than 9% during the period 2018–2024.
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Female condoms, introduced in the early 2000s, have gained prominence due to the complementary role they play along with other contraceptive measures in minimizing the spread of STDs and STIs.
Availability of Wide Range of Products in Condom Market
The global condom market is dominated by male condoms segment. The higher sexual activeness, birth control measures driven by incentive schemes, and ease of purchase and usage due to better availability, wearability, and disposability are the major factors affecting the male condom market. The male condom market is prospering due to innovative and value-added products. Further, dotted, ribbed, designed and textured, ultra-thin, flavored and edible, night glow, warming, youth, nanotech-power, and collecting condoms are getting popular and contributing in the growth of the condom market share. However, female condoms market is also flourishing, and vendors have introduced several female-centric condoms. Female condoms are made up of non-latex products such as nitrile and polyurethane and are perceived to be safer to use. With the sex ratio skewed toward females in various regions, the potential market for female condoms is expanding. Further, APAC is one of the largest condom manufacturing regions with leading countries such as China, Malaysia, India, and Thailand.
APAC is Emerging as Highest Consumer of Latex Condoms
Owing to excellent tensile strength, tear resistance, and resilience, latex is highly used for making condoms. Latex condoms are cheaper than non-latex ones as the rubber (raw material) is less volatile and easy to procure. In addition, massive purchases and distribution of latex condoms by federal and UN health missions to minimize the spread of STDs in underdeveloped and emerging economies has led to increased adoption of condoms. Further, growing at a higher CAGR, APAC is expected to have the largest market share during the forecast period. However, companies have started using nitrile rubber in the condom manufacture due to its strength and thinner structure. Nitrile is mostly used in the manufacturing of female condoms.
Subsidized Price for Institutional Condoms is Opening Growth Avenues for Vendors
Governments and institutions and agencies such as the United States Agency for International Development (USAID), the United Nations Population Fund (UNFPA),UNAIDS, NACO, CONRAD, PSI, Bill and Melinda Gates Foundations, and various non-governmental organizations (NGOs) are the largest end-users of the institutional male and female condoms. The underdeveloped regions such as Sub-Saharan region in Africa are the largest market for the male and female condoms. These organizations procure condoms from the manufacturers at the subsidized rates. In addition, Vendors prefer to emphasize on combo packs which would lead to an incremental profit per piece.
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Church & Dwight, Lifestyles Holdco, Okamoto Products, and Reckitt Benckiser are the leading vendors of the condom industry.
The complete overview of the latest market research report on the global condom market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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