The size of the worldwide condom industry was estimated at USD 5.30 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 10.9% to reach USD 5.79 billion in 2024 and USD 13.23 billion by 2032. According to Fortune Business Insights, in a report titled “Condom industry Size, Share & Industry Analysis, By Type (Male Condom and Female Condom), Material (Latex and Non-Latex), Distribution Channel (Mass Merchandisers, Drug Stores, Online, and Others), and Regional Forecast, 2024-2032,” the growing awareness of STDs like hepatitis B, syphilis, trichomoniasis, and chlamydia can spur demand for condoms, which will help the industry grow.
Numerous sectors worldwide have suffered enormous losses as a result of the coronavirus catastrophe. A number of nations have implemented lockdowns in an effort to stop the deadly virus from spreading. Production and supply chain disruptions have resulted from such strategies. However, we will be able to overcome this difficult period and return to normalcy with patience and determination. Our thoroughly reviewed studies will assist businesses in gaining comprehensive insights into the current state of each industry, enabling them to implement the appropriate strategies.
Top Key Companies Covered in the Condom Industry
- 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)
Information Source: https://www.fortunebusinessinsights.com/condom-market-104519
The report on the condom industry features:
- Far-reaching analysis of the industry
- Essential facts about prominent players
- Dominant regions in the industry
- Key drivers and trends
- Significant development
- industry challenges and restraints
- Coronavirus effect
Industry Driver:
Increasing Consciousness about Birth Control to Effectively Uplift Industry
The growing knowledge about the use of condoms as a contraceptive can have an excellent impact on the industry growth during the forecast period. As per the report, Contraceptive Use by Method 2019 of the United Nations, 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 industry. 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 demand for condoms. Besides, the rising sex education in developing nations can have a positive impact on the industry in the forthcoming years.
Increased Supply of Essential Health Products to Elevate industry 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 industry 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 the time of COVID-19 to ensure unintended pregnancies, as well as 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 industry in the time of the pandemic.
Regional Analysis:
Ever-increasing Population to Spur Demand in Asia Pacific
The industry 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 the developing nations. The growing awareness regarding birth control methods can have an excellent impact on the industry in Asia Pacific. The implementation of childbearing policies to control the population will effectually aid the growth of the industry in the region. The increasing number of unwanted pregnancies will further spur demand for condoms, thus promoting the growth of the industry. 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 owing to the higher usage rate of contraceptive products. 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.
Key Development:
- March 2023: Durex, a U.K.-based condom brand, launched Durex Real Feel, its new range of non-latex condoms featuring a polyisoprene material.
