the global condom market is anticipated to reach USD 10.97 billion, with a projected Compound Annual Growth Rate (CAGR) of 9.4% throughout the forecast period. Fortune Business Insights, in its report titled "Condom Market, 2024-2028," highlights the factors driving this growth.
COVID-19 Impact
Market Resilience: Despite disruptions caused by the pandemic, the condom market has demonstrated resilience. Lockdown measures initially hampered supply chains, but the focus on essential health products bolstered condom accessibility. Initiatives by organizations like the United Nations Population Fund (UNFPA) have ensured sustained supply even during challenging times, mitigating risks associated with unprotected sex and unintended pregnancies.
Information Source: https://www.fortunebusinessinsights.com/condom-market-104519
Key Players
- Reckitt Benckiser Group (Slough, U.K.)
- LifeStyles Healthcare Pte Ltd (Melbourne, Australia)
- Caution Wear Corp. (New Hampshire, USA)
- Church & Dwight Co., Inc. (Ewing, U.S.)
- Cupid Limited (Nashik, India)
- Karex Berhad (Selangor, Malaysia)
- CPR GmbH (Sarstedt, Germany)
- ONE Condoms (Massachusetts, USA)
- Sagami Rubber Industries Co., Ltd. (Kanagawa, Japan)
- Okamoto Industries, Inc. (Tokyo, Japan)
Driving Factors
Birth Control Awareness: Increasing consciousness about STDs and birth control methods is a significant driver of market growth. The rise in condom usage, as indicated by the United Nations report on Contraceptive Use by Method 2019, underscores this trend. Additionally, concerns over adverse effects of alternative contraceptive methods like oral pills further propel condom demand, especially with rising sex education in developing nations.
Market Segmentation
Product Diversity: The market is segmented into male and female condoms, with the male segment dominating due to higher usage rates and lower costs. Latex condoms hold a significant market share compared to non-latex alternatives, primarily due to their superior stretchability and strength. Distribution channels vary from mass merchandisers to online retail stores, with drug stores/pharmacies holding the largest market share, thanks to the availability of trusted brands.
Regional Insights
Asia-Pacific Dynamics: Asia-Pacific emerges as a key market, driven by a combination of factors including a burgeoning population, improving education levels, and governmental policies on population control. Condoms are prevalent contraceptive methods in regions like Eastern and South-Eastern Asia, accounting for a substantial share of contraceptive use.
Competitive Landscape
Innovative Strategies: Companies are focusing on product innovation, including eco-friendly designs and materials. For instance, Ritex, a German company, has introduced environmentally friendly products like the "PRO NATURE" line, utilizing certified sustainable resources. The industry is witnessing new product launches, environmentally friendly production techniques, and strategic partnerships, indicating a robust growth trajectory.
Key Industry Development
Innovation in Action: Durex, a British condom brand, recently launched "Durex invisible condoms," touted as India's thinnest condom product, demonstrating ongoing efforts towards product enhancement and market expansion.
In conclusion, the global condom market exhibits steady growth, driven by increasing awareness, innovative product offerings, and favorable demographic trends, despite challenges posed by the COVID-19 pandemic.
