Condoms are thin sheath-shaped barriers made from natural rubber latex, polyisoprene, or polyurethane that are worn over the penis during sexual intercourse to prevent unintended pregnancy and transmission of sexually transmitted infections. Condoms offer dual protection against unintended pregnancy and sexually transmitted diseases including HIV/AIDS. Their easy availability, affordability and convenience of use have made condoms one of the most commonly used modern contraceptive methods worldwide. The global condom market is estimated to be valued at US$ 11.76 billion in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing awareness about safe sex practices and prevention of unintended pregnancies and sexually transmitted diseases present a huge opportunity for condom manufacturers and distributors. With better sexual wellness education programs being implemented worldwide, more people especially young adults are adopting condoms as a mainstream method of contraception compared to past decades. The changing social attitudes have reduced the stigma associated with condom use. Moreover, innovations in condom designs, flavors and textures have made condoms more appealing to use. If condom companies effectively promote their products focusing on dual protection benefits, it can contribute significantly towards improving public health goals. New innovations targeting specific consumer segments also have scope to increase condom acceptance worldwide. These factors indicate that the condom market is well positioned to witness sustained demand growth over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is medium due to high capital requirements and established brand loyalty of customers towards existing brands. However, growing market size provides opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and undifferentiated products. Buyers can negotiate on price easily.

Bargaining power of suppliers: The bargaining power of suppliers is medium as raw material suppliers have minimal differentiation. Suppliers are dependent on key players for business.

Threat of new substitutes: Threat of new substitutes is medium as latex and polyisoprene condoms are major substitutes. However, preference for natural rubber provides less threat.

Competitive rivalry: Competition is intense among existing players to increase market share through new product launches, marketing strategies and regional expansion.

SWOT Analysis

Strength: Growing awareness about safe sex practices and product innovations in terms, designs and materials. Easy availability through multiple distribution channels.

Weakness: Social stigma and religious restrictions associated with condoms in certain regions. Tendency to undermine importance as misunderstood as product only for casual relationships.

Opportunity: Untapped rural markets of developing nations present significant growth potential. Increasing global population provides long term demand prospects.

Threats: Threat from the spread of misinformation regarding effectiveness of condoms. Introduction of newer contraceptive methods reducing condom as first choice method.

Key Takeaways

The Global Condom Market Growth is expected to witness high at a CAGR of 22% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 11.76 Bn by 2024.

Regional analysis: Asia Pacific dominates the global market with over 40% market share owing to high population countries like China and India. Rapid urbanization is propelling market growth in the region. North America and Europe are other major markets growing at a CAGR of around 15-18% over the forecast period.

Key players: Key players operating in the condom market are Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), MERCK KGAA (Germany), Thermo Fisher Scientific (US), DigiPath, Inc. (US), Steep Hill Inc. (US), SC Laboratories, Inc. (US), PharmLabs LLC (US) and 17 others. Players are investing in new product development and targeting developing nations for geographical expansion.

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