(PharmaNewsWire.Com, January 07, 2022 ) The Condom Market size is projected to reach $9,050 million by 2026, growing at a CAGR of 8.1% over 2021-2026. Condom is a kind of barrier device which is thin that helps to reduce the chance of pregnancy as it creates a barrier to keep semen and other body fluids out of the vagina, rectum or mouth. Condom helps to stop sperm from reaching an egg by inserting a physical barrier between them and control pregnancy rate. Condom is used to reduce the risk of chlamydia, trichomoniasis which is a kind of sexually transmitted infection. Condom is very important from start to finish of every sex act that includes oral and anal sex. Moreover, human papillomavirus infection is transmitted through skin to skin contact that increasing the use of condoms during sex. There are various types of condoms that include, latex, lubricated, spermicide-coated, textured condoms. Various government health centers are distributing free condoms in order to protect themselves from pregnancy. Growing prevalence of HIV infection among population and rising population rate is the major factor driving the growth of Condom Market. Furthermore, rising adoption of condoms by the sex workers, growing adoption of condoms among the young couple, and rising availability of various flavors of condoms increase the adoption among consumers which is set to further enhance the overall market demand for Condom Market for the period 2021-2026.
Condom Market Segment Analysis – By Material Type
The Condom Market based on Material Type can be further distributed into Latex, and Non Latex. The Latex segment is the major segment generating revenue in 2020. This is mainly owing to the fact that latex made condom are less cost, flexibility, and are available in wide range that are rising the adoption of latex among consumers. Moreover, owing to its excellent quality and durable property, manufacturers are using latex in various brands of condoms that are available in different shape and size and flavors that increases the adoption of latex condom which is driving the market growth. The Non Latex segment is estimated to register the fastest CAGR of 8.9% for the period 2021-2026. This is mainly owing to rising allergies from latex material increases the use of non-latex material. Moreover, non-latex are versatile that increasing the usage of non-latex in manufacturing condom which in turn further propelling the growth of Condom Market.
The Condom Market based on Product can be further segmented into Male, and Female. The Male Condom segment registers for the highest Condom Market share in 2020. This is mainly owing to the fact that male condom provides 98% effective results in preventing pregnancy that rising the use of male condoms. Moreover, male condoms are flexible to wear and also less expensive that increases the adoption of male condom and thus enhancing the market growth. The Female segment is forecasted to register the fastest CAGR of 9.1% over 2021-2026. This is mainly owing to female condom helps to protect from various diseases such as HIV and are considered as safe which rising the adoption of female condom among population. Moreover, rising female sex workers increases the adoption of female condom which in turn propelling the growth of Condom Market.
Condom Market Segment Analysis – By Geography
Asia Pacific dominated the Condom Market with major share of 45% in 2020. This is owing to rising population that increases the adoption of condoms among population and growing government initiatives regarding the use of condoms also rising the adoption of condoms. Moreover, rising adult population in Asian countries increasing the demand of condoms which in turn boosting the growth of Condom Market. In India, government are providing about 432.82 number of free condoms where 399 million condoms are sold through social marketing that rising the adoption of condom among population which in turn driving the market growth.
However, Europe is projected to be the growing market during the forecast period 2021-2026 owing to growing initiatives among government for promoting the usage of condoms among adult population. Moreover, the France Ministry of Health are taking initiatives to control HIV that rising the adoption of condoms that are further enhancing the market growth.
Condom Market Drivers
Growing Prevalence of HIV Infection
Rising prevalence of sexual transmitted infection such as HIV among population rising the demand of condom market. According to Joint United Nations Programme on HIV/AIDS, about 37.6 million people are suffering from HIV where 35.9 million are adults and 1.7 million are children that rising the adoption of condom among population to reduce the HIV infection and therefore rising the growth of the Condom Market over the period 2021-2026.
Growing Awareness Regarding Birth Rate
Rising concern regarding the birth rate and population increase the adoption of condom in order to control the population rate. In 2020, the population is estimated to increase by 2 million that creates over population and cause various problem which in turn boosting the growth of Condom Market over the period 2021-2026.
COVID-19 pandemic had greatly impacted the growth of Condom Market. During pandemic, there is a disruption in the manufacturing of condoms owing to restriction sin supply chain. Moreover, owing to lockdown there is shut down of stores that reduces the sales of condom which are negatively impacted the growth of Condom Market.
The factors that is set to impede the growth of the Condom Market are rising breakage of condom increases the risk of pregnancy that growing the risk of using condom which is set to restrain the growth of Condom Market.
Condom Market Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Condom Market. Condom top 10 companies are Pee Safe, Fuji Latex, Church & Dwight, Reckitt, Karex, Lelo, Lifestyles Healthcare, Veru Inc., Mayer Laboratories, Cupid Limited, and Okamoto Industries.
Condom Market Development
In 2021, PeeSafe launched female condom Dominia which is easy to use and can be used for eight hours that helps to prevent from pregnancy which increases the adoption of condom and thus enhancing the market growth.
In 2020, Asia Pacific dominated the Condom Market owing to rising population that increases the adoption of condoms among population and growing government initiatives regarding the use of condoms also rising the adoption of condoms. Moreover, rising adult population in Asian countries increasing the demand of condoms which in turn boosting the growth of Condom Market.
Growing prevalence of HIV infection among population and rising population rate are enhancing the growth of the Condom Market.
The prominent manufacturers operating in the market will be provided detailed analysis of Strength, Weakness, and Opportunities in the Condom Market report.
Rising risk of using condom is set to create hurdles for the Condom Market.
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