[2023 Trending Report] Global Condom Market to Hit Sales Revenue of $22.73 Billion by 2032 | Top 4 Players Contribute More than 60% of Revenue
The global condom market is experiencing remarkable growth, with a highly consolidated landscape dominated by four key players. Okamoto, Church & Dwight, Reckitt, and Ansell collectively hold over two-thirds of the market share, at 8%, 10%, 30%, and 14% respectively. This concentration of influence among the top players showcases their strong presence and influence within the booming industry.
Dubai, UAE, March 27, 2023 (GLOBE NEWSWIRE) — As per the recent research report published by Extrapolate, the global Condom Market was valued at USD 9.65 billion in 2022 and is projected to reach a market sizing of USD 22.73 billion by 2032 at a CAGR of roughly 8.94% between 2023 and 2032 driven by increased awareness of sexual health and the need for contraception and protection against sexually transmitted infections (STIs).
From late February through mid-April of 2021, condom sales saw a remarkable growth of 23.4% compared to the previous year. This growth was also reflected in the performance of leading brands in the industry. Durex, a popular condom brand, witnessed a 30% rise in sales in fiscal year 2021, with condoms accounting for 60% of the company’s revenue, up from 49% the previous year. This increase is particularly noteworthy considering the 40% drop in global consumption. The growth can be attributed to the resilience of consumer demand for condoms, even during the challenging times of the coronavirus pandemic.
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Quality control and regulatory compliance are of utmost importance in the condom market. External condom (male condom) quality is strictly regulated to ensure the highest standards of safety and efficacy. Our studies have shown that consistent use of external condoms can reduce the risk of genital herpes by 30%.
The FDA has approved latex, polyurethane, and polyisoprene external condoms as effective means to reduce the risk of pregnancy and STIs. Approximately 4% of the general population has a latex allergy, making it crucial for manufacturers to provide alternatives like polyurethane and polyisoprene condoms to cater to this segment of consumers.
Key Findings in Condom Market
- Karex, a Malaysian prophylactic manufacturer, is a dominant player in the market, producing over 5.5 billion condoms annually and operating in 140 countries worldwide. The company also supplies other leading condom firms, including Durex. In the year ended June 2021, Karex experienced a 6% growth in sales, compared to a 4% increase in the previous year.
- One such innovation came on February 23, 2022, when the FDA announced its acceptance of the request for ONE® and myONE® to become the first condom brands with a new anal use designation. This development highlights the industry’s commitment to expanding the scope of condom usage and catering to various preferences and requirements.
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The global condom market is segmented as follows:
- Male Condom
- Female Condom
By Distribution Channel
- Drug & Pharmaceutical Store
- Online Retail Stores
Male Condom Dominates Market, and Continues to Be Majorly Purchased from Drug and Pharmaceutical Stores
Male condom is the most prevalent form of contraception globally, with their supply chains reaching localities using retail outlets such as drugstores and pharmacies. Several factors contribute to their market dominance, including affordability, ease of use, and widespread availability, which together make them an appealing and practical option for most individuals. As per NHS findings, the condom is 98% effective as a birth control medium. Apart from this, Cleveland Clinics’ study finds that condoms can reduce the chances of acquiring STIs by up to 80%.
The effectiveness of male condoms in preventing both pregnancy and the transmission of sexually transmitted infections (STIs) further bolsters their popularity among those seeking protection during sexual intercourse. harmacies typically offer a diverse selection of condom brands and varieties, encompassing both latex and non-latex alternatives, frequently at competitive prices.
This widespread availability allows individuals to discreetly purchase condoms without the necessity for a prescription or consultation with a healthcare professional. According to the World Health Organization, there are over 2.5 million drugstores and pharmacies worldwide, with the majority situated in urban areas. This extensive network of retail locations further solidifies the position of male condoms as a leading choice in contraceptive options.
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North America to Remain Prominent Market Share Holder Followed by Asia Pacific and Europe
North America holds a prominent share of the global condom market and is expected to remain the third-largest consumer of condoms worldwide. In 2021, the United States recorded nearly 2.5 million cases of chlamydia, gonorrhea, and syphilis, which is more than double the number recorded two decades ago. This high incidence of sexually transmitted infections (STIs) underscores the importance of safe sex practices and the use of condoms.
Condoms are a widely used method of contraception in North America. According to research, 60% of men and 56% of women in the United States use condoms as their sole method of contraception. This suggests that condoms are a popular choice for many people who want to avoid unintended pregnancies and STIs.
In addition to the high incidence of STIs in the United States, there are other factors driving the demand for condoms such as high prevalence of HIV/AIDS, the availability of over-the-counter condoms, and the general awareness of safe sex practices. These factors have contributed to the growth of the condom market in North America.
The North American condom market is highly competitive, with many major players operating in the region. These companies are constantly innovating and introducing new products to meet the changing needs of consumers. Some of the major players in the North American condom market include Trojan, Durex, LifeStyles, and Okamoto.
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Competitive landscape: Top 4 Players Contribute More than 60% of Revenue to Global Condom Market
The global condom market is dominated by a few major players, which makes it a highly consolidated market. These players have established their brand names and hold significant market shares. Karex, a Malaysian company, claims to be the largest condom manufacturer globally. While most of its production is on behalf of branded manufacturers or market tenders, the company’s brand position is strategically placed.
Reckitt is one of the leading players in the market, with a 30% market share. The company has a strong presence in various regions and offers a wide range of products, including Durex condoms.
Ansell, with a 14% market share, is another major player in the market. The company has a significant presence in the healthcare industry and offers various personal protective equipment products, including condoms.
Church & Dwight is a leading player in the North American market, with its Trojan brand holding over 75% of the market share across the US and Canada. However, the company has limited international exposure, which can be both positive and negative. While this strategy avoids anti-trust issues, it also limits its potential for cost synergies and international growth.
Okamoto is another major player in the market, holding an 8% market share. The company has a strong presence in Asia and offers a wide range of condoms, including ultra-thin condoms.
Browse Complete TOC: https://www.extrapolate.com/toc/healthcare-medical-devices-biotechnology/condom-market/87458
Major Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Condom Market
Chapter 5. Global Condom Market Overview, By Type, 2018 – 2032 (USD Million)
Chapter 6. Global Condom Market Overview, By Product, 2018 – 2032 (USD Million)
Chapter 7. Global Condom Market Overview, By Distribution Channel, 2018 – 2032 (USD Million)
Chapter 8. Global Condom Market Overview, By Geography, 2018 – 2032 (USD Million)
Chapter 9. North America Condom Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 10. Europe Condom Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 11. Asia Pacific Condom Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 12. Middle East & Africa Condom Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 13. South America Condom Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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