Sexual Wellness Market to Reach $108.32 Bn, Globally, by 2027 at 4.62% CAGR: Allied Market Research
08 Jul, 2020, 14:30 BST
Upsurge in cases of HIV and STIs, aggressive marketing strategies, and surge in the investment for R&D activities drive the global sexual wellness market.
PORTLAND, Oregon, July 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Sexual Wellness Market by Product (Sex Toys, Male Condoms, Female Contraceptives, Lubricants & Sprays, and Others), End User (Men, Women, and LGBT community), and Distribution Channel (Specialty Stores, Drug Stores, Hypermarkets & Supermarkets, and Online Stores): Global Opportunity Analysis and Industry Forecast, 2021–2027."According to the report, the global sexual wellness market garnered $74.77 billion in 2019, and is estimated to reach $108.32 billion by 2027, registering a CAGR of 4.62% from 2021 to 2027.
Drivers, restraints, and opportunities-
Increase in cases of HIV and STIs,aggressive marketing strategies, and surge in the investment for R&D activities drive the growth of the global sexual wellness market. However, reduced sexual acts and limited awareness and accessibility to condomshinder the market growth. On the other hand, rise in disposable income and increase in millennial population isanticipated to offer new opportunities in the coming years.
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COVID-19 Scenario-
- The demand for sex toys has been increased during the lockdown. However, there has been operational disruption in this industry amid COVID-19 outbreak.
- According to Denny Alexander, the head of communications for WeVibe, the revenue from for sex toys in the month of March only, has been increased in Italy, Spain, and France by 124%, 300%, and 94% respectively.
The sex toys segment to maintain its lead status-
Based on product, the sex toys segment accounted for around two-fifthsof the global sexual wellness market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to the growth of interest among millennial population toward sex and related activities. However, the lubricants & spraysis estimated topor tray the highest CAGR of 6.2% from 2020 to 2027. The benefits associated to them such as increased sexual stamina, enhanced arousal and sexual pleasure, moisturize vaginal skin, and reduced friction during penetration drives the growth of the segment.
The online segment to maintain its leadership position-
Based on distribution channel, the online segment contributed to the highest market share with nearly one-third of the global sexual wellness market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 5.0% from 2020 to 2027. This is attributed torise in penetration of internet and secrecy and privacy of the customer's shopping maintain by the online platforms.
North America is anticipated to dominate the market by 2027-
Based on region, North America accounted for the highest share based on revenue, holding for more than two-fifths of the global sexual wellness market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is due to improvisations and innovations in sex toys and condoms in this region. However, the Asia-Pacific region is estimated to generate the fastest CAGR of 5.4% from 2020 to 2027. This is attributed to the growth in e-commerce platforms and increase in young population and their interest in sex.
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Leading market players
- Church & Dwight co., Inc.
- Reckitt Benckiser Group Plc
- Doc Johnson Enterprises
- KarexBerhad
- TENGA Co., Ltd.
- Hot Octopuss
- Caya
- California Exotic Novelties LLC
- Bijoux Indiscrets
- Adam & Eve Stores
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