New York [US]: Supported by strong awareness among the masses about sexually transmitted diseases, the global market size for condoms is expected to grow by USD 3.70 billion by 2025, according to a report by global technology research and advisory firm Technavio.
The segment will progress at a compounded annual growth rate of 8 per cent.
Nearly 44 per cent of the growth is seen originating from the Asia Pacific region with China, India, and Japan being the key markets.
The growing trend of customisation is expected to have a positive impact on the segment.
Increasing awareness about sexually transmitted diseases and the availability of a wide range and brands of condoms will also aid business growth.
Mass customisation and personalisation have been slowly gaining importance in the global condom market, primarily driven by advances in technology, besides add-on features such as shape, size, and colour.
“The rapid evolution of condom product material and designs with increasing market competition made it necessary for vendors to focus on strategies such as quick delivery processes, mass customisation, and personalisation,” a statement said.
Also, an increase in the emphasis on condom providers offering their products in discreet packaging trend is making consumers more comfortable with shopping for such products with more privacy.
“Hence, the increasing focus on the customisation of condoms, as well as their packaging, according to consumer requirements is expected to support the market growth during the forecast period,” the statement added.
It added that the high growth of e-commerce platforms too will drive growth for the product.