Global Sexual Wellness Market Outlook Report 2023: A $54.2 Billion Market by 2028 from $35 Billion in 2022 - The Evolvement of Gender-Neutral Tone in the Market Bodes well for the Sector

DUBLIN, July 6, 2023 /PRNewswire/ -- The "Sexual Wellness Market - Global Outlook & Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering.

The global sexual wellness market is expected to reach a value of $54.2 billion by 2028 from $35.22 billion in 2022, growing at a CAGR of 7.45%

To keep manufacturers at the forefront, it's crucial to implement effective promotional strategies that showcase their products, enhance brand visibility, and attract potential customers. Large-scale condom and other sexual wellness product promotion have enabled the government and vendors to reach the population, especially in the South region, where there is a huge burden of HIV/STI infections and unmet contraceptive needs.

Vendors are likely to adopt multiple marketing and promotional channels, with social media expected to make the most significant impact. Vendors in the sexual wellness market widely use media platforms for multiple marketing, such as community outreach, advertisements, and social media.

Adapting promotion through mass media channels and understanding the demographical and behavioral changes enable vendors to reach widespread audiences. Promotional activities targeting the young population in all regions by focusing on social norms, beliefs, and condom use behavior are expected to boost the sales and distribution of sexual wellness products in the sexual wellness market.

MARKET TRENDS & OPPORTUNITIES

The Rising Shift Toward Female Condoms

The sexual wellness market has long remained male-dominated and required a glance by the vendors to refocus their growth strategies. Women have remained objectified in advertisements, campaigns, promotional gimmicks, and packaging strategies. The global sexual wellness market is witnessing significant growth in focus on women customers.

For instance, in condoms for women, market vendors in the U.S. are looking to attract investors. This is because the FDA has made the much-awaited transition of female condoms from Class III to Class II, which enables the product to be sold over the counter without a doctor's prescription.

This transition even led to the female condom company (FC2) rebranding their condom product version by the name of FC2 internal condom. Other locations worldwide, such as Sub-Saharan Africa, China, India, and Europe, have immense potential but lag due to various factors. Female condoms can be strategically well-positioned to leverage and build additional demand, thereby substantially growing brand awareness in the coming years.

The Evolvement of Gender-Neutral Tone in the Market

One of the key growth drivers for the global sexual wellness market is persistently evolving gender-neutral products for a wide array of customers. Over the last couple of years, the market perception has witnessed variations from being a male-centric one to more of a unisex one.

An unserved section of the audience has remained less vocal about their sex lives; thus, a few brands have developed offerings apt for such an audience. Other factors driving the adoption of gender-neutral sexual wellness products include easy-to-use packaging, enhanced ingredients, and friendly content.

Brands lay constant emphasis on human-focused design for convenient usage across various end-users. For instance, Maude delivers completely silicone-based vibrators. The usage of silicone is attributed to the fact that the gay community, which is the target customer for the brand (Maude), does not prefer using water-based lubes.

INDUSTRY RESTRAINTS

Lack of Investor Confidence in Potential Startups

One of the major challenges for the global sexual wellness market is the lack of confidence displayed by institutional investors in high-growth potential start-up brands.

Over the years, several new brands have emerged worldwide with quality sexual wellness products. Despite being a profitable investment opportunity, investors step back due to legal complications and cultural and moral challenges. Cultural and social taboos surrounding the market are the major challenge faced by investors.

Emerging countries in APAC, such as India, Malaysia, the Philippines, and China, are still considered to have societal mindsets confined to cultural prohibitions. Despite having two of the world's most populous countries (China and India), the APAC region faces the challenge of cultural and social taboos. Thus, brands are continuously urged to put in more effort to attract investors and even help them regain lost confidence.

INSIGHTS BY PRODUCT

The global sexual wellness market is characterized by high demand from the sex toys and condom segment. Amongst these, condoms accounted for more than 27% market share. Further, vibrators or dildos, massagers, rubber penis, real dolls, sexual games, and bondage gear are the prominent sex toys in the industry. Historically, men were the primary customers of sex toys worldwide.

Recently, the market is witnessing a shift in this trend as women become sexually more empowered. There is also a growing demand for both shared and solo sex toys among end-users. Sex toy manufacturers and retailers capitalize on this growing interest by offering bundled products and "starter kits" for interested customers.

All these factors contributed to the growth of sex toys in the market. Vendors are catering to the demand for condoms by delivering variants of sizes, shapes, thicknesses, flavors, prices, and packaging, among others. The perception of using condoms has changed from obscene to more wellness centric. While several factors contribute to the decline in the growth rate, one significant reason is the continuously decreasing fertility rates. 

INSIGHT BY GENDER

The global sexual wellness market is categorized into the male and female segments based on the diverse needs of both genders. The male segment accounts for a larger industry share. Other high revenue-generating products, such as condoms and sex toys, have a huge demand among male customers in the industry. 

INSIGHT BY DISTRIBUTION CHANNEL

Delivery channels for a commodity are the path followed by the title of the products from the manufacturers to final customers. There is also a vast distance between manufacturers and customers, and the void can be filled across delivery networks.

Sexual wellness products are mainly sold through retail distribution channels such as specialty stores, supermarkets, hypermarkets, mass-market players, drug stores or pharmacies, and grocery stores.

Sexual wellness products are also available to end-users through online OEM's e-commerce portals and online direct-to-consumer stores such as Amazon, Adam & Eve online stores, eBay, Ann Summers, Alibaba, and AliExpress.

GEOGRAPHICAL ANALYSIS

APAC was the largest revenue contributor to the global sexual wellness market, accounting for a share of around 39% in 2022. The region was led by China, where sexual wellness products such as sex toys, condoms, and sexual lubricants are witnessing a surge in demand. Europe followed APAC in the global sexual wellness market in 2022.

However, Europe will likely gain market share from the APAC region during the forecast period. The industry in Europe is characterized by high demand for premium sex toys and condoms along with water-based and silicone-based sexual lubricants. However, the stringent government regulations will hinder industry growth in the region.

COMPETITIVE LANDSCAPE

The global sexual wellness market is highly fragmented, with several top vendors. However, the industry witnessed consolidation, albeit at a slow pace. Some prominent players in the global sexual wellness market are LIfeStyles, Church & Dwight, Diamond Products, Reckitt Benckiser Group, Okamoto Industries, Karex Berhad, and Doc Johnson.

Key Attributes:

Market Opportunities & Trends

• Growing Penetration of Digital Marketplaces
• Rising Use of Dating Applications in Apac
• Shift Toward Female Condoms
• Increase in Sexual Wellness Festivals, Trade Shows, & Expos
• Innovations in Condom Designs

Market Growth Enablers

• Sex Education Programs Driving Awareness
• Rise in Prevalence of Sexually Transmitted Infections
• Surge in Acceptance of Sexual Wellness Products Among Women
• Government Initiatives for Free Condom Distribution
• Evolving Gender-Neutral Tone

Market Restraints

• Limited Popularity, Availability, & Affordability of Female Condoms
• Rise in Product Counterfeiting
• Easy Availability of Substitutes for Condoms
• Psychological Barriers Among Consumers
• Lack of Investor Confidence in Potential Start-Ups

Value Chain Analysis

• Overview
• Raw Material Supplies
• Manufacturers
• Distributors/Dealers
• Retailers
• End-users

Market Landscape

• Market Overview
• Key Insights
• Demand Insights
• Marketing & Advertising Strategies
• Marketing Strategies by Vendors
• Distribution Strategies
• Vendor Analysis
• Demographical Analysis
• Substitute Products Analysis for Condoms
• Consumer Behavior & Awareness
• Efforts for Family Planning & Birth Control Driving Market

Key Company Profiles

• Lifestyles
• Church & Dwight
• Diamond Products
• Reckitt Benckiser Group
• Okamoto Industries
• Karex Berhad
• Doc Johnson

For more information about this report visit https://www.researchandmarkets.com/r/2r0ck3

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