Market Highlights
Market Research Future (MRFR) studied the global sexual wellness market anticipated 2020 through the study period till 2023. As per MRFR study, the global sexual wellness market is expected to thrive at 9.2% CAGR between 2018 and 2023.
The rise in cases of HIV is likely to increase the need for sexual health awareness among people. The growing prevalence of sexually transmitted diseases (STDs) is creating the need for rising awareness about sexual wellness on a global scale. The health of a nation directly impacts its GDP. Thus, governments and development bodies are observed to launch initiatives to destigmatize coital issues and educate people on sexual health. However, the group of people those are accustomed with products, such as; sex toys, condom and contraceptives, lubricants, and ointments, are identified to enjoy purchasing convenience offered by e-commerce. In addition, the privacy protection offered by different online platforms is noted to boost their consumer base. Thus, expansion of e-commerce business and increase in seminars and educational activities held across the world to increase awareness about sexual health of all genders are expected to act as potential growth inducers for the global sexual wellness market. However, side effects of using sex toys and related products without maintaining proper hygiene standards can restrain expansion of the market through the assessment period. On the contrary, inclination of people towards purchasing these products are observed to rise in this stressful world, where emerging players are observed to capitalize. This can counter the sexual wellness market slow-down.
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Key Players
Doc Johnson (US), LELO (Sweden), Reckitt Benckiser Group plc (UK), Ansell Ltd. (Australia), LifeStyles Healthcare (Australia), Veru Inc. (US), Karex Berhad (Malaysia), Mankind Pharma (India), Church & Dwight Co., Inc. (US), and BioFilm IP LLC (US) are some renowned names in the global sexual wellness market that are listed by MRFR. COVID 19 pandemic impact analysis of the sexual wellness market is elaborated in the report.
Market Segmentation
The segment study of the global Sexual Wellness Market is done by distribution channels and product.
The product-based segments of the sexual wellness market are condom & contraceptives, sex toys, sexual enhancement supplements, ointments, and lubricants among others. The sex toys segment is likely to hold the highest market share by 2023. The main cause to spread awareness about sexual wellness is to improve physical, social, and mental well-being in relation to one’s sexuality. Sexual health products aid in safe sex and at to enhance pleasure. These also includes, planning for pregnancy and solutions to prevent sexually transmitted infections. Thus, the increase in sales of these products can bolster the market growth. The growing acceptance of LGBT community among people, granting rights to them by governments, and legalization of gay marriages can also influence the sexual wellness market size.
The distribution channels-based segments of the sexual wellness market are based on online platforms and retail. The retail segment can thrive in the approaching years. The retail segment studies specialty stores, and drug stores among others. The online platform segment is expected to earn high revenue for the market. The rise in number of online stores have gained decent traction in the worldwide sexual wellness market as they offer better privacy and aid in maintaining secrecy of people. Moreover, special discounts and the sought-after facility for door step delivery offered by online stores are gaining popularity among the millennial, thus is expected to benefit the market. Specialty stores focus on selling sex related products, such as; sex toys, contraceptives, and condoms among others. A key benefit of having sexual wellness products form a specialty stores is that it focuses a particular type of product for a definite class of customer. Moreover, the sex toys owners and employees can use their expertise to help their customers with proper knowledge to use them safely and maintain proper hygiene standards. Thus, specialty retail stores can generate high turnover for the sexual wellness market.
Regional Analysis
The sexual wellness market in the Americas is expected to witness rapid expansion due to the increase in need for rising awareness about sexually transmitted diseases (STDs) among people. The presence of reputed companies dealing in the promotion of sexual wellness can bolster the regional growth. In Europe, the existence of robust e-commerce base can boost sales of sexual health items, which, in turn, can support expansion of Europe sexual wellness market. In Asia Pacific, the expansion of sexual wellness market can be credited to the introduction of several supportive sex education programs. In the Middle East and Africa, the sexual wellness market can witness a moderate growth due to cultural and religious issues.
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