Sex Toys Market Growth & Trends
The global sex toys market size is expected to reach USD 48.2 billion by 2027, expanding at a CAGR of 5.3%, based on a new report by Grand View Research, Inc. Women aging from 16 to 70 years old are indulging in the pleasure of adult toys. The stigma of using these products to replace a partner has long been broken by couples who enjoy these toys from time to time, which is expected to drive the market.
The impact of the COVID-19 pandemic is expected to create an economic downturn in all industries as the majority of countries are in lockdown. However, the initial impact of country-wide lockdown has exhibited a boost in sales of sex toys. Several countries such as Italy, the U.S., Australia, the U.K., Canada, and France reported high demand for sex toys, from January to March 2020. These countries have also experienced increased sales, from the anticipated yearly forecast. People are advised to practice social distancing and self-isolation for self-care, which has led to an increase in the sales of sex toys such as vibrators and massagers. LELO launched various ’Stay home and Save’ deals applicable for the entire month of May 2020, wherein the company was offering up to 15.0% discounts on its products.
Sex Toys Market Report Highlights
- The female sex toys segment held the largest market share in 2019 and is expected to witness the highest CAGR during the forecast period. Single women are among the leading contributors to the market
- Manufacturers are trying to reach a larger market via e-commerce sites. In developing countries where adult stores are not easily accessible, online retailers are meeting customer demand by offering a different range of products via discrete delivery and an added advantage of discounted rates
- North America held the largest market share in 2019, owing to the presence of numerous retailers providing easy access to products. In the U.S. and Canada, sociodemographic factors also play a role in the type of toy being preferred and its frequency of use
- Asia Pacific is anticipated to be the fastest-growing market during the forecast period. China and Australia are the leading revenue generators of the market. The stigma surrounding sex is reducing among millennials and Gen-Z, who are more open to exploring new things to enhance their sexual experience. In March 2019, Reckitt Benckiser launched its direct-to-consumer e-commerce platform to sell its premium products in India
- With increasing disposable income in developing countries, the consumers are opting for innovative products such as exquisite vibrators, BDSM gear, and anal toys. This increases opportunities for market players to capitalize on the growing demand for more high-end innovative products
- Emerging players backed by technological advancements are developing products that offer a more realistic experience. Brand leaders such as Doc Johnson, LELO, FleshLight, and LoveHoney have a global presence with a strong product portfolio. In July 2019, LifeStyles Healthcare announced the launch of three new intimate accessories under its SKYN brand-SKYN Thrill, SKYN Vibes, and SKYN Shiver.