The condom market is projected to exhibit substantial growth by 2027 owing to growing awareness regarding safe-intercourse and sexual health among youngsters across the globe.

Condoms are a common contraceptive product available in the market, which are used to reduce chances of unwanted pregnancies as well as prevent sexually transmitted diseases (STDs) by creating a barrier. With widespread COVID-19 vaccination drives and the relaxation of lockdown restrictions, there has been a significant surge in product demand. This encouraged several leading multinational companies to scale their production to accommodate the rise in demand, which has bolstered industry expansion during the pandemic.

Furthermore, industry players are investing in product innovation to capitalize on emerging market trends, thereby enhancing the overall business scenario. For instance, in November 2019, Starpharma Holdings, Ltd., a major pharmaceutical company, announced that it had received marketing approval for its novel condom developed using Australian technology, dubbed VivaGel condom, in Europe. VivaGel is a first-of-its-kind superior barrier protection condom that contains astodrimer sodium in the condom lubricant.

The condom market has been segmented based on sector, product, type, distribution channel, and region. With respect to type, the market has further been divided into synthetic and natural.

The synthetic sub-segment held a market share of more than 17% in 2020 and is expected to progress at a robust pace over the forecast period. Synthetic condoms help avoid allergic reactions associated with latex, which is likely to drive segmental growth in the coming years.

Based on product, the market has been segregated into male and female. The female sub-segment was valued at about USD 607 million in 2020 and is slated to witness steady growth over 2021-2027. Female condoms reduce the chances of unintended pregnancies and the risk of sexually transmitted infections (STIs), which is set to boost product demand in the forthcoming years.

By sector, the market has been categorized into non-institutional and institutional. The non-institutional sub-segment is anticipated to expand at around 11% CAGR over the analysis period on account of rising disposable income in developing countries. Moreover, due to the low cost of manufacturing, market participants offer condoms under numerous brands at a premium price, which is estimated to augment segmental expansion over the following years.

In terms of distribution channel, the market has been bifurcated into online, retail, and others. The condom market from the online sub-segment is speculated to progress at a CAGR of approximately 11% through the review timeframe. Increasing consumer preference for online purchasing as they are reluctant to purchase condoms from offline channels is likely to drive segmental development over the study period.

From the regional perspective, the Latin America condom market accounted for 10% of the overall industry revenue in 2020 and is predicted to gain significant traction by 2027 owing to rising sexually transmitted diseases (STDs) across several countries in the LATAM region.