According to Custom Market Insights (CMI), the global condom market is expected to grow at a compound annual growth rate of 8.52% during the forecast period. The market was valued at USD 5.31 billion in the year 2021 and it is expected to reach USD 10.97 billion by the year 2030.
The health care products available to the public had great demand during the pandemic. Constant lockdowns and restrictions on movement had affected the accessibility of these products during the pandemic.
The demand for these products had increased through the online platforms. Hassle-free delivery services for such products through the use of e-commerce platforms will lead to increased adoption of these products in the coming years. This product is expected to have a major demand in the coming years due to the existing dating apps, increased use of social media, and dispensers available at various places.
Browse the full “Condom Market Size, Trends and Insights By Material Type (Latex Condoms, Non-latex Condoms), By Product (Male Condoms, Female Condoms), By Distribution Channel (Mass Merchandizers, Drug Stores, E-commerce), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/condom-market/
Regional Snapshots
The Asia Pacific region is expected to have the largest market share in the coming years. The increasing population of the nations like China and India in this region will play a significant role in the growth of the market in the coming years. There has been an increase in awareness regarding the availability of these products and improved education will lead to increased adoption of these products in the Asia Pacific region.
Adoption of various policies by the Chinese and Indian governments will help in increasing the demand for this product for controlling the population in these regions. Initiatives taken by the organizations and the government will be instrumental in reducing the cases of pregnancies. As condom is the most effective contraceptive product the demand for them will continue to grow in the coming years. The North American region and European region also have a larger market share for this product.
There has been a growth in the trend of engaging with numerous sex partners in these regions due to which the market for condoms will grow and there shall be greater use of this product in the coming years. Countries like Canada and the United States will play a major role in the growth of the market. Increased spread of sexually transmitted diseases in underdeveloped or developing nations will drive market growth. Initiatives are taken by the government in these regions to increase the awareness and productivity of such products. Organization across the globe has increased the demand for condoms.
Market Dynamics
Drivers
The existing manufacturers of condoms are providing new products in the market in different flavors. Innovations in the existing products will drive market growth in the coming years. Most of these products available in the market are comfortable and reduce any hindrance in the procedure.
Manufacturers are also constantly engaging in providing good quality materials and enhanced designs in order to increase the convenience of these products. Innovation in the way of packing these products will also play an instrumental role in the growth of the market. Convenient packaging makes these products portable. An increase in cases of hormonal imbalance due to prolonged consumption of oral pills will also be instrumental in the growth of the market during the forecast period.
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Restraints
Cases of splitting of the condom used by the female or the male population of the world will be one of the factors that will have a negative impact on the growth of the market. Less awareness about the availability of this product and the benefits associated with the use of this product in underdeveloped or developing nations will also hamper the growth of the market in the coming years. These products may not be available in some of the rural areas which shall be another reason that shall hamper the growth of this product.
Opportunities
Initiatives taken by the government across the globe especially for the underdeveloped tender developing nations in order to educate the masses about the awareness benefits associated with the use of condoms and the reasons for the transmission of sexual diseases will play an important role in the growth of the market in the coming years. These initiatives taken by the government shall provide growth opportunities in the coming years. Government authorities and the NGOs that are constantly striving for the betterment of sex workers and HIV-infected people will play an instrumental role in the growth of the market in the coming year.
Challenges
The social stigma which is associated with the use of female condoms will hamper the growth of the market and this is expected to be a major challenge in the growth of this market in the coming year. There are also a lot of side effects associated with the use of these condoms as the material used in the manufacturing of these products may cause allergies to the user and also the lubricant may cause some trouble.
Key Market Players in the Condom Market
- Church & Dwight Co., Inc.
- Fuji Latex Co., Ltd.
- Veru, Inc.
- Mayer Laboratories, Inc.
- Okamoto Industries, Inc.
- Reckitt Benckiser Group
- Karex Berhad
- Lelo
- LifeStyles Healthcare Pte Ltd.
- Cupid Limited
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About Us:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains. Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
Contact Us:
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CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : [email protected]
Website : https://www.custommarketinsights.com/According to Custom Market Insights (CMI), the Mobile Payments Market size is expected to grow at a compound annual growth rate of 37.1% during the forecast period extending from the year 2021 to the year 2030. The outbreak of the COVID-19 pandemic had a positive effect on the market.
The demand for this platform has grown to a great extent during the pandemic as compared to the previous years. USD 43.11 billion in the year 2021 and USD 55.34 billion in the year 2022. The market is expected to reach USD 587.52 billion by the year 2030. This growth is associated with the growing demand for mobile payment platforms across the world. The demand for mobile payment options will continue to grow during the forecast period as this is a good substitute for the traditional methods of payment which happens to be a secure option.
Browse the full “Mobile Payments Market Size, Trends and Insights By Technology (Near Field Communication, Direct Mobile Billing, Interactive Voice Response System, Mobile Web Payment, SMS, Mobile App, Others), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End-use (BFSI, Media & Entertainment, Retail & E-commerce, Healthcare, IT & Telecom, Transportation, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/mobile-payments-market/
Market Dynamics
Drivers
The mobile payments market is expected to grow well in the coming years due to the rapid adoption of this technology by the developing as well as the developed nations, especially after the outbreak of the COVID-19 pandemic. This market will soar higher in the forecast period. The adoption of this technology is more in various nations due to the feature of Cashless transactions.
The availability of payment through mobile phones is extremely hassling-free. Features available on the platform will help in the growth of the market in the coming years. Improvisation of the existing technologies will lead to acquiring a larger consumer base. The population across the globe is growing dependent on advanced technology and devices. All of these factors shall play an extremely important role in the growth of the market. Other factors that will be instrumental in the growth of the market our reliability, security and quick services provided by the technology.
Restraints
As many businesses had a negative impact due to the outbreak of the COVID-19 pandemic the functioning of these businesses was also affected on a large scale. Many industries had incurred large losses in terms of their finances and this crisis has been one of the major factors restraining the growth of the mobile payment services platform.
Opportunities
Rapid digitization in various nations across the globe has increased the adoption of mobile payments. This market is expected to see exponential growth in the coming years due to the increased use of these platforms for many transactions. The demand for these services will continue to grow in the coming years due to the convenience and ease of access provided by the use of this technology. There has been increased adoption of these platforms majorly due to the hassle-free and secure payment gateway. The use of mobile wallets and bank cards will provide major growth opportunities in the coming years.
Challenges
There are a few limitations to the growth of the market. Increased cases of cyber-attacks on the payment option will hamper the growth of the market in the coming year. Recent statistics have stated the increasing vulnerability of these payment options and the other issues with the technology that shall be some of the major challenges in the growth of the market.
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Report Highlights
The mobile web payment technology shall be used on a large scale as it is flexible and secure. There’s increased popularity of this technology as it is extremely easy for consumers to make use of the bookmarked website. The near-field communication segment is also expected to grow well in the coming years. This technology offers loyalty programs to its customers and these services are provided in the form of coupons. Increased use of the eCommerce platforms for purchasing various products shall right the market growth period
This method of payment shall be used on a larger scale in the business-to-business market. An increasing number of investments will provide better opportunities for growth. A higher compound annual growth rate will be seen in the business-to-consumer segment during the forecast period. Subscription to various services will lead to the growth of the market.
This technology shall be used on a large scale in the banking and finance sectors across the globe. These businesses are constantly focusing on increasing the use of these services for all of their payment processes. The use of this platform has been extremely beneficial for the management of wealth. Increased use of the eCommerce platforms and purchases made through the retail stores shall also play an instrumental role in the growth of the market in the coming years
Regional Snapshots
The Asia Pacific region has dominated the market in the past and it will continue to grow well in the forecast period. Increased adoption of the QR code payment options and digital wallets has grown in the nations like India. Demonetization in India has played an extremely important role in the adoption of these services. It has led to an exponential growth of the market in the past period increased initiatives taken by the government of this nation will play an important role in the growth of the market in the coming years.
A large amount of revenue was generated for China as many market players are present in this nation. The availability of various eCommerce platforms and the growing use of online shopping platforms will lead to the growth of the Asia Pacific region in the coming years. Apart from the growth of this market in the Asia Pacific region, the North American region will also see a good amount of market share in the coming years.
Key market players in the mobile payments market
- Money Gram International
- PayPal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- WeChat (Tencent Holdings Limited)
- Google (Alphabet Inc.)
- Alibaba Group Holdings Limited
- com Inc.
- Apple Inc.
- American Express Company
- M Pesa
Table of Contents: https://www.custommarketinsights.com/report/mobile-payments-market/#table-of-contents
About Us:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
Contact Us:
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : [email protected]
Website : https://www.custommarketinsights.com/
