Condom Market – Low Costs and Perception of Higher Safety Working in Favor of Latex Condoms
China Condom Market: Snapshot
The China market for condoms has registered a strong growth trajectory in the past two decades. The government’s role in endorsing condoms as a safety measure post 2002 as compared to the earlier stand on endorsing condoms mostly as a hygiene concept has worked in favor of the market. This is evident from the tenfold rise in the yearly output of condoms in the country over the period between 1995 and 2015. The overall consumption of a variety of condoms has also significantly increased in China in the past few years, primarily owing to the active role of government bodies in educating masses about the use of condoms for preventing HIV and other sexually transmitted diseases.
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In 2015, however, the announcement of the country bringing an end to the one child policy has resulted in a sizeable reduction in the country’s overall annual consumption of condoms. A massive dip in shares of condom manufacturers’ revenues from countrywide sales of condoms was also observed by the end of 2015. Nevertheless, TMR analysis suggests that the awareness about condom’s role in preventing the risk of health complications will be a higher-impact trend than that of lessened use of condoms for the purpose of pregnancy prevention.
TMR states that the China condom market will expand at a healthy pace of over 12% over the period between 2016 and 2024 in terms of revenue. The market, which had a valuation of US$1.84 bn in 2015, is expected to rise to US$5.04 bn by 2024 at this rate.
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Low Costs and Perception of Higher Safety Working in Favor of Latex Condoms
Of the vast variety of materials used for manufacturing condoms, latex seems to be the most preferred choice among manufacturers. Consumers have shown the highest inclination to latex condoms, with the segment accounting for over 50% share in the market’s overall revenues in 2015. In terms of volume, latex condoms accounted for over 60% share in the overall market in terms of available product varieties in the same year.
The low costs of latex condoms combined with their promise of high level of protection and easy customization with the use of flavors, colors, and warming lubricants have worked well in the favor of this segment. In the next few years as well, latex condoms will constitute the largest share in the overall market in terms of revenue as well as volume by 2024. Concerns regarding certain allergic reactions resulting from latex condoms will have little impact on their appeal.