Sex Toys Market Expected to Garner $45,767.2 Million by 2026, At a CAGR of 7.9%.Download Sample Reports Overview
According to a new study conducted by Research Dive, the global sex toys market forecast will surpass $45,767.2 million till 2026, at a 7.9% CAGR, growing from $24,929.0 million in the 2018.
Growing popularity of users due to increasing awareness and swift change towards positive perception of users are major trends for the growth of sex toys market. In addition, sex toys are available for all age groups and also available for LGBT population. Increasing LGBT population in developed economies will drive the demand for sex toys. Furthermore, pop culture, social media and movies are significantly encouraging the adoption of sex toys by current and future generations. Also, adults are open-minded about their sexual desires and they are using several products including sex toys and special lubricants to enrich their sexual practices, which is projected to drive the market growth. Moreover, booming e-commerce and growing number of online retailers are creating ample growth opportunities in global sex toys market. For instance, leading online stores such as amazon are providing facility to consumers to buy sex toys with fast home delivery options; this is anticipated to enhance the market size in the coming years.
However, threat of addiction and chemicals used in production of sex toys are limiting the sex toys market growth.
E-commerce segment held a major share of the global sex toys market, which was 63.2% in the year 2018 and is anticipated to experience a noteworthy growth during the estimated time. This growth is owing to swift growth of online platforms globally and consumers are preferring online platforms due to its conformability and privacy. Also, E-commerce creating easy access for regular purchases of the products is anticipated to boost the market growth. Mass merchandizers segment accounted for $1,869.7 million in the year 2018 and is projected to grow during the forecast timeframe.
Female products generated majority of the market share, which is estimated to rise at remarkable rate of 7.9% CAGR and is anticipated to create substantial revenue in the forecast timeframe. This dominance is owing to huge number of female consumers with around 69% of products acquired by women globally. Moreover, male end use segment is projected to grow at healthy rate during the estimated time. This growth is mainly owing to the availability of noiseless, portable, and rechargeable sex toys for both females and males.
Asia-Pacific market will witness to grow at a noticeable rate of 8.3% CAGR and is anticipated to continue its growth in terms of generating revenue in the forecast period. This growth is mainly because of increasing number of online retailers in developing economies including China, New Zealand and Australia. In addition, increasing acceptance of sexual experience toys in the Japan and China coupled with enormous manufacturing facilities in China are estimated to propel the market growth in the coming years. North America held the highest sex toys market size in the previous years and is projected to maintain its growth during the projected time. The dominance over the market is majorly owing to broadmindedness on sexual involvement in the people across the North America. Also, growing social acceptance of sex toys in North America is expected to enhance the market growth in the estimated period. Due to this wide adoption, the North America market is predicted to account for $12,906.4 million in 2026.
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The significant sex toys market players include LUVU BRANDS, LELO, ANSELL LTD, FUN FACTORY, Lovehoney Group Ltd, BMS Factory, Tantus Technologies, Inc., Doc Johnson Enterprises, CRYSTAL DELIGHTS, , ADAM & EVE STORES, Spot of Delight, WE-VIBE, Church & Dwight Co., Inc. and many others. These significant players are following several strategies such as new product promotions, joint ventures, product developments and mergers & acquisitions to increase their market share in the overall sex toys industry.
Porter’s Five Forces Analysis for Sex Toys Market:
Interchange Power of Merchants: Increasing number of online suppliers globally due to booming E-commerce is generating high bargaining power. The interchange power of merchants is expected to be HIGH.
Bargaining Control of Buyers: Sex toys market has high number of buyers and there is a growing demand for sex toys for enhanced sexual experience. The bargaining control of buyers is predicted to be HIGH.
Risk of New Candidates: There are strict government procedures on the sanction of the sex toys and high initial investments are required for manufacturing facilities; these aspects deliver LOW risk of new candidates into the global market.
Risk of Alternates: Sex toys market contains less alternate products; this aspect offers better support to the growth of sex toys market. The risk of alternates is LOW.
Competitiveness in the business: This market contains high number of small & medium and large size enterprises. These manufacturers are underlining on mergers & acquisitions, geographical expansions and technology developments to gain competitive edge. These are most common strategies followed by most of the manufacturers. The competitiveness in the business is estimated to be HIGH.