The global Sex Toys market size is expected to be worth around US$ 48.1billion by 2027, according to a new report by Vision Research Reports.
The global Sex Toys market size was valued at US$ 26.5 billion in 2019 and is anticipated to grow at a CAGR of 5.2% during forecast period 2020 to 2027.
Increased spending capacities and improved standard of living in developing economies are expected to drive the market during the forecast period. Novelty adult products are gaining a mainstream position in the sexual wellness industry with the growing popularity amongst all age groups. Acceptance of the LGBTQ community and growing interest among women towards experimenting with sexual wellness products without hesitation is promoting the adoption of such products and hence, driving the market. Liberalisation, penetration of social media, and the influence of pop culture have resulted in increasing awareness about the importance of sexual health.
Growth Factors
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.
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. In March 2019, Reckitt Benckiser launched its direct-to-consumer e-commerce platform to sell its premium products in India
Read the report here.
