Sexual Wellness Market is Expected to Reach US$ 296,286.6 Million by 2024 | FMI

In 2023, the global sexual wellness market size reached a valuation of US$ 264,383.5 million in 2023. The demand for sexual wellness products recorded a y-o-y growth of 12.1% in the same year.

The sexual wellness market is expected to reach US$ 296,286.6 million in 2024. Over the projection period from 2024 to 2034, sexual wellness product sales are projected to exhibit a 12.7% CAGR. The market is estimated to attain a valuation of US$ 981,047.8 million by the end of 2034.

Sexual health is closely linked to reproductive health and with the emergence of HIV and AIDS, plus the increasing incidence of STIs, sexual wellness is gaining prominence globally.

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Also, growing public health concerns about sexual dysfunction, issues relating to sexuality and the implications for health and well-being have become more important, so influencing a global demand for sexual wellness. A key conceptual element being, sexual wellness is about well-being, not merely the absence of disease. Sexual wellness implies the attainment of physical, mental, and sexual prosperity by individuals.

A number of items as sex toys, attractive lingerie, condoms and contraceptives, individual ointments, and others of the likes of testing cards and pregnancy testing units, sexual improvement supplements, and vaginal sexual wellbeing items, are categorized as sexual health wellness items.

A number of traditional retailers have been updating their sexual wellness sections to include not just family planning and contraceptive products, but also sex toys, devices, lubricants and other items that consumers might preferably buy online or other retailers.

It is to be noted that the products available at food, drug and mass retailers tend to be lower priced when compared to those in adult novelty stores, with more discreet packaging and profound importance on self-care and enjoyment.

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Global Sexual Wellness Market: Market Dynamics

Drivers for Sexual Wellness Market

Sexually transmitted infections are on the rise, which is a worrisome fact. In 2018, the number of bacterial sexually transmitted infections (STIs) reported in the United States reached an all-time high. While condoms can prevent transmission of most STIs, many people of all ages and genders, do not use them.

The growing incidence of Sexually Transmitted Diseases (STDs) and HIV infection worldwide is likely to boost the growth of the market. Moreover, initiatives taken by the government and NGO’s to promote the use of contraceptives are expected to give significant sexual wellness market growth.

The increasing awareness about sexually transmitted diseases and increased sexual activity in teenagers in North America are likely to remain the major drivers for sexual health products in the Americas over the forecast period.

Growing concern of personal hygiene is also one of the factors driving the market. Retailers outside lifestyle and traditional beauty brands are buying into products promoting sexual health and pleasure, giving them equal weightage as for physical and emotional well-being.

Trends for Sexual Wellness Market

Covid-19 lockdown has brought the global economy to a standstill, however, for producers and purveyors of condoms and sex toys, the business is booming. For the retailers it is convenient to attract an audience that does not consider the products as a taboo. Instead, they are something consumers are adding to their shopping lists, and often picking up as impulse buys.

The presence of sexual wellness products within fast fashion retailers is a great example of how businesses are introducing the category to the younger generation. Millennial are the new driving force in sexual wellness; Fun products that appeal to them are the fastest rising segment of the category.

Opportunities for Sexual Wellness Market

Attitudes towards sex and sexual health are shifting, and hence, personal and intimate care products are shaping up to be the next big opportunity. The transition of self-care items from a luxury to a necessity has been integral to the influx of sexual wellness products in the market.

Not just restricted to toys and lubricants, items falling under this umbrella combine enjoyment with wellbeing, catering to personal care, menstruation and masturbation. Female sexual wellness caters to the retailers as a huge business opportunity. For most, this opportunity is still untapped. Retailers need to rise to the occasion and provide the right offer to the target consumer- women.

Flavored lubricants are a segment that hold immense potential for the retailers to be able to increase sales in the sexual wellness category. For example, on a shelf crowded with a variety of standard personal lubricants, the flavored formulas and arousal gels are receiving an overwhelmingly positive response from buyers and consumers.

Challenges for Sexual Wellness Market

Sex remains as one of the biggest taboo topics in open debates in the Indian society, and sexual wellness is sifted away due to lack of seriousness. Despite numerous startups and vertical ecommerce portals addressing the sexual wellness market in India, the taboo still stands tall.

Condoms can trigger a latex allergy. The symptoms of latex allergy can vary in presentation and severity, in certain instances, latex allergies can invoke anaphylaxis, a life-threatening condition.

It is well advised for people who have latex allergy to switch to synthetic condoms. The reason for the issues is claimed to be the talc, a dry lubricant that is used on the surface of condoms. Various research studies have linked talc to ovarian cancer and to fibrosis on fallopian tubes, thus making the woman infertile.