COVID 19 - Update: Global Sex Toys Market is Expected to Reach US$ 56.58 Billion by 2027, Growing at a CAGR of 9.6% Over the Forecast Period, Owing to Lockdown Conditions Occurring in Various Regions Globally, Says Absolute Markets Insights
PUNE, India, April 20, 2020 /PRNewswire/ -- While most businesses are suffering lockdown to curb the spread of the coronavirus, the online media has seen a rise in sales in most of the developing and developed countries. The sales rate of the sex toys are growing virtually. There are distributions and e-commerce companies who are delivering products amidst the international and national lockdown. People are at home and they have more free time on their hands. Mostly, people are with their partners or alone and need fun in their daily lives when it comes to being intimate in their partners or primarily when they are living alone. Six online sex toy shops in Colombia have seen a rise in their revenue since the quarantine began. They are meant to be at home until the government pulls back the lockdown criteria, except for buying food and medicine and bank visits. Sex toys are meant to keep up their spirits during this lockdown fever. Other countries are also witnessing a similar phenomenon. Denmark sex toys sales have doubled in the recent past. On the other hand, the British lingerie chain named Ann Summers reported sex toy sales upto 30% till first of April.
One of the biggest sex toy seller in Nordics named Sinful reported the rise in sales of 110% in Denmark region, wherein according to the estimates figured out, the company accounts more than three-quarters of the total market. The country's sex toy review website named Eroti.dk reported that the traffic has more than tripled during the lock-down phase as compared to last year sales trend. There are retailers that ship their packages to online customers in Norway, Denmark, Finland and Sweden.
The detailed research study provides qualitative and quantitative analysis of sex toys market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
In terms of revenue, the women sex toys segment is expected to witness the highest growth rate over the forecast period. Individuals are focusing more on enhancing physical pleasure. They are using sex toys to enjoy intimate relationship with their partners. The sales are mostly through online platforms owing to the taboo and stigma attached in buying these products openly displayed in wellness departments.
Asia Pacific region is expected to witness the fastest growth rate over the next eight years. The popularity of products such as dildos and penile rings amongst other has increased during this quarantine period and is expected to continue the same trend over the forecast period.
Some of the players operating in the sex toys market are Reckitt Benckiser Group plc., LELO, LifeStyles Healthcare Pte Ltd, Lovehoney Group Ltd;, Doc Johnson Enterprises, BMS Factory and other market participants
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