Growing Adoption of Sex Toys during COVID-19 Pandemic
The rise of the COVID-19 disaster has positively impacted the global sex toys market growth in 2020. This is mainly due to rising adoption and innovations in sex toys amidst the pandemic period.
New York, USA, May 10, 2021 (GLOBE NEWSWIRE) — A newest report on the global sex toys market has been added by Research Dive to its repository. The report presents exhaustive insights on the impact of COVID-19 pandemic on the present and future prospective of the global industry, by analyzing important factors such as key drivers & limitations, newest trends & advances, regional market circumstances, and size & scope of the market during the pandemic. The report states that the COVID-19 pandemic has made a positive impact on the market growth.
Factors Impacting the Market Growth during COVID-19 Pandemic
The global sex toys market is expected to witness noteworthy growth and garner $49,705.7 million, Growing with a CAGR of 9.2% from 2019 to 2026 due to the rising demand and popularity for sex toys in the lockdown period amidst the pandemic. The fact that having close contact with COVID-19 infected person while getting physical is also contributing to the growing demand for sex toys in this crisis period.
Highlights of the Report
- The CAGR of the sex toys market, as estimated before the outbreak of the COVID-19 pandemic, was 9% in the estimated period, 2019—2026.
- The CAGR of the global industry, as expected post the rise of the COVID-19 pandemic, is anticipated to be 9.2% during the projected period, 2019—2026.
- The size of the global sex toys sector in 2020, as estimated before the beginning of the COVID-19 pandemic, was $28,931.2 million.
- The present market size (2020), bearing the after-effects of the COVID-19 pandemic, is $29,701.5 million.
Present Scenario of the Market due to COVID-19 Crisis:
Sex toys manufacturing companies are heavily investing in novel product design and developments to meet the requirements of people during the pandemic. For instance, in March 2021, CamSoda, an adult entertainment webcam platform, launched ‘Teledildonics’ technology to develop sex toys that can stimulate women during food delivery.
Despite the pandemic crisis, the Asia-Pacific male sex toys market is estimated to observe significant growth and dominate the market from 2019 to 2026. The growth of this region market is mainly owing to rising adoption of sexual enhancement devices in this region.
Future Scope of the Industry:
According to the report, the global sex toys market is projected to continue making significant developments after the end of COVID-19 disaster. New entrants and some of the top companies such as
- FUN FACTORY
- LUVU BRANDS
- ANSELL LTD
- LELO
- BMS Factory
- Tantus Technologies, Inc.
- CRYSTAL DELIGHTS
- ADAM & EVE STORES
- Doc Johnson Enterprises
- WE-VIBE
- Spot of Delight
- Church & Dwight Co., Inc.
- Lovehoney Group Ltd
- The Pleasure Keys
and others are expected to form the future of the global sex toys market in the upcoming years.
The report provides numerous tactics and strategies of the foremost players functioning in the market such as the new product developments, latest strategic plans & approaches, financial performance, product portfolio, and SWOT analysis. For instance, in March 2021, Womanizer, one of the leading sex toy brands, launched world’s first biodegradable and recyclable sex toy.
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About the Author
Josh Morgan
Josh Morgan is CouponAnnie's Contributing Writer. He lives life on the cheap, but that doesn't mean a boring existence. Josh loves helping people focus on frugality without giving up the things they enjoy. When he's not getting deals, he's probably drawing or writing something amazing.