Sex Toys Market Growth & Trends
The global sex toys market size is expected to reach USD 62.32 billion by 2030, based on a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.4% during the forecast period. Women aging from 16 to 70 years old are indulging in the pleasure of adult toys. The stigma of using these products to replace a partner has long been broken by couples who enjoy these toys from time to time, which is expected to drive market growth.
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 the country-wide lockdowns across the world exhibited a boost in sales of sex toys. During the COVID-19 customers shifted towards app-enabled sex toys and Bluetooth-powered toys also known as teledildonics to reduce the consumption of harmful chemicals in sex toys.
Sex toy manufacturers are undertaking various initiatives such as marketing & advertising products in unique ways and running awareness campaigns. Advertisements featuring well-known or popular pornstars drive interest and increase sales of the product. LELO launched a wave of Stay home and Save deals applicable for the entire month of May 2020, wherein the company was offering up to 15% discounts on its products.
The growth is attributed to the launch of new products in the novelty adult segment, sexual wellness, and self-love products. Affordable sexual wellness products, including vibrators, dildos, lubricants, and other toys, are entering the market, and the stigma associated with selling sexual things in traditional stores is dissipating. The move is expected to be due to a shift in demographics since millennials, and Gen Z has a different perspective on sexual wellbeing than baby boomers. The market for sex toys is profiting from the gradual disappearance of the stigma associated with masturbation, especially among married couples.
Asia Pacific is expected to be the fastest-growing market during the forecast period. China and Australia are the leading revenue generators in the market. The stigma surrounding sex is reducing among millennials and Gen-Z, who are more open to exploring new things to enhance their sexual experience. In March 2019, Reckitt Benckiser launched its direct-to-consumer e-commerce platform to sell its premium products in India.
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Sex Toys Market Report
Sex Toys Market Report Highlights
- The female sex toys segment held the largest market share in 2021 and is expected to expand at the second-highest CAGR during the forecast period. Single women are among the leading contributors to the market growth
- 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
- Based on distribution channels, e-commerce platforms and online retailers held the largest market share in 2021. Increasing penetration of the internet and the availability of numerous sex toys on e-commerce platforms and anonymity are driving the growth of the segment
- North America held the largest market share in 2021, 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
- With increasing disposable income in developing countries, consumers are opting for innovative products such as exquisite vibrators, BDSM gear, and anal toys. This increases opportunities for market players to capitalize on the growing demand for more high-end innovative products
- Emerging players backed by technological advancements are developing products that offer a more realistic experience. Brand leaders such as Doc Johnson, LELO, FleshLight, and LoveHoney have a global presence with a strong product portfolio. In July 2019, LifeStyles Healthcare announced the launch of three new intimate accessories under its SKYN brand-SKYN Thrill, SKYN Vibes, and SKYN Shiver
