sex-toys-market-size-worth-$55,64888-mn,-globally,-by-2028-at-7.6%-cagr-–-exclusive-report-by-the-insight-partners

Sex Toys Market Size Worth $55,648.88 Mn, Globally, by 2028 at 7.6% CAGR – Exclusive Report by The Insight Partners

 

According to the new market research report “Sex Toys Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Material (Metal, Silicone, Plastic, Glass, and Others); Gender (Male, and Female); Distribution Channel (E-Commerce, Specialty Stores, and Others), and Geography”, published by The Insight Partners, the global sex toys market is projected to reach US$ 55,648.88 million by 2028 from US$ 30,974.79 million in 2021 to grow at a CAGR of 7.6%.

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Report Coverage

Details

Market Size Value in

US$ 30,974.79 million in 2021

Market Size Value by

US$ 55,648.88 million by 2028

Growth Rate

CAGR of 7.6% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

160

No. Tables

83

No. of Charts & Figures

75

Historical Data Available

Yes

Segments Covered

Material, Gender, Distribution Channel, and Geography

Regional Scope

North America; Europe; Asia Pacific; Latin America; MEA

Country Scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report Coverage

Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends

Sex Toys Market: Competition Landscape and Key Developments

Crave, Lovehoney Group Ltd., BMS Factory, TENGA Co., Ltd., FUN FACTORY GmbH, WOW Tech International GmbH, LELO, LIFESTYLES HEALTHCARE PTE LTD, and UNBOUND are among the key companies operating in the sex toys market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

In febraury 2021, TENGA Co., Ltd. Introduced the NEW TENGA Advisor help to choose best choice in All-New TENGA CUP Series.

In December 2020, BMS Factory has expanded its playing field with PalmPocket Extended – a set of 3 silicone attachment heads designed for use with none other than the PalmPower Pocket.

In July 2016, Lovehoney Launched Official Mötley Crüe Collection comprises a set of eight powerful mini and midi-sized vibrators, emblazoned with the band’s iconic typography and distinctive artwork, as featured on classic albums ‘Girls Girls’, ‘Shout at The Devil’, ‘Too Fast For Love’ and more.

North America held the largest market share for sex toy in 2020. The United States held the largest market in North America for sex toy, and the market is expected to grow due to increasing awareness and increasing adoption sex toys in the wake of COVID-19.

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Moreover, the extent of innovation introduced by start-ups is potentially changing the entire dynamic of the market. Start-up projects in the market such as Ora and The Ultimate G have created vibrators that are markedly different from the existing products in the market in terms of design and components. The increasing number of vendors in this product segment has led to more competition and product variety. In the past, sourcing investments for a start-up project on sex toys was a difficult task. However, the recent boom in the sexual wellness market has convinced many investors to fund in innovative sex toys. For instance, Robin Elenga, the creator of the Revel Body vibrator, received quick funding from investors to fund his project. Elenga took only four hours to raise USD 800,000 for his sonic vibrator project. Investors are aware of the massive market potential of sex toys, especially vibrators, and are willing to invest in innovations in this market. With sexual wellness products getting mainstream exposure through the internet, media, and literature, sex toys have gained more popularity over the past year. With the adult vibrator market in the US attracting a lot of attention due to media and promotional activities, the public awareness of the product has increased. Hollywood movies such as Fifty Shades of Grey, based on a trilogy of the same name by E. L. James, has also influenced the market, thus increasing the demand for sex toys. After the launch of the trilogy in 2012, sex toys and various restraints used in the movie witnessed a 400% growth in sales in the following months in the US market. This single franchise not only changed the public perception about sex toys, but also helped in promoting sex toys as a mainstream product in North America.

In 2020, Asia Pacific registered as the fastest-growing region in the global sex toys market. The market is this region is expected to grow significantly in countries such as ChinaJapan, and India. The growth of the market is attributed to rising use of sex toys, and presence of a larger target population. Similarly, in countries such as South Korea and Australia, the market is estimated to grow due increasing adoption of sex toys in the wake of COVID-19.

Changing Perception of Customers Toward Utilization of Sex Toys in Sex Toys Market:

Sex toys are especially designed for sexual stimulations. The toys help improve sexual performance, extend shorten foreplay, and satisfy a partner who needs more time to climax. Moreover, some of the customers utilize sex toys to have orgasm, fantasize, relax, fall asleep, and to simply feel connected to their own bodies. The perception of people about the use and adoption of sex toys is changing in the region. For instance, according to a survey conducted by Lovehoney in 2020, two third of population in the US has normalized the utilization of sex toys. Also, according to the survey population, sexual wellness is equally important along with physical and mental health.

The change in perception for sex toys among customers has encouraged the market players to develop advanced pleasure giving products. Moreover, the change is perception is also leading to the massive adoption of sex toys, especially by women. For instance, according to a research paper published by a group of researchers at University of Kassel, Kassel, Germany in 2016, an estimated two third women population in the US prefers to use sex toys for partnered sexual activities and masturbation. Further, surging number of adult shops in the region represents a shift in attitude toward sexual products, which, in turn is likely to drive the market growth.

Sex Toys Market: Segmental Overview

Based on material, the sex toys market is segmented into metal, silicone, plastic, glass, and others. The silicone segment accounted for more than 40.02% of the market share in 2020. In terms of gender, the sex toys market is segmented into male and female. The female segment held the largest share of the market in 2020. In terms of distribution channel, the sex toys market is segmented into e-commerce, specialty stores, and others. The e-commerce segment held the largest share of the market in 2020.

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The effects of COVID-19 on human sexualities have been intensively discussed on both mass media (press, radio, and television) and social media (Facebook, YouTube, Instagram, and Twitter; Döring & Walter, 2020). For example, the New York Times ran “Coronavirus and Sex: Questions and Answers” (Gunter, 2020), VICE Magazine reported “How Sex Workers are Dealing with Coronavirus” (Pringels, 2020), and the new Facebook group “LGBTI COVID-19 Response” was founded. This is gratifying because issues of sexual and reproductive health and rights and sexual well-being should be taken seriously in times of crisis, as they are closely related to overall health and quality of life. An example is the “Kissenger machine,” an interactive device used with a mobile phone that allows remote kissing in real time over distance. While high-tech sex toys for remote sex play have been discussed as “teledildonics” for decades, the 2019/2020 COVID pandemic, with its long-term lockdowns and contact bans, has increased demand for and interest in remote sex toys for both casual sex play among isolated singles and sexual intimacy between halves of separated couples. Sex toy sales have risen in the UK by 13%, whilst globally Canada has seen an 135% increase, and Italy, a 71% increase. In statistics provided by adult sex toy brand, Womaniser, it’s perhaps unsurprising then that sales of sex toys have spiked as people look to keep themselves entertained at home.

Adam and Eve, a company with franchised locations across North America and an online store, reported a 30 percent increase in online sales in March and April 2020 based on the same time period last year. Other big companies that do most of their sales online also saw an uptick.

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