New York, USA, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The sex toys market is predicted to grow significantly during the Covid-19 pandemic with a CAGR of 9.2% during the forecast timeframe, as per the report published by Research Dive. The report states that the market size is estimated to reach a revenue of $49,705.7 million by 2026, from a noteworthy market size of $24,929.0 million in 2018.
The market report constitutes of deep perceptions and effects of COVID-19 pandemic on the current and future situation of this market industry worldwide. These perceptions are acquired by analyzing necessary market features such as size and scope of the market, drivers, newest trends, limitations, advances, and the view of regional markets in the pandemic crises.
Factors Impacting the Market Growth in the Covid-19 Pandemic
The Covid-19 crises augmented the sex toys market due to rise in sexual involvement by the people and experiencing sexual life. Sex toys are recommended for treating menopausal symptoms such as vulvodynia, lichen sclerosus, and gynae cancer. Moreover, increase in awareness about benefits related to sex toys and a changed perspective of people regarding these toys is driving the market growth. Apart from this, legalization of sex toys in numerous countries is also boosting the market. All of these factors are impacting the market growth during the Covid-19 tragedy.
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Key Highlights of the Market
- The likely CAGR of the sex toys market, as predicted prior to the occurrence of the COVID-19 pandemic, was 7.9% in the forecast period.
- The sex toys industry CAGR worldwide, as estimated after the commencement of the new coronavirus mayhem, is expected to be 9.2% in the forecast time period.
- The market size of the sex toys industry in 2020, as expected before the COVID-19 crises began, was $28,931.2 million.
- The present size of the sex toys market in 2020, after enduring the COVID-19 outbreak, is $29,701.5 million.
Present Market Situation in the Coronavirus Outbreak
Rise in demand for sex toys and sexually related product is enhancing the sex toys market during the Covid-19 pandemic. The norms related to social distancing and quarantine protocols resulted in the growth of sex toys market. Moreover, basic and natural human needs & emotions related to sexual desires automatically augmented the market. All these features are responsible for the market growth in the Covid-19 pandemic.
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Market Scenario after the Covid-19 Outbreak
The sex toys market is expected to rise after the pandemic situation as well due to the increase in online retailers and e-commerce sector. Moreover, usage of sex toys due to pop culture and social media platforms will create lucrative opportunities in the estimated forecast period. Apart from this, advanced products and novel designs will escalate the market, for instance, LELO sex toys manufacturing company is creating sexual enrichment devices with the help of blockchain technology. Beyond this, healthcare workers recommend sex toys for treating cancer, blood pressure issues, and also acts like an antidepressant. All these factors are considered to propel the sex toys market after the coronavirus outbreak ends. Quick Download Top Companies Development Strategies Summary Report
Some of the wee-known market players of the sex toys market are -
- LUVU BRANDS
- ANSELL LTD
- LELO
- FUN FACTORY
- BMS Factory
- Lovehoney Group Ltd
- Tantus Technologies, Inc.
- CRYSTAL DELIGHTS
- Doc Johnson Enterprises
- ADAM & EVE STORES
- WE-VIBE
- Spot of Delight
- Church & Dwight Co., Inc.
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