New York, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global sex toys market is anticipated to generate a revenue of $45,767.2 million and grow at 7.9% CAGR over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Sex Toys Market
Drivers: Growing awareness of sex toys and the consequent surging demand for sexual pleasure enhancement products are the prime factors to drive the growth of the global sex toys market during the analysis timeframe. Additionally, the increasing number of sex toys suppliers across the world is also estimated to boost the market growth by 2026. Furthermore, the huge influence of movies, social media, and pop culture on people is yet another factor to draw the audience’s attention towards sexual enhancement toys, thus augmenting the market growth.
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Opportunities: The rising demand for sex toys among the LGBT+ community and the legalization of sex toys in several countries are some major factors to offer abundant growth opportunities for the global sex toys market by 2026. Moreover, increasing social media penetration and the significant growth of e-commerce platforms encourage numerous startups and manufacturers to launch unique designs and innovative products like remotely connected sex toys, virtual devices, or augmented reality devices. These factors are also expected to create ample market growth opportunities.
Restraints: High risk of addiction towards the use of sex toys is the prime factor to hinder the market growth.
Segments of the Sex Toys Market
The report has divided the sex toys market into multiple segments based on distribution channel, end-user, and regional outlook.
Distribution Channel: E-commerce Sub-segment to be Highly Dominant
The e-commerce sub-segment is predicted to have the highest growth rate of 7.1% CAGR during the forecast years mainly due to rapidly growing e-commerce business and key manufacturers’ rising focus on creating awareness about sex toys products. Moreover, online platforms provide personalized delivery and exciting offers and discounts to customers that is also projected to bolster the sub-segment’s growth by 2026.
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End-user: Female Sub-segment to be Highly Beneficial
The female sub-segment of the global sex toys market is estimated to hold the largest market share and garner a revenue of $29,016.4 million during the forecast period due to wide usage of sex toys and purchase by women worldwide. Moreover, most sex toys manufacturers are implementing marketing and promotion strategies to attract high number of female customers, thus further propelling the sub-segment’s growth by 2026.
Region: Market in the Asia-Pacific Region to be the Most Lucrative
The sex toys market in the Asia-Pacific region is anticipated to have the highest growth rate of 8.3% CAGR during the 2019-2026 analysis timeframe due to growing number of sex toys suppliers in countries like India, China, Australia, etc. Moreover, the increasing usage of sex toys in countries like Japan and China along with abundant manufacturing amenities in the developing regions is also expected to uplift the market growth by 2026.
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Prominent Sex Toys Market Players
Some major sex toys market players include
- BMS Factory
- Church & Dwight Co., Inc
- Tantus Technologies, Inc.
- LUVU BRANDS
- ANSELL LTD
- CRYSTAL DELIGHTS
- FUN FACTORY
- Doc Johnson Enterprises
- LELO
- Spot of Delight
- WE-VIBE
- Lovehoney Group Ltd
- ADAM & EVE STORES, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here to get access to the key manufacturers’ development strategic report
For example, in April 2022, Diesel, a leading Italian retail clothing company, announced its partnership with Lelo, a Swedish sex toys and products manufacturer, to develop a co-branded range of devices aimed to offer sexual wellness.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Sex Toys Market:
- Surge in Sex Toy Sales to Augment the Growth of the Sex Toy Industry
- Sex Toys: All You Need To Know About These Handy Assistive Devices
- 5 Most Popular Sex Toys Brands to Watch During the COVID-19 Pandemic
