Global Sex Toys Market 2019-2023
About this market
One of the major reasons for the increased use of sex toys is increasing awareness and changing perception among users. A large variety of sex toys are available in the market, which include luxury love devices, romantic toys, and kinky play toys. Several companies are introducing products in keeping with the growing popularity of concepts such as bondage, discipline, sadism, and masochism (BDSM). Similarly, many manufacturers are designing innovative sex toys such as those that can be worn internally. The growing acceptance of sex toys, where they are no longer considered taboos, has enabled many couples to enhance their sexual lives with the use of sex toys such as vibrators. Furthermore, the presence of specialty sex toy stores and online channels such as Amazon.com, Inc., are enabling people to purchase products with ease. Thus, the increasing acceptance of sex toys as well as continuous product innovations by vendors have increased the popularity of sex toys. Technavio’s analysts have predicted that the sex toys market will register a CAGR of about 7% by 2023.
Rapid growth of e-commerce platforms
The booming e-commerce business has been playing a major role in the growth of the global sex toys market by ensuring the availability of a variety of these products to a widespread population. Furthermore, the rise in Internet penetration is leading to increased awareness about these products, and thereby driving online purchase.
Negative social perceptions of sex toys
Negative social perception, including risk of addiction, about sex toys is detrimental to market growth as it is discouraging customers from purchasing these products. This also makes it difficult for vendors to establish their presence in these regions as educating customers and creating awareness about the pleasure products becomes challenging.
For the detailed list of factors that will drive and challenge the growth of the sex toys market during the 2019-2023, view our report.
The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Sex Toys Market 2019-2023
Technavio recognizes the following companies as the key players in the global sex toys market: Church & Dwight Co., Inc., Doc Johnson Enterprises, LELO, LUVU BRANDS, Reckitt Benckiser Group plc.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rebranding and repositioning of the sex toys is set to positively impact the growth of the market.”
According to the report, one of the major drivers for this market is the sex toys targeted toward the LGBT population is driving the growth of the market.
Further, the report states that one of the major factors hindering the growth of this market is the potential risks of sex toys hamper the growth of the market.
Church & Dwight Co., Inc.
Doc Johnson Enterprises
Reckitt Benckiser Group plc.
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