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Starting a Sex Toy Business is a Way for Millennials to Become Millionaires
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The sex toy market is booming, offering millennials a lucrative business opportunity with projected growth to $47.6 billion by 2030.
According to a new report published by Allied Market Research, titled, “Sex toys Market by Product Type, End-Use, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global sex toys market was valued at $38,689.3 million in 2020, and is projected to reach $47,615.4 million by 2030, registering a CAGR of 4.3%. North America was the highest revenue contributor, accounting for $17,843.5 million in 2020, with a CAGR of 3.7%.
Sex toys is the major segment in the sexual wellness industry. Sexual wellness is the physical, mental, and sexual well-being of a person, which can be achieved through the use of various products such as sex toys, contraceptives, lubricants, delay sprays, pregnancy testing kits, and vaginal sexual wellness products. In addition, these products that enhance pleasure of sexual experience, provide safety from sexually transmitted infections, and reduce the risk of unwanted pregnancy are considered as sexual wellness products. Sex toys are associated with various benefits such as it reduces the risk of unwanted pregnancy, STDs, and it doubles the joy of sex with or without a partner.
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Rise in sexual interests of millennial and awareness regarding sex toys products are expected to boost the market growth during the forecast period. In addition, issues such as hectic & busy schedules, stress, frustration, medication, aging problems, and hormonal issues are likely to reduce sexual stamina of individuals; hence wellness products such as sex toys supplements gained have gained major popularity among young couples.
According to sex toys market analysis, the sex toys market segmented into product type, end user, distribution channel, and region. On the basis of product type, the sex toys market report is categorized into vibrators, dildos, rings, and others. By end user, it is segregated into women and men. According to distribution channel, it is divided into supermarket & hypermarket, specialty store, drug store, and online stores. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The vibrators segment dominated the global market with around 38.1% share of the overall revenue in 2020. The rings segment is expected to witness significant growth during the forecast period. This is attributed to the growth in awareness regarding sexually transmitted infections (STIs), unwanted pregnancies, and increase in adoption of female vibrators devices especially in developed countries such as the U.S., Japan, and Germany.
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On the basis of end user, the women segment was the highest contributor to the market, with $24,449.2 million in 2020, and is estimated to reach $29,133.0 million by 2030, at a CAGR of 3.9% during the forecast period. Men segment gained significant popularity in the last few years. In addition, growth in number of viewers for sex movies and pornography is likely to create sex fantasies among men, which further motivates them to use sex toys and condoms to enhance their sexual life, thus, all these attributes are surging the sex toys market demand.
On the basis of distribution channel, the online stores segment was the highest contributor to the market, with $11,543.1 million in 2020, at a CAGR of 4.4% during the forecast period. This is majorly attributed to the growth in internet users to buy various sexual wellness product including sex toys, female contraceptives, and male condoms, which is anticipated to favor the growth of the sex toys market through the online stores segment.
On the basis of region, North America was the prominent market in 2020, accounting for the maximum share in the global sex toys market. This was attributed to the presence of international brands in the region, which offer products with high improvisations such as condoms with extra applied lubricants, attracting a large consumer base. In addition, growth in the acceptance of the LGBT community rights and legalization of same sex marriages in the region are expected to promote the growth of sex toys market during the forecast period. Furthermore, personal hygiene is also expected to boost the market growth.
The players in the sexual wellness market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Adam & eve store, Bijoux indiscrets, California exotic novelties, llc, Caya co-operative ltd, Church & Dwight co., inc., Doc Johnson Enterprises, Hot Octopuss limited, reckitt benckiser group plc, tenga co., ltd, and we-vibe.
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The article discusses the potential for millennials to become millionaires by starting a sex toy business.
Key segments include product type, end user, and distribution channel.
North America is the leading region in the sex toy market.
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