Global Adult Toys Market to Exceed USD 29 Billion by 2020
According to Technavio’s latest report, the global adult toys market is expected to exceed USD 29 billion by 2020, growing at a CAGR of almost 7% during the forecast period.
“The global adult toys market is growing at a steady pace due to various factors such as an increase in openness, drive for excitement and adventure, passion for quirky products and heightened desire for experimentation, which are driving the market growth globally,” says Amber Chourasia, lead analyst for health and wellness research at Technavio.
APAC: increasing disposable income propels growth
The adult toys market in APAC is expected to reach USD 13.4 billion by 2020, growing at a CAGR of over 7%.
The adult toys market in APAC is the largest in terms of revenue contribution. China and Japan are the biggest markets for these products. India is also recording impressive growth due to growing consumption of adult toys and related products. Seventy percent of global adult toys are made in China. Adult toys are sold through different stores, and even the mom-and-pop shops in the majority of Chinese cities keep a stock of adult intimacy products, including adult toys. This is in response to the consumer acceptance of adult toys in China. In 2010, over 90% of Chinese adults showed acceptance for adult toys, and this number is likely to rise in the coming years.
Increasing disposable income is another factor driving individuals to adopt advanced adult toys.
“Indonesia, Vietnam, and Thailand are likely to experience significant growth in the coming years due to increasing disposable income and rising availability of adult toys,” says Amber.
Europe: availability of organic and high-end sophisticated products boosts growth
The adult toys market in Europe is expected to reach USD 7.7 billion by 2020, growing at a CAGR of over 7%.
The adult toys market in Europe is growing at a fast rate.
North America: rising propensity to experiment increases demand
The adult toys market in North America is predicted to exceed USD 6 billion by 2020, growing at a CAGR of almost 7%.
The adult toys market in North America is witnessing rapid growth. The rise in demand for adult toys from older women and couples is driving sales in this region. Changing cultural values and the rising propensity to experiment with adult toys, will lead to an increase in demand for adult toys during the forecast period. Retailers are creating prominent shelf lines for sexual health and wellness products. The US accounts for the larger share of the market, while Canada, too, is witnessing strong demand.
ROW: rising westernization to boost growth
The adult toys market in ROW is expected to exceed USD 1.9 billion by 2020, growing at a CAGR of over 4%.
ROW here includes Latin America and the Middle East and Africa (MEA). Rising westernization and inclination toward the use of adult toys and related products are factors which are boosting their sales in ROW. Brazil is Latin America's biggest market for adult toys mainly due to the increase in availability and awareness about the product.
Adult toys are still not commercially available in many countries. The ROW market is challenged by the prohibition of these products in various countries and tight scrutiny by customs officials that makes sourcing difficult. Africa constitutes a very small percentage of the market because of the low disposable income. However, the penetration of these products is significantly growing in some countries, such as South Africa.