The Global Sex Toy Market is Flourishing at an Extraordinary Rate

Written by: dvwilson01

One of the major factors for the growth of the adult sex toy market is the increasing use of these toys, especially for therapeutic purposes. Drive for adventure and excitement,heightened wish for experimentation, passion for eccentric products, and an increase in openness are the other factors that are pushing the markets.

It is pre-assumed that by the fall of 2023, Asia-Pacific may have the biggest share in the sex toy market. That’s because of the rising disposable income and the existence of a big consumer base. North America and Europe can show a high growth rate because of the availability of sophisticated products along with rising demand to experiment with these toys.

Here are some of the recent findings that were the results of the market research done by the firm Technavio.

The sex toy market has a worth of billions of pound in the world

It has been found out that the global market sales of the sex toys in the year 2017 have amounted to a whopping 18 billion pound. Yes, you have heard it right. And, the number is increasing day by day. These stats are high, especially when they are compared to other commodities.

Take, for example, the electric toothbrush. If you compare the aforementioned results, you would be amazed to find that the sex toys have sold about ten times more than the volume of the electric toothbrush market.

This number is even bigger than the gross sales of microwave ovens in the year 2018.

According to the research, it is not only the women who are fond of buying and making use of sex toys. There is adequate information that highlights around 50% of males have used an adult toy at a certain point in their life. However, the number is higher among women who are between 60% and 65%.

In recent times, everybody has an adult toy. And, it is not a matter of shame either. It has become quite acceptable in society, with friends and family members are comfortable around that. But, there was a time when it was considered a taboo in many cultures.

People don’t use to talk about it openly. If they ever got hold of them, it was hidden to a place where there would be no visuals. These products were advertised and marketed on the back pages of some porn magazines. And now, the sales of these products are increasing day by day.

Online sales have a great role to play in the growth of the adult toy market

So far the record goes, Lovehoney is considered as the largest retailer of sex toys in the United Kingdom. Since its inception in 2003, it has managed to make a turnover of about 100 thousand pounds. They are one of the largest retailers in the e-commerce business.

That means, they were able to make an increase of 130-fold. This is truly amazing. It appears that buyers are the ones who have enjoyed more from online purchases. This way, the online market hugely contributed to the growing market of sex toys. Online stores became the most popular choice than local retail stores.

Online buying of this product has revolutionized things to a great extent. The products can now be sold on online platforms because of certain discretion. The toys are delivered in plain brown boxes or plain brown envelopes. As such, people don’t have to go into a local store and bear the courage to take the assistance of a salesperson.

In addition, sextoyunion, a sex toy wholesaler from China, owns many cost-effective sex toys. Retailers in the United States and the United Kingdom as well as in various countries like to place orders with sextoyunion.

The online channel became the preferred choice for consumers for purchasing sex toys mainly because of the increased privacy apart from the various options they provide. Every e-commerce platform takes due care of its consumer’s privacy while purchasing the products. It has become the one-stop solution for people with relevant suggestions about the product depending on the search history.

Another great feature of these platforms is the presence of recommendations and reviews from several users, which may not be possible when buying from retail stores. Online stores help users to compare various products including their brands and prices. Overall, online stores provide a range of options, maintains privacy, and display user reviews.

Sales of adult toys are on the up and still rising

As per several experts, the recent growth of sex toys global market is on a rise. It is estimated to remain for around 7% to 10% per year. However, if you consider the people from the developing countries who were the main inhibitors surrounding adult toys, the growth rate tends to increase from 10% to 15% in the upcoming years.

The global sex toy market has the capability to grow by about 4.6 billion pounds from 2020 to 2024. Several researchers expect high growth for sex toys global market in the Asia-Pacific. The APAC or Asia-Pacific is the fastest and largest growing market because of the high population and increasing disposable income.

The existence of large consumer bases in several countries like Singapore, Thailand, Indonesia, Japan, China, and India has resulted in generating high revenue from these regions. Apart from the high population and disposable income, there is another important factor that fuels the rise of the global sex toy market in these regions.

Because of high internet penetration in these countries, the increase in the demand for adult toys has been tremendous. The Internet has made it possible to purchase the product with ease and maintain privacy at the same time. People are starting to consider these adult toy products as important and necessary commodities, and not waggish.

This special need has paved the way for many vendors to invest money in these regions. As a result of this, people have been enjoying a wide range of products that has better features and designs. For example, India has witnessed the rise of a few startup companies such as IMBesharam.com and ThatsPersonal.com in the adult toy industry.

China produces about 70% of sex toys

There is no question that when you find an adult toy in the UK, chances are that they are made in some factories in China. Hence, a sex toy you bought in Britain has its root in the East Asian countries. There are many experts who believe that this industry has become a few dozen times bigger since its beginning around some 20 years ago.

This steep rise in production has contributed to its part in the growing global development. Such companies export supplies to meet the never-ending demands of the growing overseas market for sex toys. According to research, it has been found out that China has more than a thousand adult toy manufacturing units.

China is the only producer of luxury adult toys in the world with about 70% of those toys being produced there. As per the reports, the revenue generated from this industry is running in a few billion pounds, and they are increasing leaps and bounds.

Gone are those days when condoms or adult products were not allowed to be sold in the Chinese markets. From there, the country came a long way ahead with regard to sexual culture after the opening of the solo sex shop way back in 1993 in Beijing.

China has grown into a big manufacturer of adult toys and catering to the needs of people across the world. Many foreign adult toy manufacturing companies have made investments in China. They tend to invest either in the trading, production, or marketing of these products.

European buyers are more than the American buyers

Several statistics made by Technavio shows that the Americans are behind than Europeans in terms of buying luxury adult toys. Some of the reports show that around 70% of both males and females in Italy has made use of sex toys at some point in their life.

The availability of high-end sophisticated and organic products is the reason for the growing demand for sex toys in European countries. It is assumed that the luxurious adult products market in Europe can reach 7.7 billion dollars by the year 2020. The European sex toy market is growing at a rapid speed of over 7%.

A study shows that a Danish shop that sells sex toys more than anyone else per year. However, other countries aren’t lagging behind from Denmark. Vouchercloud, a website that provides a discount on a range of products, gathered the data to show how internet users search for sex toys.

They used 18 popular adult products and search the specific terms from Lovehoney. These range from the vibrators and dildos to more niche-specific items such as love eggs and jingle balls. They put those words in Google’s Keyword Planner to find out what they are looking for.

The results they found out were hard to believe, and you can even find them surprising. Greenland, Sweden, and Denmark are the top three on that list. Out of the 30 countries that like sex toys, 23 are from Europe.

Conclusion:

Sex toys are advertised as a fun way to improve the relationship between couples. And, this process has led to an increase in the global sales of these products into a few billions of dollars.