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NEW YORK, Sept. 30, 2022 /PRNewswire/ — The global online sex toys market will be driven by the growing LGBT population in developed countries. The LGBT community is supported by mainstream news media in many developed countries. In 2015, 379 corporations and employer organizations urged the Supreme Court in the country to remove state bans on gay marriage. Goldman Sachs, Google, Morgan Stanley, and Coca-Cola were some of the organizations that were part of this initiative. The support for the LGBT community is also evident in an objective in the US Department of Health and Human Services. The Healthy People 2020 initiative was solely dedicated to improving the health and wellness of this population.
The LGBT population is the primary adopter of sexual wellness products. They are among the primary purchasers of sex toys, including dildos, adult vibrators, and erection rings. Thus the expanding LGBT population is expected to positively influence the growth of the market in focus during the forecast period. Use our insights to make effective decisions. Download Free Sample Report
Technavio estimates the market size to grow by USD 7.48 billionaccelerating at a CAGR of 8.25% between 2021 and 2026. Besides, the growing LGBT population, the growth of the market will also be driven by the rapid growth of e-commerce in APAC and an increase in cases of ED. However, cultural taboos and stringent laws in regional markets might reduce the growth potential of the market.
Online Sex Toys Market: Product Landscape
By product, the market is segmented by adult vibrators, erection rings, dildos, and others. The market observed significant demand for adult vibrators in 2021. Factors such as the changing perception of people toward sex toys, including vibrators, new product launches, and Product innovations are driving the growth of the segment.
Online Sex Toys Market: Geographic Landscape
By geography, APAC is going to have lucrative growth during the forecast period. About 52% of the market’s overall growth is expected to originate from APAC. Factors such as rising government initiatives and the increasing presence of vendors in developing countries are driving the growth of the online sex toys market in APAC.
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Full story available on Benzinga.com
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