LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global sexual enhancement supplements market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Amber Chourasia, a lead analyst from Technavio, specializing in research on health and wellness sector, says, “The global sexual enhancement supplements market is growing rapidly due to fast-changing perception toward the usage of sexual enhancement supplements because of media exposure. Rapid product innovations have been taking place in the market.”
The global sexual enhancement supplements market is expected to grow at a steady CAGR of close to 12% during the forecast period. The distributed market share among vendors has made it difficult for new entrants to sustain themselves in such a competitive environment. This is because the established vendors provide high discounts and a wide range of products through online stores and retail outlets making the survival of new entrants difficult.
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The top three emerging trends driving the global sexual enhancement supplements market according to Technavio research analysts are:
Incremental growth in customer acceptance
Societal norms regarding sexual intimacy have evolved over the years. Previously, it was considered as taboo to discuss sex in several conservative societies openly, but today when such cultural mores have drastically changed, there has been an increase in customer acceptance toward sexual enhancement supplements.
“With changing scenario and rising modernization, the adoption of sexual enhancement supplements such as gels, creams, and sprays has significantly increased over the years, and this trend is expected to continue during the forecast period,” according to Amber.
Rapid growth of e-commerce
The growing popularity of e-commerce is making it easier for customers to browse and purchase a wide range of sexual enhancement supplements from a number of vendors. This not only makes the shopping experience easy for consumers but also allows manufacturers to improve their brand visibility and ensure brand retention.
Despite regulatory problems in terms of filtering unwanted or fake products, the ability to market and sell through the online platform opens new avenues for vendors to expand their business. As the e-commerce industry is growing rapidly, every product category is experiencing a surge in availability and ease of buying.
Gaining prominence of packaging
The packaging of sexual enhancement supplements often uses explicit images. Such images are often considered as offensive, immoral, and vulgar. Societal norms related to intimacy discourage consumers from openly buying these products. To address this concern, vendors are embracing discreet packaging for sexual enhancement supplements.
The vendors have started packaging products with no indication of its contents. The anonymity is maintained even from the delivery person. Neither the brand of the content nor the product category is featured on the box as well as in the delivery slips.
The key vendors are as follows:
- Doc Johnson
- Innovus Pharmaceuticals
- Reckitt Benckiser
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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