Analyzing the growth rates of key players in the global female contraceptive market, namely Allergan, Bayer, Lupin Pharmaceuticals, Merck, Pfizer, and Foundation Consumer Healthcare, market experts have recently forecasted that the global female contraceptive market is going to grow at a CAGR of 3.44% during the period 2018-2022.
Female contraceptives owe their growing popularity largely due to the evolving consumer perspective. Female contraceptives have long been considered a taboo in many cultures around the world. However, the spin of time has led to awareness among women regarding safe sex. As a result, more and more number of people are accepting their use and their rights to sexual wellness.
Moreover, the world has now become more accepting of various types of sexual behaviors such as adolescent sex, premarital sex, and same-sex sexual activity. Several studies on moral acceptability conducted across the globe have revealed that several moral issues such as gay or lesbian relationships, premarital sex, and polygamy are gradually gaining acceptance in today’s world.
The latest trend gaining momentum in the female contraceptive market is the use of female condoms. Women are experimenting with female condoms, hence increasing the demand for such products around the world.
However, the female contraceptive market worldwide has yet to reach its maximum potential, analysts have pointed out. According to the report released, one of the major factors hindering the growth of female contraceptive market is irregularities in sex education in developed countries. While a lot of developed countries classify themselves as sexually liberated countries, irregularities in imparting sex education are affecting sexual awareness among teenagers, which is reducing the demand for female contraceptives.
If teenagers are not educated properly about the various aspects of sex, their consumption of female contraceptives will be limited. For example, in multiple states in the US, there is a norm of abstinence-only sex education, which is a form of sex education that promotes and teaches students to not have sex outside marriage. Moreover, such education excludes the teaching of birth control and safe sex.