India condom market is being valued at $1.7 billion by 2030

India presents lucrative opportunity for condom manufacturers

Global condom market was valued at $10.7 billion last year

India is poised to become a significant player in the condom market, with an expected value of $1.7 billion by 2030.

This projection is largely attributed to India’s burgeoning population, which overtook China’s in April this year. The United Nations confirmed in 2023 that India’s population surpassed China’s, currently standing at around 1.42 billion people.

The youthful and expanding demographic in India presents a lucrative opportunity for condom manufacturers.

According to a report from Grand View Research, the global condom market was valued at $10.7 billion last year. The Indian condom market alone is on a trajectory to reach $1.7 billion by 2030.

Despite this immense potential, condom usage in India remains relatively low. A government survey conducted in 2020 revealed that only about 5% of sexually active Indian men use condoms regularly.

One notable success story in this emerging market is Mankind Pharma, the manufacturer of India’s leading condom brand. Mankind Pharma recently achieved significant financial success with an initial public offering in April, raising 43.3 billion rupees ($521 million). Since its debut on the National Stock Exchange of India on May 9, the company’s stock has surged by 22%.

Mankind Pharma’s Manforce condoms currently command a 30% market share in the country, as per their latest quarterly earnings report. The company boasts sales of 520 million condoms in fiscal year 2023, highlighting the growing demand for condoms in India.