Sales of condoms crashed during the Coronavirus pandemic as most people around the world began having far less sex using condoms.
The novel virus which adversely impacted almost every industry has not spared the world’s largest condom maker either. It has been reported that sales of the world’s largest condom maker went down by almost 40% in the last two years. The reason for this was that the contraceptive was not used by many people who stayed at home during the pandemic.
Citing Karex Bhd.’ Chief Executive Officer Goh Miah Kait, Nikkei Asia reported the drastic fall in sales as non-essential clinics such as sexual wellness centres were mostly closed during the pandemic.
Goh said in a report that the Malaysia-based company is now moving into the booming medical glove business that will start its production in Thailand by the middle of this year.
Previously, it was making one out of every five condoms produced around the world. The company was poised to grow at ”double digits” before lockdowns were imposed worldwide.
It was also exporting condoms to more than 140 countries.
In the last two years, its shares have dropped 18 per cent. During this period, the benchmark of Malaysia’s stock index dropped 3.1 per cent.
Research showed that six million unwanted pregnancies and two million unsafe abortions could be avoided each year by helping teenage girls in developing countries get reliable contraception.