The global adult toy market reached an estimated value of $35.5 billion in 2023. The market could easily accommodate many new entrepreneurs considering taking such an investment path. What has helped to generate this impressive growth, and how can millennials start adult toy businesses that are likely to thrive?
An open-minded market.
People of all backgrounds are changing their attitudes when it comes to adult toys. With increased education and less stigma around the topic of physical pleasure, business ventures in this area are creating more attractive and less intimidating products all the time. Now, many more people are interested in enjoying their alone time. Furthermore, couples are using sex toys (or when speaking German this is called sexspielzeug) together and starting to communicate better as a result. In terms of health, there are lots of benefits.
Companies in the industry have started to approach their products as wellness solutions. Not only is this a marketing and advertising strategy, but it’s also the truth. These products are helping both men and women get a better understanding of their bodies thereby improving their health and discovering a hitherto hidden side of themselves. More discrete and better performing than previously, the new generation of adult toys is offering solutions to age-old questions. And investors are seemingly becoming aware of this. Being more open about these matters is a big game changer for people’s attitudes towards adult technology. It has simply become less of a taboo topic.
Technology mixes with pleasure.
In this new environment, the number of related start-ups has slowly risen. Mixing technology with pleasure to create innovative products, the industry seems open to new opportunities. Around the world, the market has evolved to attract funding and create innovative solutions for wellness and health.
The way start-ups in this market find funding has changed greatly in recent years. Investors are now more open-minded than ever. With less stigma surrounding businesses in the niche, investors are pouring money into the global sexual wellness industry. This new approach to wellness is opening up thrilling and unexpected opportunities for investors. The main sources of funding for businesses in the field are now angel investors and crowdfunding campaigns.
Being wise about how to advertise and sell adult technology products is a key aspect of developing the market. It is still not as easy as advertising soft drinks and candy bars. Mainstream outlets are still extremely reluctant to accept campaigns for such products. However, several online publications are starting to show interest in raising awareness about adult toys and their health and wellness benefits. Certain publications are more open today than ever before to discussing the ins and outs of this market with founders of enterprises and ventures. The truth is that the adult toy industry is booming, and we should expect to see it continue to flourish in the coming years. With a keen emphasis on wellness and personal growth, millennial-founded adult-tech ventures are about to change the way people see these products and what they can do.