The world's largest maker of condoms Karex has reported a drastic 40% decline in the use of its products over the last two years.
The world is having far less sex using condoms during the coronavirus pandemic, reports Nikkei Asia citing the Karex Chief Executive Officer Goh Miah Kait.
The coronavirus pandemic has adversely affected almost every industry and the largest condom maker found no exemption.
Quoting the Karex CEO, Nikkei reported that non-essentials clinics such as sexual wellness centres being closed during the pandemic was a factor in the decline of Karex condom sales.
According to the report, another contributing factor was when condom handout programmes were suspended by several governments during lockdowns.
"Sexual activity using the contraceptive didn't increase even as people stayed home amid lockdowns to curb the spread of the virus," Goh said.
The Malaysia-based company is currently shifting to the booming medical glove-making business and will commence production in Thailand by mid-year, added Goh.
Earlier, Karex was producing one of every five condoms supplied all across the globe.
The company even predicted condom demand to grow at "double digits" around the same time as countries went under government-mandated lockdowns, forcing people to stay at home.
Karex produces condoms for brands like Durex as well as Durian-flavored ones. It manufactures over five billion condoms a year, exports to over 140 countries.
Since 2020, Karex's shares have reportedly dropped about 18%. Malaysia's benchmark stock index has also lost 3.1% over the last two years.
Research conducted earlier showed that six million unwanted pregnancies and two million unsafe abortions could be avoided every year by helping young girls in developing countries access reliable contraception, reports Wionews.com.