$10.97 Billion Potential Global Condom Market Could Be a Key Driver of Growth for Israeli ...
ASHKELON, Israel and VANCOUVER, British Columbia, Nov. 30, 2022 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today it is aiming to enter into the global condom market, which is expected to grow to USD $10.97 billion by 2030. The company intends to offer consumers a revolutionary design for sexual pleasure as it expands its patent for its EZ-G device to include an innovative double-faceted condom design. According to the patent application, the double-faceted condom will have a double pocket containing lubricant to heighten both partners’ sexual pleasure.
The Global Condom Market is expected to grow from USD 5.31 billion in 2021 to USD 10.97 billion by 2030, according to an August 2022 report from Custom Market Insights. Condom sales increased through online platforms during the pandemic, as constant lockdowns and restrictions on movement impacted demand. The report states, "Innovations in the existing products will drive market growth in the coming years. Most of these products available in the market are comfortable and reduce any hindrance in the procedure." An increase in cases of hormonal imbalance due to prolonged consumption of oral pills will also have an impact on the growth of the market during this forecast period.
ONE, the first and only condoms approved by the U.S. Food and Drug Administration for use in anal sex, and sold at Walmart stores in the U.S., is designed with 50 percent more lubricant. Consumer preferences have resulted in many condom manufacturers marketing flavored condoms to appeal to the younger generation. In 2021 Durex Condoms launched extra thin condoms in various flavors for the Indian market. Existing manufacturers of condoms followed suit and are providing new products targeting oral sex in different flavors. Oral sex is a significant means of contracting sexually transmitted diseases (STDs) should the person at the receiving end can come into contact with the affected person's blood, sexual fluids, or skin. Since traditional latex condoms for oral sex are unappealing to most consumers, many condom manufacturers have introduced condoms with various flavors to take advantage of the growth in the sexually active population.
BYND Cannasoft intends to design its double-faceted condom to enhance pleasure and comfort while increasing the use of protection during sex and lowering the number of sexually transmitted infections. According to the patent application, the condom will have a double pocket that will contain a lubricant that is released evenly when used. The advantage of this type of condom is the possibility of diluting the lubricants with natural oils, such as CBD, at low concentrations. The oil will be evenly dispersed which is designed to alleviate difficulties in intimate relationships and increase pleasure for both partners.
Intimate partners could use lubricants like CBD with the double-faceted condom to improve the quality of sex. CBD for sex has become increasingly popular for many reasons, such as eliminating pain from chronic conditions like endometriosis. Other reasons CBD has become increasingly popular for sex include increasing pleasure, easing stress and performance anxiety, and setting the right mood. The reason for this increase in lubricants containing CBD is that reproductive organs and sexual tissue have many cannabinoid receptors. CBD increases sensitivity and promotes the body's natural lubrication by increasing blood flow to these tissues. Many consumers report that CBD relaxes their muscles and allows for much more enjoyable sex, enabling them to focus on intimacy.
Yftah Ben Yaackov, CEO and Director of BYND Cannasoft, said, “The expansion of our patent for the EZ-G device to include a double-faceted condom design could create additional value for BYND Cannasoft. Should we be successful with our patent application, the global condom market is fragmented, but growing significantly. Many of the leading vendors are opting for the acquisition of small and medium-sized vendors to increase their revenue share in the market. We will keep our shareholders updated on this new development.”
Some of the key players in the condom business include:
- Church & Dwight Co., Inc. (Trojan)
- Reckitt Benckiser Group (Durex)
- Fuji Latex Co., Ltd.
- Veru, Inc.
- Mayer Laboratories, Inc.
- Okamoto Industries, Inc.
- Karex Berhad
- Lelo
- LifeStyles Healthcare Pte Ltd.
- Cupid Limited
About BYND Cannasoft Enterprises Inc.
BYND is an Israeli-based integrated software and cannabis company.
CRM Software
BYND owns and markets a proprietary customer relationship management (CRM) software product, known as “Benefit CRM”. BYND’s Benefit CRM software enables small and medium‐sized businesses to optimize their day‐to‐day business activities such as sales management, personnel management, marketing, call center activities and asset management. BYND’s next-generation Benefit CRM platform is now ready for BETA testing.
Cannabis CRM
Building on its 20 years of experience in CRM software, BYND has recently begun development of an innovative new CRM platform, designed specifically to serve the needs of the medical cannabis industry. This new platform will be the first of its kind for the medical cannabis field and the Company is confident it will transform the industry into a more organized, accessible and price transparent market. Data and information collected through the operation of the Cannabis Farm (see below) and the products it produces will allow BYND to test its new Cannabis CRM platform and adjust the platform as necessary. Additionally, operating the Cannabis Farm and selling medical cannabis will bring in additional revenue to further support BYND during the initial roll-out years of its cannabis CRM platform.
Medical Cannabis Business
BYND holds an initial approval from the Medical Cannabis Unit in the Ministry of Health of the State of Israel, for a contactless business license that allows trading in medical cannabis products without contact with the actual substance. This is a unique license that is held by only a limited number of companies in Israel. The Company is in the final stages of obtaining the full license and immediately after receiving it, the Company plans to operate through a licensed medical cannabis farm for the production of the Company's private label for various products and varieties. The products will be produced for the Company and marketed to the pharmacies while paying a commission to the grower for the cultivation and processing of the substance. The Company anticipates that if the license is received in the coming months, it will be possible to market the products immediately and capture a significant market share which can generate significant income for the Company.
For Further Information please refer to information available on the Company’s website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR: www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward‐looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Forward-looking statements in this press release include, without limitation, the expectation that the company obtains approval for the expanded EZ-G patent application, the expected benefits of the double-faceted condom design to users and the anticipated creation of additional value for BYND Cannasoft. Additional regulatory standards may be required, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the device under therapeutic indications. There is no certainty that the aforementioned approvals will be received, and all the information below is forward-looking. Such statements reflect the Company’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including unanticipated regulatory requests and delays, final patents approval and those factors discussed in filings made by the Company with the Canadian securities regulatory authorities, including (without limitation) in the Company’s management’s discussion and analysis for the nine month period ended September 30, 2022 and annual information form dated October 8, 2022, which are available under the Company’s profile at www.sedar.com, and in filings made with the U.S. Securities and Exchange Commission. Should one or more of these factors occur or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.
