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Sleeping Giants: Unveiling the Booming Trends and Innovations in the India Mattress Market

01-05-2024 08:39 AM CET | Fashion, Lifestyle, Trends

Press release from: Makreo Research And Consulting

Sleeping Giants: Unveiling the Booming Trends and Innovations

India's Mattress Industry: Riding High on Evolving Trends and Innovations
The organized modern Indian mattress market comprises Polyurethane (PU) Foam, Rubberised Coir, and Spring mattresses. In the Indian market, PU foam mattresses enjoy a dominant market share. Moreover, the growth of end-user industries like bedding & furniture, electronics, automotive, and building & construction contributes to the expanding demand for PU foam mattresses.

The mattress industry in India is currently experiencing an extraordinary surge, buoyed by shifting consumer preferences, technological advancements, and an increasing recognition of the significance of quality sleep. According to Makreo, analysts forecast an impressive compound annual growth rate (CAGR) of 11.06% between 2023 and 2030, indicating a flourishing market landscape.

Statistics from the Indian Sleep Product Federation indicate that India's overall mattress market comprises approximately 18.6 million units, with an annual requirement estimated at around 7 million units for new mattresses. Additionally, the average lifespan of mattresses stands at approximately 12 years, generating a replacement demand totaling 11.6 million units. Noteworthy is the pivotal role played by the furniture channel, which contributes 50% to the total mattress sales.

► Consumer Shift and Demand for Superior Products
A notable paradigm shift is underway in consumers' perceptions of mattresses. There is an escalating demand for mattresses that offer enhanced comfort, support, and durability, resulting in a surge in the adoption of advanced materials and technologies in mattress manufacturing.

► Key Developments Reshaping the Industry
■ Centuary India's Innovative Campaign: In November 2022, Centuary India, based in Telangana, launched a groundbreaking campaign featuring the renowned former Indian professional tennis player, Sania Mirza. Targeting both the elderly and millennials, the campaign highlights a customizable and cost-effective range of mattresses.

■ Sleep Number Corporation's Technological Leap: In March 2022, Sleep Number Corporation unveiled its AI-based smart bed under the SLEEP NUMBER 360 brand. This innovative product incorporates advanced embedded sensors to proactively monitor and enhance users' sleep and overall health, offering real-time insights and responses to users' evolving needs.

■ Price Sensitivity and Consumer Behavior: Consumer behavior reflects an average payment of INR 9500 for organized sector brands and INR 3000-5000 for unbranded mattresses (inclusive of GST). Cash transactions remain dominant, with 73% of consumers opting for cash payments, while only 13% prefer digital transactions.

■ Regional Sales Dynamics and Market Potential: The sales distribution of mattresses is concentrated in Andhra Pradesh, Tamil Nadu, and Kerala, while West Bengal, Bihar, and Orissa exhibit lower sales figures per lakh population. However, these states showcase immense growth potential, with anticipated sales growth in the forthcoming years.

■ Competitive Landscape and Urbanization Trends: The Indian mattress market remains fragmented, with both branded and non-branded companies operating through regional networks. Brands occupy 40% of the market share, with Sleepwell and Kurlon leading the market. Urbanization trends continue to influence mattress demand as the urban population steadily increases, showcasing a demand shift.

■ Market Evolution and Organized Sector Growth: The organized mattress industry in India has witnessed an increase in market share from 33% in FY12 to 40% in FY22. This shift is attributed to rising income levels, consumer awareness, and a growing health-conscious population. The organized sector is expected to maintain a yearly increase in market share due to evolving consumer preferences.

► Soaring Imports
Mattress imports soared to USD 18M in 2022. Over the period under review, imports posted a noticeable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In 2022, the average mattress export price amounted to $9.8 per unit, shrinking by -1.9% against the previous year. In general, the export price, however, recorded prominent growth.

► A Transformative Journey Ahead
The Indian mattress market is in the midst of a transformative phase, driven by technological innovations, shifting consumer preferences, and a heightened awareness of sleep-related health aspects. This evolution presents vast opportunities for established entities and newcomers in the industry.

The hotel industry experienced severe impacts during the Covid-19 pandemic as travel and tourism were heavily disrupted, resulting in a substantial decline in hotel occupancy rates. However, there has been a robust demand recovery in the past year. ICRA forecasts a revenue growth of 13-15% for the Indian hotel industry in FY2024. The growth is expected to be driven by domestic travel for leisure and business, as well as an increase in foreign tourist arrivals. Furthermore, specific events such as the G20 summit and ICC World Cup 2023 contributed to the revenue growth

As the mattress market continues to evolve, manufacturers are anticipated to ramp up investments in research and development, introducing cutting-edge technologies and materials to meet the diverse needs of consumers.

The study conducted by Makreo Research on the "India Mattress Market Analysis Forecast (2018 -2030)" provides a comprehensive analysis of the market, encompassing a wide range of factors. The report takes into account both qualitative and quantitative factors, indicating a well-rounded approach through analysis. The inclusion of both qualitative and quantitative factors in the study ensures that readers gain a clear and comprehensive understanding of the India Mattress Market. It extends further than numerical data, encompassing an understanding of consumer behavior, industry trends, and market dynamics. This holistic approach enhances the overall analysis and makes the study a valuable resource for individuals or organizations interested in exploring the products and applications along with the organized and unorganized mattress market in India. The report discuss in detail the past and present performance, as well as potential growth opportunities in the future, enabling readers to identify key areas of interest and investments

The report examines the Indian mattress market using the following parameters:
► Period of Study:
Past Assessment: 2018-2022
Present Performance: 2023
Future Assessment: 2024-2030

► Market Assessment:
The report examines opportunity for the India Mattress market on various grounds including:
■ Trade Performance
■ Economic, Political, Technology and Demographic Analysis
■ Organized and Unorganized sector
■ Past and Present Performance of the mattress industry

► Market Segments:
■ By Product Type (Spring, PU Foam, Rubberized Coir)
■ By Application (Residential, Commercial)
■ By Distribution Channel (Online, Distributor, Exclusive Showrooms)

► M&A/Investments:
This section examines the recent Mergers & Acquisitions and Investments of the companies in the mattress industry.

For more information on the research report, refer to below link:
India Mattress Market Size and Forecast (2018-2030) - Share, Trends and Growth Opportunities by Mattress Type (Spring, PU Foam, Rubberized Coir) and End User Segments (Residential, Commercial)
https://www.makreo.com/report/india-mattress-market-size-and-forecast-2018-2030

Related Reports:
Asia-Pacific Mattress Market Size and Forecast (2018-2030)
https://www.makreo.com/report/asia-pacific-mattress-market-size-forecast-2018-2030

Europe Mattress Market Size and Forecast (2018-2030)
https://www.makreo.com/report/europe-mattress-market-size-and-forecast-2018-2030

Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614

Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com

Makreo is a Market research and consulting firm working closely with business conglomerates worldwide to help them in many aspects of driving their business growth and assist in making wise decisions with the help of our qualitative & quantitative market insights.

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