Posted On: 2021-04-08
Latex Mattress acquired the largest revenue share in Vietnam mattress market - 6Wresearch.
Underpinned by the growing construction market and several projects being launched under the domain of medical, tourism and household segments, along with the influx of FDI in the hospitality sector, the Vietnam mattress market witnessed moderate growth during 2017-2019. Rising incidents of back problems associated with uncomfortable sleeping surfaces and wrong postures is a major factor for the growth of the mattress market. Growing popularity of online retail stores of mattresses among millennial is likely to drive the significant growth in online retail store as well over the coming years. However, a downward trajectory in the market revenues was witnessed during the year 2020 due to the coronavirus outbreak and the resultant social distancing measures that led to closure of shopping outlets and retail stores. The sudden halt in the economic activities ranging from construction activities to tourism had resulted in a decline in investments across various sectors of the Vietnam economy. Moreover, the lockdown period during the time of the pandemic has provided a much-required opportunity to realize and focus on hygienic and comfortable sleeping schedules which can be enhanced by good quality and right mattresses.
According to 6Wresearch, Vietnam Mattress Market size is projected to grow at a CAGR of 5.8% during 2021-27. The increasing number of health-conscious consumers and the rising disposable income are the major factors for the growth of the mattress market. The projected growth in the mattress market of Vietnam for the coming years can be attributed to the factors such as the rising prevalence of spinal and other health conditions, demand for improved lifestyle, increasing per capita income, rising urban population leading to higher residential demand and a flourishing hospitality sector. With the rising innovation by the manufacturers in the mattress industry, the adoption of newer and better-quality mattresses is anticipated to rise in the forthcoming period.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch, “On the basis of product types, latex mattresses acquired a major share in the overall mattress market revenues and would take lead to maintain its pre-eminence over the coming period as well on account of its longer durability, sustainability, easy to care and pain prevention ability. The Vietnamese population have started to embrace the benefits of better-quality mattresses which would bestow them with best results in future and especially the younger generation with sedentary lifestyle has become majorly informed regarding the benefits of maintaining sound sleeping habits.”
According to Ananya Consul, Research Associate, 6Wresearch, “Demand from household sector accounted for major share in the Vietnam mattress market due to increase in migration of people from rural to urban areas on account of increased economic activities and higher standard of living. Also, the increase in number of households is one major factor for bolstering the demand for utility products including mattresses. The government is focusing on tourism and medical facilities, thus boosting infrastructure investments across the country which would augment the demand for mattress market in Vietnam from hospitality domain in the forthcoming years.”
According to Rahul Dubey, Research Associate, 6Wresearch, “Specialty stores are pulling the maximum amount of customers as it brings personalized experience while shopping and choosing the right quality and fit for themselves. Covid-19 had significant impact on physical visits to the stores due to the emphasis on physical distancing. In the coming years, online demand for mattresses will witness a considerable spike owing to convenience, comfort factor, numerous options available at one place and better comparison opportunities.”
Vietnam Mattress Market (2021-2027F) report provides an in-depth analysis with 20 figures and 4 tables, covered in 83 pages. The report estimates and forecasts the Vietnam mattress market by types, distribution channel, application and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.