Latest Development (2022) in Vietnam Mattress Market
Vietnam Mattress Market is anticipated to gain momentum during the upcoming years owing to surging development projects. The strengthening of the construction industry coupled with increasing demand for comfortable mattresses is driving the Vietnam Mattress Market Growth. Rising demand for luxury and premium products is also proliferating the growth of the market. Moreover, the surging efforts by the government in order to expand healthcare facilities are adding to the development of the industry. The booming construction and home furnishing sector along with the growing hospitality sector and surging need for premium mattresses for sound sleep is proliferating the Vietnam Mattress Market Share.
Vietnam Mattress Market report is a part of the Asia Pacific Mattress Market comprehensively covers the market by type, distribution channel, application, and region. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/ high growth areas, and market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
Vietnam Mattress Market Synopsis
The Vietnam Mattress Market witnessed considerable growth in recent years on account of the growing demand for mattresses from the flourishing hospitality sector, underpinned by strong growth in tourism in the country and rising residential real estate sales. The demand for the mattress industry is on a growth trajectory mainly attributed to young consumers who are more concerned about their health status and willing to pay a price higher than usual for advanced products which would bestow them with greater satisfaction.
According to 6Wresearch, Vietnam Mattress Market size is projected to grow at CAGR of 5.8% during 2021-2027. 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, and rising urban population leading to higher residential demand and a flourishing hospitality sector. With the rising innovation by manufacturers in the mattress industry, the adoption of newer and better-quality mattresses is anticipated to rise in the forthcoming period.
Market Analysis By Type
Based on type, Latex and PU foam accounted for a cumulative market share of approximately 65% of the total market revenues in 2020 as most consumers prefer to buy PU foam mattresses since the aforementioned mattresses are affordable and widely available, along with being lightweight despite a higher density. However, latex mattresses are the second most sought-after type of mattresses in Vietnam as they are made of more comfortable ad supportive material. Latex mattresses are also great for pain relief and prevention, which would further augment their demand in the coming years.
Market Analysis By Distribution Channel
By distribution channel, specialty stores that are dealing specifically in mattresses garnered the majority of the market share in 2020 as the consumers have the option of comparing the mattresses available at the store physically and choosing the right fit for their bed as per their comfort. However, the growing popularity of online retail store mattresses among millennials is likely to drive significant growth in online retail store segments as well over the coming years.
COVID-19 Impact on Vietnam Mattress Market
The spread of COVID-19 resulted in reduced trips to specialty stores and malls due to the risk of catching the virus, which lessened the demand for mattresses from the residential sector during the year 2020, and thus, the market revenues witnessed a decline during this year. Also, the demand from the hospitality sector and the hotel industry was in a major slump owing to restrictions on travel and emphasis on social distancing. Moreover, mattresses were majorly demanded in the hospitals and health industry to cater to the affected patients during 2020. The lockdown period has provided a much-required opportunity to realize and focus on hygienic and comfortable sleeping schedules which can be enhanced by good quality mattresses.
Key players in the market
Some of the key players in the Mattress market globally are:
- Serta Simmons Bedding, LLC
- Tempur Sealy International, Inc.
- Sleep Number Corporation
- Paramount Bed Holdings Co.
- Kingsdown, Inc.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Vietnam Mattress Market Overview
- Vietnam Mattress Market Outlook
- Vietnam Mattress Market Forecast
- Historical Data and Forecast of Vietnam Mattress Market Revenues & Volume for the Period 2017-2027F
- Historical Data and Forecast of Vietnam Mattress Market Revenues & Volume, By Product Type, for the Period 2017-2027F
- Historical Data and Forecast of Vietnam Mattress Market Revenues, By Distribution Channel, for the Period 2017-2027F
- Historical Data and Forecast of Vietnam Mattress Market Revenues, By Applications, for the Period 2017-2027F
- Historical Data and Forecast of Vietnam Mattress Market Revenues, By Regions, for the Period 2017-2027F
- Market Drivers
- Market Restraints
- Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Market Player’s Revenue Shares
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereport provides a detailed analysis of the following market segments:
By Product Type
- PU Foam
- Latex Mattress
- Spring Mattress
- Others
By Distribution Channel
- Supermarket/Hypermarket
- Speciality Stores
- Online Distribution Channels
- Others
By Application
- Residential
- Commercial
By Regions
- Northern Region
- Southern Region
- Central Region
