Indians are the second most sleep deprived after the Japanese, with an average night’s sleep of 7 hours and 1 minute according to a Fitbit report. That’s 48 minutes less than the average nighttime sleep of Britons and 32 minutes less than the average nighttime sleep of Americans. Indians average 77 minutes of REM sleep, which is the lowest in the world.
One of the most important factors for a good sleep is a good quality mattress and this market alone was worth about $1.7 billion in India as of FY2019, and is expected to more than double to $2 $.8 billion by FY24. The unorganized sector mainly dominated the Indian mattress market.
The organized branded mattress industry accounted for 29% of the market in FY14, touched 35% in FY19 and is now expected to account for 40% of the market by FY24.
To discuss opportunities and challenges for the organized mattress industry, CNBC-TV18 spoke with Mohanraj Jagannivasan, CEO of Duroflex Group; Chaitanya Ramalingegowda, co-founder of Wakefit; Priyanka Salot Co-founder of The Sleep Company; and K Madhavan, Managing Director of Peps Industries.
Jagannivasan said there is now a big change in the industry. “Demonetization has helped a lot in weeding out a lot of unorganized gamers, GST has played a big role. We see this industry getting organized. With e-commerce gaming and digital gaming, penetration has increased,” he said. he declares.
Ramalingegowda said there are three levels of markets when it comes to mattresses. “The first is the overall mattress market, which is around $2-2.50 billion. Inside of that is the organized market which is about $1 billion. In the organized space, there is the online mattress market which is roughly around Rs 1,500 crore.
He said the three levels grow at very different rates. “The overall industry is only growing at about 6-8%, the organized part is growing at 12-15%, and the online part is growing at 25-30% per year because the base is so small.”
Watch the video to learn more.
First post: STI