Vietnam market has displayed a significant growth at a CAGR of 7.6% during the review period of 2011-2016. The number of hotel rooms has increased from 256.7 thousand in 2011 to 346.9 thousand in 2016
The report titled “Vietnam Mattress Market by Type (Spring, Latex, Hybrid, Foam), Size (King, Queen, Single Size), by End Users (Residential and Non Residential) and Region – Outlook to 2021” by Ken Research suggested a multi bagger CAGR of 7.8% in terms of revenue in mattress market in the next 5 years till 2021.
Vietnam mattress market is a home to several domestic and international players. The international players have a well structured layer of intermediaries such as wholesalers, retailers, online retailers and other distributors and also have their own exclusive brand outlets through which they sell their mattresses to the end users. In addition to this, they have very effective marketing strategy and physical presence in all parts of the country. Kingsdown is an international player operating in Vietnam mattress market which is among the top 15 US bedding producers. It opened its first branded retail showroom in HCM, Vietnam in 2016 as a part of aggressive marketing strategy of expansion in Asia. The Vietnam showroom carries Kingsdown bedding manufactured through long time licensee Far East Foam. Dunlopillo is also an international player which has been in Vietnam for past few years. Mattress licensing group Therapedic International has also made an agreement with Hava’s Mattress co. ltd. in Vietnam in July 2017 with an aim of strengthening its presence in Southeast Asia region. Hava’s will produce and distribute at least three lines of Therapedic mattresses in Vietnam. Vietnamese consumers are generally loyal to domestic brand and products which is an important factor for purchasing any product in the country. .
With the increase in technology, various types of mattresses have been introduced in the Vietnamese market including customized mattress, mattress for toddlers, waterbed, airbed and others. Improved and advanced technology for hybrid mattress manufacturing and mattress variety coupled with the increasing marketing efforts by the mattress companies to enhance the knowledge of customers has triggered growth in the Vietnam mattress market over the years. The growing awareness among the consumers has led to the market shift from a price sensitive lot to the quality sensitive customers. Moreover, poor quality mattress pose several health related side effects for the customers such as drowsiness, back pain, obesity, lung & throat irritation, weak immune system, memory issues, heart conditions, joint soreness and reduced libido. This has led people to switch to quality therapeutic mattresses according to their personal needs. In addition to that, rise in disposable income of the people also plays a significant role in the growing demand for luxury mattress.
The Vietnamese population has been moving from the rural parts of the country to the urban areas due to employment or job-related reasons, education purposes, marriage reasons, to have better living standards and quality of life and various other reasons. This shift has led to increase in the demand of residential area hence leading to further increase in the requirement of mattresses. Urbanization has encouraged the population to shift from rural areas to urban areas where awareness about the quality mattress is higher. This led the people to purchase the quality mattresses even at a higher price.
Key Topics Covered in the Report:
Trends in Mattress Industry
Mattress Imports in Vietnam
King Size Mattress Market Size
Spring Mattress Vietnam
Market Outlook Mattress
Mattress Manufacturers in Vietnam
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications