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Vietnam Mattress Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 120 Pages
  • October 2021
  • Region: Vietnam
  • Mordor Intelligence
  • ID: 5458850

Vietnam Mattress market size is projected to grow at a CAGR of 5.8% during 2021-2026 owing to the increasing demand for mattresses by the population.

The increase in demand for mattresses is expected to be attributable to raised population awareness of the need for and use of different types of mattresses, urbanisation, rising income, a rise in the number of enterprises supplying the products, and increased diversity of mattresses. The number of households is increasing year after year as the population and the number of nuclear families grows. Rising awareness, combined with an increase in the hospitality industry, have a favourable impact on the mattress industry in the country, which will be bolstered by robust development in tourism and rising residential real estate sales. The mattress sector is seeing increased demand, primarily due to young consumers who are increasingly worried about their health and willing to spend a premium price for innovative products that will provide them with better satisfaction. Because of the increased frequency of spinal and other health disorders in Vietnam, therapeutic mattress products have a bright future in the country. Customers, players, demand, and bedding tastes have all changed dramatically in the industry.

Furthermore, the construction of hotels, residential houses, villas, and luxuries houses is expected to generate high sales revenues in the country owning to an increase in tourist and foreign delegation visits from China and Korea willing to buy houses, increasing the adoption of mattresses, which is expected to proliferate the mattress market in the country.

Spring and latex mattresses are the most common types of mattresses in the country, depending on consumer preferences. Due to its long durability, sustainability, ease of care, and pain prevention ability, latex mattresses have gained a significant proportion of the overall mattress market sales and will continue to do so in the future. Spring mattresses are preferred by most households, hotels, hospitals, and other businesses.

By distribution channel, specialty retailers that specialise in mattresses captured most of the market share because customers can physically compare the mattresses on display and select the best match for their bed based on their comfort. The rising popularity of online mattress retail stores among millennials with the rising number of smartphone users and internet penetration is expected to create significant growth in online retail store categories in the future years. Alibaba, Tiki, Lazada, and Vatgia are the top online mattress retailers in Vietnam. Online channels have several benefits over purchasing from the physical store including more convenience, discounts and offers, time and money-saving and others.

Due to the COVID-19 pandemic and the subsequent social distancing measures, shopping outlets and retail businesses remained closed in the year 2020. The abrupt halt in economic activities ranging from building to tourism has resulted in a drop in investments across the Vietnam economy's many sectors. Furthermore, the lockdown period has provided a much-needed time to realise and concentrate on hygienic and comfortable sleeping habits, which can be aided by good quality and appropriate mattresses.

Key Market Trends

Latex Mattress Continue to Dominate the Market Throughout the Forecast Period

Latex mattresses are expected to maintain their dominance in the future due to their increased durability, sustainability, ease of care, and pain-relieving properties. Because of the excellent air circulation afforded by the open-cell natural structure of latex and by pinhole patterns purposely generated during manufacture, latex mattresses are in high demand. This promotes good airflow, resulting in a pleasant sleeping temperature. Vietnamese people prefer latex mattresses because they need a hard surface to sleep on. Latex mattresses are created from a natural material called latex, which is derived from the sap of the rubber tree and has elasticity. This flexibility is what allows the mattress to contour to the clients pleasantly. A rubber mattress is inherently resistant to dust mites, mildew, and germs without the use of chemicals, which has prompted more consumers to opt for latex mattresses. The Vietnamese people have begun to recognise the advantages of higher-quality mattresses, which will provide them with the greatest outcomes in the future, and notably, the younger generation with sedentary lifestyles has grown well-informed about the advantages of good sleeping habits.

Residential Application Drives Mattress Market Sales

The Vietnamese population has been migrating from rural to urban regions for a variety of reasons, including job opportunities, education, marriage, improved living standards and quality of life, and a variety of other factors. This transition has increased the demand for residential areas, which has resulted in a rise in the demand for mattresses, which has had a favourable impact on the country's mattress demand. Rising industrialization, as well as an increase in the number of universities and offices in cities, has pushed people to migrate from rural to urban areas. Furthermore, in metropolitan areas, there has been a trend of families becoming nuclear families, which has increased the demand for mattresses even more. Due to the Housing Law and the Real Estate Business Law, which went into effect in July 2015, the number of residential units in Vietnam has increased. In 2016, the number of housing units built in Vietnam climbed to 102.49 million square meters, from 93.42 million square meters in 2015. The increased number of residential projects, improved infrastructure, has increased the number of residential units, necessitating more bedding accessories, which will benefit the Vietnam mattress industry. Most mattress sales occurred in non-residential sectors such as hotels, hospitals, guest houses, and wedding halls in the early stages of the market, but as time and demands changed, demand from the domestic sector increased as well. Furthermore, demand was mostly from urban areas, with rural areas providing just a minor portion. Other parts of the country began to expand because of the country's balanced economic growth. Exports and imports have also increased significantly in response to consumer demand. Mattress exports climbed the quickest in Vietnam between 2018 and 2019, with a value of USD 282 million, up from USD 248 million in 2018 to USD 530 million in 2019, a 114% increase.

Competitive Landscape

The Vietnam mattress market produces a wide range of mattresses. Price, quality, brand name, warranty, shipping, and other factors all factor into the competition. Comfort, health, affordability, climatic conditions in the country, and a variety of other considerations all influence mattress selection. Enterprises' client bases have grown due to growing brand endorsement and marketing activity by companies across the country. Due to the ethnocentric client base in Vietnam, the mattress market is concentrated, with only a few domestic players holding most of the market share, including KYMDAN, Hava's Mattress, Lien A Mattress, and Far East Foam. Dunlopillo, Therapedic, and Kingsdown are among the international players. BVD Wonders, Everpia JSC, Kim Cuong Mattress, Lotus Mattress, Van Than Mousse & Foam Company are some of the other major players.

Additional Benefits:

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2.1 Analysis Methodology
2.2 Research Phases
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.7 Technological Innovation in the Industry
4.8 Impact of COVID-19 on the Market
5.1 By Type
5.1.1 Innerspring
5.1.2 Memory Foam
5.1.3 Latex
5.1.4 Others
5.2 By Application
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Online
5.3.2 Offline
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 KYMDAN
6.2.2 Hava's Mattress
6.2.3 Lien A Mattress
6.2.4 Far East Foam
6.2.5 Dunlopillo
6.2.6 Therapedic
6.2.7 Kingsdown
6.2.8 BVD Wonders
6.2.9 Everpia JSC
6.2.10 Van Than Mousse & Foam Company*

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Hava's Mattress
  • Lien A Mattress
  • Far East Foam
  • Dunlopillo
  • Therapedic
  • Kingsdown
  • BVD Wonders
  • Everpia JSC
  • Van Than Mousse & Foam Company