Southern Asia: Mattress Market 2024

Mattress Market Size in Southern Asia

The South Asian mattress market fell to $X in 2022, declining by -4.6% against the previous year. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.4% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Mattress Production in Southern Asia

In value terms, mattress production shrank slightly to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.3% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 19% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Mattress Exports

Exports in Southern Asia

In 2022, after two years of growth, there was significant decline in shipments abroad of mattresses, when their volume decreased by -7.1% to X units. Overall, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2021 when exports increased by 332%. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, mattress exports reduced to $X in 2022. In general, exports, however, showed a temperate increase. The growth pace was the most rapid in 2021 when exports increased by 133%. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

India prevails in exports structure, accounting for X units, which was near 96% of total exports in 2022. Sri Lanka (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to mattress exports from India stood at -3.0%. At the same time, Sri Lanka (+2.5%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +2.5% from 2012-2022. While the share of India (-1.5 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest mattress supplier in Southern Asia, comprising 80% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +3.5%.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2022, shrinking by -6.1% against the previous year. In general, the export price, however, enjoyed buoyant growth. The growth pace was the most rapid in 2018 when the export price increased by 59%. Over the period under review, the export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while India totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.7%).

Mattress Imports

Imports in Southern Asia

In 2022, purchases abroad of mattresses increased by 36% to X units for the first time since 2019, thus ending a two-year declining trend. In general, imports enjoyed a resilient increase. The growth pace was the most rapid in 2019 with an increase of 103%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, mattress imports surged to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 31% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X units) represented the major importer of mattresses, achieving 75% of total imports. Nepal (X units) took the second position in the ranking, followed by Bhutan (X units). All these countries together took approx. 19% share of total imports. Maldives (X units) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to mattress imports into India stood at +14.5%. At the same time, Bhutan (+26.7%), Nepal (+9.1%) and Maldives (+4.0%) displayed positive paces of growth. Moreover, Bhutan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +26.7% from 2012-2022. From 2012 to 2022, the share of India and Bhutan increased by +14 and +6.3 percentage points, respectively.

In value terms, India ($X) constitutes the largest market for imported mattresses in Southern Asia, comprising 64% of total imports. The second position in the ranking was held by Maldives ($X), with a 13% share of total imports. It was followed by Nepal, with a 9.6% share.

In India, mattress imports expanded at an average annual rate of +7.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Maldives (+4.8% per year) and Nepal (+7.3% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per unit, dropping by -4.3% against the previous year. In general, the import price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2017 when the import price increased by 34%. The level of import peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Maldives ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Maldives (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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