Vietnam: Mattress Market 2024

Mattress Market Size in Vietnam

The Vietnamese mattress market contracted remarkably to $X in 2022, which is down by -31.3% against the previous year. In general, consumption continues to indicate a noticeable contraction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Mattress Production in Vietnam

In value terms, mattress production dropped to $X in 2022 estimated in export price. Over the period under review, the total production indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +6.0% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 35%. Mattress production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Mattress Exports

Exports from Vietnam

Mattress exports from Vietnam surged to X units in 2022, increasing by 69% on 2021. In general, exports saw significant growth. The growth pace was the most rapid in 2019 when exports increased by 209%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, mattress exports dropped modestly to $X in 2022. Over the period under review, exports enjoyed a significant expansion. The growth pace was the most rapid in 2019 with an increase of 110%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Myanmar (X units) was the main destination for mattress exports from Vietnam, accounting for a 81% share of total exports. Moreover, mattress exports to Myanmar exceeded the volume sent to the second major destination, the United States (X units), sixfold. South Korea (X units) ranked third in terms of total exports with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar stood at +143.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+44.2% per year) and South Korea (+12.1% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for mattresses exports from Vietnam, comprising 75% of total exports. The second position in the ranking was taken by the United States ($X), with a 17% share of total exports. It was followed by South Korea, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value to Myanmar amounted to +126.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+35.9% per year) and South Korea (+9.5% per year).

Export Prices by Country

The average mattress export price stood at $X per unit in 2022, reducing by -41.6% against the previous year. In general, the export price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by 48% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per unit) and Taiwan (Chinese) ($X per unit), while the average price for exports to Myanmar ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (-1.8%), while the prices for the other major destinations experienced a decline.

Mattress Imports

Imports into Vietnam

In 2022, overseas purchases of mattresses decreased by -13.2% to X units for the first time since 2013, thus ending a eight-year rising trend. Overall, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 131% against the previous year. Imports peaked at X units in 2021, and then shrank in the following year.

In value terms, mattress imports dropped markedly to $X in 2022. In general, imports, however, posted a significant increase. The pace of growth appeared the most rapid in 2019 when imports increased by 129%. Over the period under review, imports attained the peak figure at $X in 2021, and then declined notably in the following year.

Imports by Country

In 2022, China (X units) was the main supplier of mattress to Vietnam, accounting for a 92% share of total imports. Moreover, mattress imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +31.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+67.2% per year) and South Korea (+18.6% per year).

In value terms, China ($X) constituted the largest supplier of mattresses to Vietnam, comprising 70% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +26.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+74.2% per year) and South Korea (+25.1% per year).

Import Prices by Country

In 2022, the average mattress import price amounted to $X per unit, reducing by -4% against the previous year. Over the period under review, the import price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2013 an increase of 72% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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