Indians are the second-most sleep deprived after the Japanese people, getting an average night's sleep of 7 hours 1 minute according to a report by Fitbit. This is 48 minutes lesser than the average nightly sleep of the British, and 32 minutes lesser than average nightly sleep of Americans. Indians get 77 minutes of rapid eye movement (REM) sleep on average, which is the lowest in the world.

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One of the most important factors for good sleep is a good quality mattress and that market alone was worth around $1.7 billion in India as of FY19, and is estimated to more than double to $2.8 billion by FY24. The unorganised sector primarily dominated the Indian mattress market.

The organised, branded mattress industry accounted for 29 percent of the market in FY14, touched 35 percent by FY19, and is now expected to be 40 percent of the market by FY24.

To discuss the opportunities and challenges for the organised mattress industry, CNBC-TV18 spoke to Mohanraj Jagannivasan, CEO of Duroflex Group; Chaitanya Ramalingegowda, Co-Founder of Wakefit; Priyanka Salot Co-Founder of The Sleep Company; and K Madhavan, the Managing Director of Peps Industries.

Jagannivasan said there is now a big change in the industry. “Demonetisation helped a lot in taking out a lot of unorganised player, GST has played a big role. We are seeing this industry getting organised. With the e-commerce play and the digital play, the penetration has gone up," he said.

Ramalingegowda said there are three levels of markets when it comes to mattresses. “Number one is the overall mattress market which is about $2-2.50 billion. Within that is the organised market which is about a $1 billion. Within the organized space there is the online mattress market which is about close to about Rs 1,500 crore.”

He said all three levels are growing at a very different pace. "The overall industry is going only at about 6 to 8 percent, the organised part is growing as much as 12 to 15 percent and the online part is growing as much as 25-30 percent a year because the base is so small.”

Watch video for more.

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First Published:Nov 2, 2022 5:08 PM IST