Market Overview
The sleeping pillow market is estimated to expand at a striking CAGR OF 4.5% to reach a valuation of USD 15.35 Billion by the end of the forecast period till 2024. This growth is attributable to the expanding commercial sector and especially the hostels, hotels, hospitals, and guest houses globally. Additionally, r
ising importance for maintaining the body alignments and posture for continuous sleep is increasingly adopting the pillow and in turn, is benefiting the sleeping pillow market.
According to research conducted by the American Academy of Sleep Medicine, 24% of women and 40% of men are habitual to snoring in 2018, and this number is likely to increase owing to the increasing prevalence of obesity and other sleep disorders. The snoring is associated with other health problems such as sleep disorder, stroke, heart disease, and diabetes. In order to solve the sleeping and snoring problems, the key players are increasingly introducing the more comfortable pillows. The advent of newer technologies and material is likely to fuel growth of the global sleeping pillow market.
Further, advancements in the smart pillow which offers features such as guided meditation and sleep mode are augmenting sales of the sleeping pillows. Moreover, raising awareness about sleep disorders coupled with an increasing number for travelers is estimated to provide opportunities for growth of the sleeping pillow market during the estimated timeframe.
Segmental Analysis
The sleeping pillow market is segmented based on type, distribution channel, end-user, and region.
In terms of type, the global sleeping pillow market is categorized into feather sleeping pillows, buckwheat sleeping pillows, memory foam sleeping pillows, down sleeping pillows, microbead sleeping pillows, and others. Of these, the memory foam sleeping pillows segment is estimated to be a leading segment and will expand at the fastest growth rate in the coming time.
Based on the end-use industry, the market is segmented into residential and commercial. Of these, the commercial segment is estimated to account for significant share and is estimated to retain its dominance in the coming years.
Based on the distribution channel, the sleeping pillow market is segmented into store-based and non-store-based. Store-based segment is sub-segmented into supermarkets, specialty stores, hypermarkets, and others. The store-based segment is estimated to dominate the global sleeping pillow market.
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Regional Analysis
Based on the region, the market is segmented into Europe, the Americas, Asia Pacific, the Middle East, and Africa. Of these, Asia Pacific is anticipated to hold the lion’s share in the global sleeping pillow market and will expand by exhibiting the fastest CAGR during the forecasted period. Among the region, China and India are the major markets in the region in terms of revenue. Expanding the commercial and residential sectors in the region is majorly responsible for massive growth in the global sleeping pillow market. Additionally, a robust population in the region is estimated to drive market growth during the estimated timeframe.
The Americas are estimated to hold a substantial share in the global sleeping pillow market. This growth is mainly attributable to the increasing inclination of working people toward the adoption of smart pillows. Additionally, high living standards in the U.S. and Canada which are leading to adopt furnishing and home textiles in the region, which is propelling growth of the global sleeping pillow market.
Competitive Analysis:
The key players operating in the global sleeping pillow market include Hollander, Inc, Wendre AS, American Textile Company, Romatex Home Textile (Pty) Ltd, Luolai Lifestyle Technology Co., Ltd, Hunan Mendale Hometextile Co., Ltd, My Sleeping pillow, Inc., Paradise Sleeping Inc., Hanse Textilvertrieb GmbH, Magniflex, Latexco N.V., Maya Textile Ind., and Sheela Foam Limited.
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