5 Things You Need to Know About the Growing Sleep Market
While advancements in healthcare and personal wellbeing continue to reach new heights, it seems as though we’re getting less sleep than ever before. Perhaps stressors related to student debt, political instability, mass shootings or stock market volatility are to blame. Maybe it’s America’s climbing obesity rates and their associated sleep disorders.
In any case, our insomnia has contributed to the emergence of a massive industry aimed at analyzing, understanding, and treating sleep problems. The days of sacrificing shuteye to get more done may be far from over, but we are realizing how detrimental forgoing a good night’s rest can really be.
The sleep market, which is growing at a rapid pace, has adjusted accordingly. Here’s what you need to know about it.
Size and Forecast
Looking at the numbers is a good way to put things into perspective. According to Market Data Forecast, the global sleep aids industry was valued at $67.37 billion in 2019 and is expected to reach a sizable $91.53 billion in the next four years. This translates to a compound annual growth rate (CAGR) of 6.23 percent.
When it comes to sleep products, the sheer number of choices available today makes it clear that the market is striving to cater to every taste imaginable. It wasn’t long ago when your choice of mattresses was limited to a handful of options. Now, there are literally hundreds ranging in price, materials, features, and built-in technology.
Consumers are particularly fond of memory foam, which on its own comes in all sorts of different shapes, sizes, and densities. Even the materials that go into the production of it are varied, thus catering to unique sleep needs or allergies. There are also frequent special offers on mattresses that allow you to get one on sale at a considerably lower cost.
In the past, picking up a new base or pillow meant heading to the local department store. Today, you can have one shipped to your door from the other side of the globe with no effort at all.
Advancements in transportation and technology have made it easier for everyone to gain access to a wide range of products. For instance, travel pillows are much more common and affordable than they once were.
These days, sleep is a serious science. Companies are increasingly using the latest technologies to design and market their products. As we learn more about the mystery of sleep – and rule out the myths – manufacturers are using the data to bring forth unprecedented innovations.
This includes mattresses that regulate their temperature, beds that make themselves, devices that track your sleep habits, alarms that emit soothing sounds, aromatherapy products, and so forth. Perhaps more importantly, these technologies are expected to be backed up by real scientific research and facts, which was not the case a few years ago.
Another trend is the greater focus on the individual, instead of just selling to the masses. This is happening in just about every industry, including the sleep market.
Consumers are no longer limited to just purchasing whatever is on the shelves. We now have the luxury to choose different colors, fabrics, patterns, materials and more. Buying a bed today is more akin to speccing a Rolls-Royce than driving a Toyota straight off the lot. Granted, the cost of the experience varies accordingly.
The sleep market has definitely come a long way in the past few years. Only time will tell what innovations come next. One thing that’s for certain though is that the future of the sleep industry is exciting and we can expect some major advancements in due course.