New Delhi, April 24, 2017:Â On The Philippines mattress market is in a phase of growth owing to various socio-economic factors prevailing in the country. Escalating hospitality sector is expected to stimulate the demand for high-quality mattresses to facilitate the requirements of concerned consumers. Red Planet hotels are in plans of geographic expansion in all the major regions of Philippines especially in greater Manila. Similarly, many major hotels in the country such as Seda hotel, Jinjiang Inn hotel are in plans of expansion. Such expansions and increase in the number of hotel rooms will lead to rise in the sale of mattresses in the country. Healthcare sector in the country is expected to augment growth in the mattress market in the coming years with the launch of multiple new hospitals in the country. For instance, hospital groups like Ayala Land Inc. are in plans to open 10 hospitals that can accommodate 1,000 beds each, in the next five years.
Increasing consumer spending, urbanization, rising awareness among the people regarding the relationship between sound sleep and good quality mattress are few other factors that will foster growth in the mattress market. Rising consumer discretionary spending on home furnishings such as mattresses has also led to growth of functional mattress. Moreover, rising construction activities in both residential and non-residential sector will raise the demand for mattress in the country. Queen size mattresses are expected to generate the maximum revenue in the next five years.
Ken Research in its latest study, Philippines Mattress Market Outlook to 2021 , analyzed that the companies can start manufacturing their own raw materials to gain a competitive advantage over the other players in the market. Moreover replacement demand for mattresses are very limited in the country due to increased ownership period, hence a constant introduction of new product or new model of the existing product in the market can develop a replacement demand in the market.
The Philippines mattress market is estimated to register a positive CAGR of 11% during 2016-2021.
The report provided information on the size, type, market structure, region, distribution channel and the end users dominating the market in terms of revenue generation. It also covers the major companies operating in the market such as Uratex, Philippines Bed and Furniture Manufacturing Corporation, Salem Foam, Mandaue Foam and Tempur.
Corporate Comm India(CCI Newswire)
