Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Sleep Mask market.
Trusted Business Insights presents an updated and Latest Study on Sleep Mask Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Sleep Mask market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Sleep Mask Market
The global sleep mask market size was valued at USD 14.0 million in 2018. The growing travel and tourism industry is expected to be a key driver promoting market growth as the product has been gaining traction among travelers for ensuring healthy sleep during long journeys. Furthermore, rising number of people suffering from sleep apnea on a global level is expected to expand the scope of sleep masks in the upcoming years.
According to the World Tourism Organization (WTO), the number of people travelling abroad has reached 1.4 billion in 2018, 6.0% higher than 2017. Tourism accounts for a significant share of the global GDP. One of the key reason behind the growth of the travel and tourism sector is the development of aviation route.France, Spain, U.S., Italy, U.K., and China are the most visited nations in the world. However, cities including Mexico, Moscow, Riyadh, Manila, Delhi, and Istanbul have potential to grow in the upcoming years.
Increasing urban middle-class population in developing countries including Brazil, China, India, and Russia has been raising the number of new domestic travelers. This growth of the travel and tourism industry has been fueling the number of long hour journeys by individuals across the world. Manufacturers of this industry have been designing masks exclusively for travelers. Companies including LC Industries, Inc.; HappyLuxe; and LumosTech, Inc. have introduced products, which are solely designed for tourists. Lightweight cotton or silk masks are expected to remain the ideal choices for traveling.
Furthermore, the increased number of people having sleeping disorders as a result of hectic lifestyle and fluctuating climate patterns has promoted the utility of sleep mask over the world. A large number of people in U.S., U.K., Canada, Ireland, France, Poland, Spain, Italy, Turkey, Singapore, Indonesia, China, and India have been suffering from this illness. This trend has widened the opportunity for these sleep masks in these nations. Furthermore, over the past few years, people have been opting for alternative natural remedy for this illness. As a result, the therapeutic masks are expected to tap new markets in the near future.
Distribution Channel Insights
The offline distribution channel held the largest share of the market in 2018, contributing to over 75% of the global revenue. A number of consumers still prefer to shop from offline stores including health and beauty retailer and supermarkets. These stores allow buyers to test the quality of products before purchasing them. Additionally, growing number of hypermarkets and supermarkets in the developing nations including China, Bangladesh, India, and Brazil have enhanced the sales from these offline channels.
The online segment is anticipated to expand at the fastest annual growth rate of 4.9% from 2019 to 2025. Constant development of the e-commerce industry has been propelling the sale of the product through online distribution channels. Furthermore, increasing use of smartphones in the emerging countries of Asia Pacific such as India and China is expected to enhance the growth of e-commerce in the near future. In addition, companies have been emphasizing on the advancement of online distribution channels to expand their reach. In June 2019, Earth Therapeutics launched a newly designed website to enhance consumers shopping experience.
Product Insights of Sleep Mask Market
Regular sleep masks dominated the sleep mask market, with more than 60% of the global revenue in 2018. These products create a perfectly dark environment and shield eyes from all sources of light including lamp, television, laptop, and natural lights, along with providing sound sleep to consumers. Regular masks are convenient to carry, as they do not take much space in luggage.
Over the past few years, contoured masks have been gaining significant traction among consumers as they offer total blackout and fit the consumers face perfectly. They do not put pressure on the buyers eyes and have a contoured shape around the nose. These products provide enough space for consumers eyelashes and eyelids.
Wrap around, gel, and aromatherapy masks are also gaining popularity among consumers. Wrap around product type provides maximum blackout and is ideal for side sleepers. Similarly, gel eye helps to reduce puffiness, stress, dark circles, and headaches. In addition, they soothe sinuses and migraines. Most of these gel products offer cold treatment, while few of them provide both hot and cold treatments. Key sleep mask manufacturers, including Dream Essentials, LLC, have included gel products in their product line. Over the past few years, the aromatherapy products have been witnessing popularity across the globe. These products are equipped with plant extract such as lavender, which fights insomnia and assist in ensuring deep sleep.
Regional Insights of Sleep Mask Market
North America dominated the market in 2018, with more than 60% share of the global revenue. The increased occurrence of sleep disorder including sleep apnea, insomnia, and restless leg syndrome have boosted the market for sleep aid products in this region. As of 2019, more than 50 million people suffer from sleep disorders in U.S. Approximately, 30% adult population struggle with insomnia in U.S. On the other hand, around 25 million adults in U.S. suffered from sleep apnea.
Additionally, it was estimated that nearly 9 million people use prescription drugs in this nation, to get sleep. As a result, sleep mask has gained significant popularity in this region as a natural remedy for the disorders. The demand for therapeutic products is expected to witness steady growth in this region in the near future. Furthermore, increasing aging population has also contributed to the growth of the market in this region.
Market Share Insights of Sleep Mask Market
The industry is highly fragmented with a large number of small and regional players. The key manufacturers in this industry include Dream Essentials, LLC; Sleep Master; LC Industries, Inc.; Alaska Bear; HappyLuxe; Sonoma Lavender Co.; Earth Therapeutics; LumosTech, Inc.; EcoTools; Bedtime Bliss; Nidra Goods; PrettyCare; and Napiform. New players have been entering the market considering the potential demand for the product. For instance, in October 2019, Xiaomi Corporation launched its Easy Air Brain Wave Sleeping Eye Mask. This sleeping assistant will capture the buyers brain waves and synthesize music that will assist the user to sleep.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Sleep Mask Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global sleep mask market report based on product, distribution channel, and region:
Product Outlook (Revenue, USD ˜000, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD ˜000, 2019 – 2030)
Quick Read Table of Contents of this Report @ Sleep Mask Market Size & Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
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