ByN. Lothungbeni Humtsoe

February 19, 2022 (IANSlife) Given the important role that sleep plays in our general well-being, it is not surprising to note the economy that has sprung up around this necessary element in our life. Sleep economy includes a range of products and services that can help us catch a good night’s sleep, from mattresses, pillows, to podcasts. With increasing stress in modern life, sleep has become a coveted commodity, raising the demand for sleep-enhancing products and boosting the sleep economy.

In India, the sleep economy has been slower to catch on when compared to other countries, like Europe and the US. However, it may finally be set to change as consumers become conscious of their choices with a corresponding demand for improved products. This demand has unlocked a broad range of business opportunities, starting from soft furnishing to consultant services, and dietary care. With more brands now investing in sleep technology, this industry is finally at a pivotal point for rapid growth.

The growing demand for sleep products

The crucial factor behind the rise of the sleep economy in India lies in the falling quality and quantity of sleep among the people. Studies show that many Indians are now suffering from critical loss of sleep with the country now positioned as the second-most sleep-deprived in the world, second only to Japan. Where major European countries clock close to 8 hours of sleep, the average Indian manages about 7 hours of sleep.

The low quantity of sleep is further worsened by low quality with one study pegging the average REM sleep at 77 minutes, far below the global average. While it was the elderly population, between 75-90 years, that recorded the lowest sleep, emerging data from an AIIMS study indicated that children are no better placed with 35 percent of rural children and 22 percent of urban children not getting enough sleep.

The lack of sleep increases our vulnerability to chronic health conditions like diabetes, obesity, and high blood pressure. More immediately, it affects our wellbeing and impairs our ability to work. In other words, lack of sleep has serious consequences for our health and performance.

Why sleep economy is growing

With the demand for sleep products going up, a clutch of startups has taken up the challenge, coming up with innovative products and services to help people catch their daily nightly naps. Priyanka Salot, Co-founder, The Sleep Company said, "Traditionally, the mattress industry has been dominated by the informal sector leading to low quality that depended on the low-price factor. However, the scenario has been slowly, but steadily, changing as new startups come up with smart sleep technology products, investing in research to offer premium products to the buyer at a competitive price. India is one of the driving markets behind the overall growth of the mattress industry in the Asia-Pacific region, which today accounts for the largest share in the global mattress market. Higher disposable income is coupled with more aware buyers who are willing to spend the extra buck for a higher quality product that can help them sleep. Growing health consciousness among the urban buyer has added to this demand as people look to improve their sleep environment."

She added, "This robust growth offers private equity investors a golden opportunity to invest in India's next big business opportunity. As consumers look for more innovative products, we have the opportunity to identify new areas of growth, further develop new products, and make a tangible difference in how India sleeps."

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N. Lothungbeni Humtsoe can be contacted at lothungbeni.h@ians.in