The changing dynamics in Sleep Mask Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Sleep Mask Market.
It was estimated prior to this unanticipated outbreak Sleep Mask Market will reach CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Sleep Mask Market Insights
Sleep mask market is likely to witness an impressive CAGR of 4.5% during the forecast period. Growing travel and tourism industry along with the increasing number of people having sleeping disorders as a result of fluctuating climate patterns and hectic lifestyle is the prime factor contributing to the demand for sleep masks. Further, an increasing number of travelers opting for long tours, require to sleep while flying during daylight hours due to differing time zones, also fuels the growth of the market. With the growth in industrialization and rise in economic activity that provides workers to work in night shifts, such as business process outsourcing (BPO) professionals, nurses, engineers, and security guards also require sleep masks which have been gaining traction among different regions of the world.
Market Share Analysis
Sleep Mask Market Share: By Product Type
Based on the product type, the market is segmented as regular, contoured, wrap around, and others. The regular sleep mask segment held the largest share of the market in 2019. Regular sleep masks create a perfect dark environment and shield eyes from all sources of light such as, lamp, television, laptop, and natural lights, along with providing sound sleep to consumers. The popularity of regular sleep masks is mainly because it is convenient to carry, owing to which it is expected to lead the market during the forecast period.
Sleep Mask Market Share: By Distribution Channel Type
Based on the distribution channel type, the sleep mask market is segmented as offline and online. The offline segment held the larger share of the market in 2019. The dominance of the segment is mainly due to an increasing number of supermarkets and hypermarkets offering more options for consumers to make a perfect purchase decision.
Sleep Mask Market Share: By Region
In terms of regions, North America is estimated to be the largest market for sleep masks during the forecast period, with the USA, Canada, and Mexico being the countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by an increasing number of individuals suffering from sleep disorders such as insomnia and sleep apnea in the region.