Centuary Mattress is expecting to improve market share to 13-14 per cent, up from the current 9-10 per cent on the back of product launch and expansion of distribution network. The company is also looking to double the share of exports to around 40 per cent of its total turnover in the next two years.
According to Uttam Malani, Executive Director, Centuary Mattress, the company had witnessed close to 20 per cent growth in business in FY21 backed by a surge in consumption and pent-up demand in the months following the lockdown due to Covid-19. It is expecting around 30 per cent growth in sales this year.
The mattress industry in India is estimated to be close to ₹10,000 crore and the organised segment accounts for 40-45 per cent of the total industry. The share of organised sector has been steadily growing over the last two-to-three years.
“The share of organised sector, which was close to 30 per cent during pre-GST period, increased to 40-45 per cent post introduction of GST. The pandemic is likely to further push up consumption of products from the organised sector. We have been witnessing a steady improvement in our market share with product launch and distribution expansion,” Malani told BusinessLine .
The company has rolled out offerings to tap into the health and wellness segment following a steady demand from consumers for such products, particularly in the wake of the pandemic. It recently launched antimicrobial foam shield mattresses across its range and an online range of pocket spring roll mattresses.
Nearly 50 per cent of the company’s revenues currently come from the southern region, close to 22 per cent from the east and north-east and the remaining from west and central parts of the country. The company is looking to increase its share in the eastern and north-eastern region. Centuary has also been witnessing a spurt in sales on digital platform. Online sales, which currently account for 8-9 per cent of its sales, are expected to grow to 20 per cent in the next one-to-two years, he said.
To grow exports aggressively
Centuary is also looking to grow its exports “aggressively” during the current year to capitalise on the growing demand.
The company, which is one of the largest exporters of rubberised coir from India to several countries such as Greece, Russia, Hungary, the UK and South Korea among others, had grown its exports by over 20 per cent in the last fiscal.
“We have been quick to launch several market-specific products aimed at particular geographies. We are expecting two times’ growth in exports this year backed by a steady demand, and also supply-chain restrictions in several markets. We expect exports to account for nearly 40 per cent of our total business in the next two years,” he said.