“VFI operates in the premium mattress segment of the Indian and US markets, hence our company is not subject to higher anti-dumping duties,” Gupta said. “According to data analysis by the Department of Commerce, the US VFI duty is determined at 13.35%.”
It produces white label mattresses for US-based brands, and has also recently entered the UK market. “Currently, we do not plan to introduce our in-house brand Springfit in the US market,” Gupta said. “Our yearly growth rate is roughly 30%, and we anticipate a 50% increase in the current fiscal year with the construction of a new foam plant at Meerut.”
Luxury PU mattresses make up only about 3% of the estimated INR123bn ($1.47bn) total mattress market in India. “The luxury market is surging rapidly and projected to grow at about 8% annually from 2022 to 2026, driven by increasing awareness of quality sleep, higher disposable incomes, and a preference for premium products, especially among urban, affluent consumers,” Gupta said.
VFI Group operates six production sites manufacturing PU foam and mattresses, with one each in Haridwar, Vadodara and Coimbatore, and now three in Meerut. Total production across the sites is about 4000 mattresses/day. Its machinery includes equipment from Hennecke.
Currently, VFI’s product range includes luxury, premium, affordable, and orthopedic mattresses under brand names Springfit, Beautyrest, Serta, Durfi and Amore, serving both the retail and hospitality sectors. “In the coming years, we plan to broaden our portfolio by entering new segments, with a focus on kids’ mattresses and sleep accessories,” Gupta said. “This expansion aims to cater to a broader range of customer needs and enhance our product offerings in the PU foam market.”
The PU mattress market in India is growing rapidly, and is expected to exceed $3bn by 2027-28. The growth is driven by rising urbanisation, increasing incomes, and a shift towards modern, comfortable mattresses. The market is diverse, covering budget to luxury segments, and benefiting from the rise of e-commerce.
However, challenges include intense competition from the unorganised sector, price sensitivity, and the need for greater consumer education on the benefits of quality sleep. Additionally, there are issues related to sustainable material sourcing and production practices.
Looking ahead, the PU mattress segment is expected to grow at 8-10% CAGR, with potential market share expansion, innovation in product offerings, and increased focus on Tier 2 and Tier 3 cities.
