Why this is important to Wisconsin businesses: Wisconsin businesses offering products designed to improve sleep quality may find opportunities in Canada.
Like many people, Canadians have been short on sleep for some time—even before the stresses brought on by the COVID-19 pandemic. According to Sleep on It Canada, one-third of Canadians sleep fewer than the recommended seven to eight hours per night. Reviewlution data estimates that 30% of Canadians suffer from a sleep disorder. Together, these statistics tie Canada with the U.S. as the third most sleep-deprived nation, after the UK and Ireland.
A lack of sleep can lead to numerous health problems, including weight gain, diabetes, anxiety, depression and cardiovascular disease. It’s no wonder that many Canadians have developed a keen interest in products designed to enhance their sleep environment, augment natural rhythms and improve the quality of their rest.
According to the National Post, the global sleep economy—estimated to be $432 billion USD ($550 billion CAD) in 2019—is expected to grow to $532 billion USD ($678 billion CAD) by 2026. Fueling that growth are products that include weighted blankets, cooling mattresses, smart lighting and fitness trackers that monitor sleep quality as well as steps. The weighted blanket market alone, valued at $381.4 million USD ($486 million CAD) this year, is expected to grow 14.1% a year through 2027. Fitness trackers (which can include sleep-monitoring features) were found in roughly 22% of Canadian households in 2018, and the pandemic has spurred increased demand for these items across all regions. The global fitness tracker market, worth $36.3 billion USD ($46.3 billion CAD) in 2020, is expected to reach $114.3 billion USD ($145.7 billion CAD) in 2028, growing at an annual rate of 15.4% a year.
Other sleep-enhancing products are gaining traction, from meditation apps to high-tech beds and pillows—and even “smart lighting,” such as Toronto-based Nanoleaf’s smart light panels that offer customizable sunrise and sleep modes.
With 35% of the population having trouble falling or staying asleep, products and services designed to offer relief and rest may be welcomed by weary Canadians.