Mattress Market by Product (Innerspring, Memory Foam, Latex), by Size (Single Size Mattress, Double Size Mattress, Queen Size Mattress, King Size Mattress) by End-Use (Residential, Commercial), by Geography (U.S., Canada, U.K., Germany, France, Italy, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023

Mattress Market Overview

The global mattress market was valued at $31,181.5 million in 2017 and is predicted to register a CAGR of 3.8%, during 2018–2023. Rise in purchasing power parity and growing global population are the major drivers for the mattress market. Increasing number of hotels and rooms are expected to drive the growth of mattress. According to World Tourism Organization (UNTWO), international tourism grew by 7% in 2017 and is expected to grow at a rate of 4-5% in 2018. Moreover, increasing tourism is expected to drive the growth of hotels worldwide, which would further support market growth.

APAC MATTRESS MARKET, BY END USE, $M (2013-2023)

Based on product, the mattress market has been categorized into innerspring, memory foam, latex and others, wherein ‘others’ include hybrid mattress, gel-type, water-type, air-type mattresses. Out of these, innerspring type was the most popular choice among consumers, globally. Leading mattress manufacturers like Tempur Sealy International Inc, Serta Inc, Sleep Number Corporation, are concentrating on developing hybrid innerspring mattresses, offering electric adjustable beds, temperature and moisture control. Such innovations are expected to support the growth of innerspring mattress.

Based on size, the mattress market has been classified into single size mattress, double size mattress, queen size mattress, and king size mattress. Globally, queen size mattress accounted for 37.1% of the revenue share in 2017 and is projected to register a CAGR of 3.6%, during the forecast period. Queen size mattress is the most preferred around the world as they provide adequate space for two and doesn’t take up much space of the room, which is essential for smaller bedrooms.

Globally, Asia-Pacific was the largest consumer of mattress, with a market share of over 40% in terms of volume in 2017, owing to large population in countries like India, China and Indonesia. As the population rises, the demand for consumer goods including mattresses, is set to increase. Furthermore, high disposable income in developing countries in APAC and Latin America such as India, Thailand, Mexico is set to drive steady growth in mattress market. On the other hand, Africa has the lowest disposable income which is one of the major factors that inhibits the growth of market in the region.

Mattress Market Dynamics

Trends

One of the key trends observed in the mattress market include innovation in mattress manufacturing process. Consumers interest in healthy sleep habits have been increasing lately, exploding the demand for hybrid mattresses. Hybrid mattresses are made up of various types of components such as spring coils, polyurethane foam, thermagel, layer of latex, each of which offers some benefit to the user. Several mattress manufacturers are innovating by infusing materials such as copper and aluminum in the mattress fillings. For example, in 2018, Serta Inc., launched iComfort hybrid mattress, which comes with TempActiv cooling technology, and new hybrid coil support system.

Drivers

Growing population is a major driver for increasing need of consumer products such as mattresses, globally. Rise in number of consumers in the market leads to increase in consumption capacity of consumers. Therefore, high population growth would result in growth in demand for consumer products. As of August 2018, the global population reached 7.65 billion, growing at a rate of around 1.1% per year, where on an average 83 million people are added to population every year. This significant growth in population is driving the demand for mattresses, globally, which in turn would support sustained mattress market CAGR of 3.8%, during the forecast period.

Also, migration from rural areas is a major reason for rising population in urban areas which is driving the real estate industry. The increasing migration of people from rural to urban areas, mainly in the Middle East and Asia-Pacific regions is propelling the demand for mattresses. This leads to increase in urban housing occupation. According to United Nations, around 54% of the world population lived in urban areas and this ratio is set to increase to around 66% by 2050. This increase in urban population is set to propel the demand for mattresses, globally.

Opportunities

Surge in demand for eco-friendly mattresses offer lucrative opportunities for manufacturers in the mattress market. Consumers’ buying habits have been changing, owing to increase in public awareness on environmental issues such as toxic pollution, volatile organic compounds (VOCs) emitted from polyurethane foam mattresses. Large numbers of consumers are now selecting natural and organic products due to changes in buying habits. The eco-friendly mattresses are generally made of eco-friendly materials such as organic cotton, natural latex organic wool and alternatives having less chemical and ecological impact than conventional mattresses.

The materials used to make eco-friendly mattresses include hemp, animal hair, organic cotton and wool, natural latex foam and coconut fiber which are renewable, biodegradable, and cause minimal impact on the environment. The demand for organic mattress continues to grow, owing to the negative impact of flame retardants, off-gassing, adhesives and other chemicals that are used in the manufacturing of mattresses, especially synthetic latex.

Mattress Market Competitive Landscape

Globally, the mattress market is fragmented with many players engaged in expanding their production facility in order to expand global presence and increase market share. As the consumers are willing to spend more, manufacturers are developing hybrid mattress, for instance, in January 2018, Serta Inc. launched new icomfort mattress collection using hybrid technology.

Some of the key players operating in the mattress market are Spring Air International, Kingsdown Inc, Sleep Number Corporation, Simmons Bedding Company LLC, Tempur Sealy International Inc, Serta Inc, Relyon Limited, Southerland Inc, Corsicana Mattress Company, McRoskey Mattress Company.