Mattress Market Research Report: By Product (Innerspring, Memory Foam, Latex), Size (Single, Double, Queen, King), Distribution Channel (Online, Offline), End Use (Residential, Commercial) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global mattress market is estimated to generate $40,810.1 million in 2022, and it is expected to reach $69,077.7 million by 2030, growing at a CAGR of 6.80% between 2022 and 2030. This is attributed to the growth of the tourism industry, which is resulting in the escalating number of hotels and, in turn, increasing the sales of the product.

Moreover, the rising health concerns and increasing disposable income have fueled the mattress demand, as consumers are spending more on health-improving products. Moreover, consumers’ willingness to pay for sleeping aids has shifted substantially throughout the world, not just in large cities but also in smaller towns and cities. The majority of the consumers perform extensive research, compare prices, and make informed decisions when buying bedding.

Furthermore, the growing number of luxury hotels in emerging economies throughout the world is predicted to contribute significantly to the revenue growth; because such hotels used luxury beddings. Moreover, such beddings are expensive as compared to standard bedding products, which is expected to have a favorable influence on the market.

Memory Foam Generates Highest Revenue

The memory foam category held the largest share in the market in 2022, based on product. This is supported by the fact that persons with orthopedic conditions, such as joint discomfort, frequently choose memory foam variants since they offer greater comfort than other products. Additionally, these products are utilized in the commercial sector because of their affordability and ease of availability.

Queen- and King-Size Variants Are Gaining Traction Among Consumers

The queen size category accounted for the largest revenue share in the market, of around 38.5%, in 2022, and it is predicted to grow at a significant CAGR over the next few years. This is mainly due to the surging adoption of queen-size variations in households owing to their lower prices. Furthermore, this type of bedding can easily fit two adults as well as a child or pet.

The same way, the king size category is expected to grow at a significant CAGR during the forecast period. A king size mattress is large enough to accommodate at least two people and even has additional space for small children or a large pet. A king-size mattress is the best option among standard-sized mattresses for those who prefer more space for sleep.

Offline Channels Are Mostly Preferred by Consumers for Shopping

The offline category held the larger share in the market in 2022. This is because consumers can get suggestions from sales personnel and choose from a variety of mattresses, after trying them first-hand, at the store. Moreover, consumers mostly buy such products from offline stores owing to their preference for trusted aftersales and faster delivery services than online platforms.

The online category is set to register the highest growth rate over the coming years. Major industry participants use the roll-pack technology, which allows the mattress to fit into a compact form. This enables the shipping of the product in an easy and safe manner. Most people have a busy schedule; therefore, they aren’t able to visit different retail stores to look for a suitable mattress. Thus, online channels allow them to purchase their bedding from the comfort of their home or office at any time.

Growth Remains Faster in Commercial Sector

The commercial sector is projected to grow at a significant rate during the forecast period. On average, residential users change their mattresses every 9–10 years, while hotels change them every 5–6 years. Hotels witness a high footfall of tourists, most of whom are critical of the level of comfort available at such places.

Rapid Innovations in Manufacturing Process

Consumers’ interest in healthy and hygienic sleep habits has been increasing; thus, propelling the demand for hybrid mattresses. Such products are made of various components, including spring coils, polyurethane foam, thermagel, and layers of latex, each of which offers some benefit to the user.

For instance, a hybrid mattress made by U.S.-based startup company Casper Sleep Inc. includes a transition layer, along with zoned support, pocketed coils, memory foam, and comfort foam. Several manufacturers are also infusing copper and aluminum into the fillings, which is a reflection of the innovations being carried out in the manufacturing process.

Rising Disposable Income and Favorable Government Policies Driving Sales

The growing disposable income, coupled with the government policies related to real estate development, has resulted in a rise in the homeownership rate, which, in turn, is supporting the market growth. Furthermore, the increasing disposable income drives the tourism industry, thereby positively impacting the hospitality sector and increasing the demand for mattresses.

The increasing migration of people from rural to urban areas, mainly in the Middle Eastern and APAC regions, is propelling the demand for these products. According to the United Nations (UN) World Urbanization Prospects, in 2018, around 55% of the world’s population lived in urban areas, and this share is set to increase to around 68% by 2050.

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Asia-Pacific Region Is Leader in Market

Asia-Pacific dominated the market, with a revenue share of around 40% in 2022 owing to the large population of China, India, and Indonesia. With the rising financial stability of the middle-class population, its propensity to spend is increasing, thus leading to improved standards of living. Thus, the increasing purchasing power of consumers is expected to support APAC in remaining the largest buyer of these products throughout the projection period.

The North American market is expected to witness a considerable growth rate during the forecast period. The home improvement projects undertaken by the consumers in the region are boosting the demand for high-end mattresses. Moreover, the Canada Mortgage and Housing Corporation spent $1.05 billion in the period 2019 to 2021 to provide financial assistance to first-time home buyers. This initiative has favored the growth of the market by supporting the residential construction sector growth.

Top Players in Mattress Market Are:

• Spring Air International
• Newell Brands
• Kingsdown Inc.
• Sleep Number Corporation
• Serta Simmons Bedding LLC
• Tempur Sealy International Inc.
• Relyon Beds Limited
• Southerland Inc.
• Boll & Branch
• Casper Sleep Inc.

Market Size Breakdown by Segment

The report analyzes the impact of the major drivers and restraints on the market, to offer accurate market estimations for 2017–2030.

Based on Product

• Innerspring
• Memory Foam
• Latex

Based on Size

• Single
• Double
• Queen
• King

Based on Distribution Channel

• Online
• Offline

Based on End Use

• Residential
• Commercial
  • Hotel
  • Hospital

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
• Asia-Pacific
  • China
  • India
  • South Korea
  • Japan
  • Australia
• Latin America
  •  Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa