Mattress Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Mattress Market Size

Mattress Market Trends & Growth Drivers

Innovations in Mattress Manufacturing Process Are Key Trend

• Consumers’ interest has been increasing in healthy and hygienic sleep habits lately, thus propelling the demand for hybrid mattresses. Such products are made from various components, such as spring coils, polyurethane foam, ThermaGel, and layers of latex, each of which offers some benefit to the user. Several market players are infusing materials such as copper and aluminum in the mattress fillings.
• In March 2020, Serta Simmons Bedding LLC. launched a product named Ergo bed in the Indian Market. These beds include adjustable base mechanisms and mattresses made of 5 Zone pin core latex, with high-grade specifications for body support and comfort. The bed is manufactured with the Zero-G technology, which helps relieve back pain and support blood circulation.
• Consumers are switching to eco-friendly products, owing to which market players are innovating the fabrics used in the outer covering of mattresses. Natural fabrics, including fiber, wool, and bamboo, are now being used to cater to environment-conscious customers. Additionally, advanced heat-reducing fabrics, such as lyocell, are gaining popularity, thus paving the way for further innovations in these products.

Rising Disposable Income and Favorable Government Policies Are 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’ World Urbanization Prospects, in 2023, around 57% of the world’s population lived in urban areas, and this share is set to increase to around 68% by 2050.

Volatile Prices of Raw Materials Hamper Market Growth to an Extent

• Polyurethane foam, polyethylene foam, polyester, and steel innerspring components are the key raw materials for mattresses. The increase in their prices owing to the price increase of petroleum and steel severely affects the mattress industry. Therefore, manufacturers either have to increase the price of the final product, to offset their additional investment in raw material procurement, or compromise with their profit margins.
• Several mattress manufacturers incurred losses in the past due to the increase in the prices of petroleum-based polyurethane foam, polyester, polyethylene foam, and steel innersprings in 2019.
• The high cost of mattresses is one of the major factors restraining the market growth. The large population of APAC and Africa uses inferior cotton-filled mattresses, as it cannot afford advanced variants, such as innerspring and memory-foam mattresses. Though the penetration of innerspring and memory foam-mattresses is increasing in developed economies, it is still low in underdeveloped and developing countries owing to their higher cost. 

Mattress Industry Outlook

Product Insights

• The memory foam category held the largest market share, of 45% in 2023 in the market, and it is projected to have the highest CAGR, of 7.7% during the forecast period. 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.

During the study, we have analyzed the following products:

• Innerspring
• Memory Foam (Largest and Fastest-Growing Category)
• Latex
• Others

Size Analysis

• The queen category held the largest market share, of 40%, in 2023, and it is predicted to grow at a significant CAGR, of 7.6%, 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 king 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.

Below are the sizes analyzed in the report:

• Single
• Double
• Queen (Largest and Fastest-Growing Category)
• King

Distribution Channel Insights

• The offline category held the larger share of 80% in the market in 2023. 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.
• 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 higher growth rate, of 7.4%, in the coming years. Major industry participants use the roll-pack technology, which allows the mattress to fit into a compact form, which enables shipping in an easy and safe manner. Most people have a busy schedule; therefore, they are not able to visit different retail stores to look for a suitable mattress. Online channels allow them to purchase their bedding from the comfort of their home or office at any time.

The following distribution channels are included in the report:

• Online (Faster-Growing Category)
• Offline (Larger Category)

End Use Analysis

• Based on end use, the commercial category accounted for the larger share, of 65%, in 2023, as well as projected to witness highest CAGR, of 7.3% during 2024–2030. This growth is attributed to the hospitality industry, healthcare sector, commercial spaces, and rental and leasing businesses.
• Within the commercial category, hotels are the major end users of mattresses, as they change them more frequently than hospitals. Moreover, on average, residential users change their mattresses every 9–10 years, while hotels change them every 5–6 years. Hotels change their mattresses more frequently due to the high footfall of tourists and business travelers.

The following end uses are covered in the report:

• Residential
• Commercial (Larger and Faster-Growing Category)
  • Hotel
  • Hospital
  • Others

APAC Is Largest and Fastest-Growing Region

• Geographically, APAC is the fastest-growing market, advancing at a CAGR of 7.5% during 2024–2030; it also held the largest share in 2023. This can be ascribed 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.
• The Canada Mortgage and Housing Corporation spent USD 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’s growth.

The regions and countries analyzed in this report include:

• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • Germany (Largest Country Market)
  • U.K. (Fastest-Growing Country Market)
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) ((Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Mattress Market Share

The global mattress industry is fragmented with the presence of several key players. In recent years, the market players have been involved in product launches in order to attain a significant position.

Mattress Industry News

• In February 2023, Hästens Ltd., a Swedish mattress manufacturer, introduced a new collection under the brand name drēmər. The drēmər mattress, which has woven fabric upholstery, debuted in four color options: Phantom Charcoal, Natural Shale, Black Shadow, and Traditional Blue.
• In November 2022, Centuary India, a mattress company based in Telangana, India, unveiled a new campaign featuring Sania Mirza, a former Indian professional tennis player. The campaign aims to appeal to both the elderly and the millennial demographics with a range of customizable and affordable mattresses.
• In March 2022, Sleep Number Corporation introduced its AI-powered smart bed, as part of the SLEEP NUMBER 360 brand. The product incorporates sophisticated embedded sensors to actively track and enhance users’ sleep and health, adapting to their changing requirements. This intelligent bed offers real-time feedback and adjustments by continually monitoring users’ overall health, sleep patterns, and persistent sleep issues.
• In April 2021, Spring Air International announced the launch of its four-model Breathe collection of mattresses. They provide protection from bacteria and viruses for healthier sleep.
• In March 2021, Tempur Sealy International Inc. announced its decision to invest USD 16.7 million to expand its manufacturing capabilities in Scott County, Minnesota, U.S. This move helped the company meet the growing demand for pillow products and foam mattresses in the country.
• In February 2021, Tempur Sealy International Inc. introduced a new line of mattresses. The new Sealy mattresses leverage memory foam and ultra-responsive coil technologies to offer durability and enhanced support.