Global Mattress Market By Product (Innerspring, Memory Foam, Latex, and Other Products), By Application (Commercial and Domestic), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: Dec 2023
- Report ID: 14885
- Number of Pages: 232
- Format:
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Market Overview
The Global Mattress Market size is expected to be worth around USD 87.2 Billion by 2032, From USD 43.9 Billion by 2023, growing at a CAGR of 7.10% during the forecast period from 2023 to 2032.
Over the forecast period, the demand for the product will rise due to rising disposable income and the increase in homeownership which averages 70% around the world.
To meet residential needs, there has been an increase in home furnishings sales such as mattress covers, pillows, and linen. This has led to a higher demand for the product. The global market is being driven by the expansion of the healthcare and hospitality sectors.
Key Takeaways:
- Market Growth: The Mattress Market is poised for substantial growth, with market value projected to increase from US$ 43.9 billion in 2023 to US$ 87.2 billion in 2032, indicating a noteworthy Compound Annual Growth Rate (CAGR) of 7.10%.
- Regional Dominance: The Asia-Pacific region emerges as the dominant market, capturing 38% of the market share. This signifies a strong market presence and demand within the Asia-Pacific region.
- Segmentation Insights:
- Type: Foam mattresses lead the market, constituting 45% of the market share, indicating a preference for this type among consumers.
- End-use: Household usage accounts for a significant portion, representing 78% of the market demand, signifying mattresses’ essential role in domestic settings.
- Distribution Channel: Offline distribution channels, including brick-and-mortar stores, dominate the market, capturing 68% of the distribution share.
- Market Dynamics: The Mattress Market’s dynamics are driven by regional dominance in Asia-Pacific, accounting for 38% market share. Foam mattresses, claiming a 45% share, reflect consumer preferences for comfort and durability. With 78% demand from households and 68% distribution through offline channels, the market thrives on domestic demand and traditional retail experiences.
- Industry Analysis: The Mattress Market anticipates substantial growth, forecasted to reach US$ 87.2 billion by 2032. Asia-Pacific’s economic influence, foam mattress preference, and household demand underscore its pivotal role, while offline channels dominate distribution, shaping industry trends and consumer behavior.
Driving Factors
The Mattress Market thrives due to several driving factors. Consumer emphasis on sleep quality and health boosts demand for ergonomic and technologically advanced mattresses. Innovations in materials and designs cater to diverse preferences, driving market growth. E-commerce expansion provides convenient access, influencing consumer choices.
Demographic shifts, like an aging population seeking comfort, contribute to market expansion. Environmental consciousness prompts demand for sustainable and eco-friendly mattress options. Additionally, lifestyle changes, such as urbanization and increased home furnishing focus, stimulate the need for quality sleep surfaces, fostering sustained growth in the mattress industry.
Restraining Factors
The Mattress Market encounters restraining factors despite growth. Price volatility in raw materials impacts production costs, affecting pricing for consumers. Economic fluctuations and consumer spending constraints affect discretionary purchases like mattresses. Intense market competition among established brands and emerging players limits profit margins, compelling innovation investments.
Regulatory standards and certifications pose challenges, necessitating compliance costs. Consumer hesitance towards online purchases due to a preference for physical testing restricts e-commerce growth. Additionally, limited product lifespan and disposal challenges contribute to environmental concerns, influencing purchase decisions. These factors collectively create hurdles in sustained market expansion for mattress manufacturers.
Growth Opportunities
The Mattress Market holds promising growth opportunities amidst challenges. Technological advancements offer avenues for smart mattresses integrating sleep tracking and adjustable features, catering to evolving consumer demands. Expansion in emerging markets, driven by rising disposable incomes and health consciousness, presents untapped potential.
Customization and personalization trends enable niche market penetration, catering to diverse sleep needs. Sustainable materials and eco-friendly designs align with the increasing consumer preference for environmentally conscious products, driving market expansion. Moreover, strategic collaborations with wellness brands or healthcare providers and the emphasis on direct-to-consumer models through digital platforms unlock avenues for growth and market diversification in the mattress industry.
Trending Factors
The Mattress Market experiences impactful trends shaping consumer choices. Online retail’s surge amplifies accessibility and convenience, driving consumer preference for direct-to-home purchases. Sleep health awareness prompts demand for specialized mattresses addressing specific issues like back pain or sleep disorders, influencing product innovation.
The rise of bed-in-a-box models offers compact shipping and hassle-free setup, catering to urban lifestyles. Hybrid mattress designs, combining different materials for enhanced comfort and support, have gained popularity. Sustainable and organic materials align with the eco-conscious consumer base, influencing purchase decisions. These trending factors significantly impact market dynamics, shaping the evolving landscape of the mattress industry.
Product Analysis
Innerspring was the most popular product segment on the market with a 34% share in total revenue for 2021. This segment is experiencing a surge in growth due to the rising incidence of back problems and uncomfortable sleeping surfaces. The demand for innerspring mattresses in premium mattresses is increasing in emerging markets like India, Brazil, and China.
Talalay and Dunlop are the two main methods of producing latex foam. Talalay has denser and more firm foam while Talalay has lighter and softer foam. Kurl-On, Sleepwell, and other new companies make mattresses made from latex for domestic customers in a variety of sizes like Queen, King, and Two-Bed.
The memory foam mattress is great at relieving pressure on the painful joints. These mattresses fall into the premium category of mattresses. Casper has two types of poly-foam layers: one for pressure relief at the neck and feet; the other one is used to support the lumbar region.
Application Analysis
It is predicted that the domestic segment will experience a significant CAGR during the forecast period. A combination of increasing disposable income and various government policies about reality has led to an increase in homeownership which in turn supports the growth in the mattress market. Many governments consider homeownership an important policy goal. Therefore, they encourage it by creating interest on mortgages.
You can name the Indian Government’s Housing for All program, the Chinese government’s joint ownership scheme for housing, or the U.K.’s Affordable Homeownership Scheme. These schemes allow many people to afford residential accommodation. This means that they will require bedroom necessities such as beds and mattresses to furnish the space.
The forecast period sees the commercial segment growing at a 6.9% CAGR. To increase their popularity, well-known hotel chains like Hilton and Taj Group have emphasized the importance of providing a comfortable and restful sleep environment to attract more guests.
International hotel chains are seeing a rising demand for mattresses and more brands selling premium, organic products will likely boost this segment. Purple Innovation LLC, the manufacturer of the World’s First No-Pressure Mattress, is expanding its channel strategy and bringing its comfort products to select areas across the U.S.
Distribution Channel Analysis
The distribution channels in the Mattress Market encompass both physical retail outlets and online platforms. Brick-and-mortar stores, including mattress showrooms and specialty stores, allow customers to experience mattresses firsthand, receiving personalized guidance. These outlets offer a diverse range of brands and models, facilitating informed purchasing decisions.
In difference, the rise of e-commerce has revolutionized mattress sales, with various online retailers offering convenience, extensive product information, and direct-to-consumer models. These platforms provide a wide array of choices, enabling customers to explore and purchase mattresses from the comfort of their homes, significantly impacting the market’s distribution landscape.
Key Market Segments
By Product
- Innerspring
- Memory Foam
- Latex
- Hybrid
- Other Products
By Application
- Commercial
- Domestic
Distribution Channel
- Offline
- Online
Regional Analysis
APAC’s market accounted for the highest revenue share of 38% and is expected to grow at a 7.10% CAGR in terms of value between 2023-2032. The emergence of brands like Kurl-On and Stearns & Foster is predicted to drive market demand, particularly for the innerspring/latex segment.
APAC is the biggest consumer of mattresses, due to the large population in countries such as India, China, Sri Lanka, and other Asian countries. This has led to increased demand for the product.
The global market will be driven by APAC country’s high disposable income. This is in addition to the potential for South Africa and Brazil to have a large share of the APAC and South American markets. Brazil holds a significant share of the market for memory foam and latex mattresses. This is because of its superior sleep experience. Hotels in these countries have a high demand for these mattresses.
Europe’s market for mattresses is expected to experience significant growth over the next years, due to the increasing preference for large houses and multiple bedrooms. This region has a high demand for mattresses in the hospitality and healthcare sectors.
In the healthcare sector, there is a growing demand for mattresses. Bensons for Beds and Feather & Black manufacture premium mattresses for the domestic budget, which helps to boost sales in major European cities.
Key Regions and Countries Covered іn thе Rероrt:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- MEA
- GCC
- South Africa
- Israel
- Rest of MEA
Some of the global market players include Kingdown Inc. Sleep Number Corporation, Simmons Bedding Company LLC, etc. To expand their market share, several market leaders are expanding production and strengthening their global presence.
Hybrid mattresses are becoming more popular as consumers are willing to pay more. Serta Inc. introduced a new range of iComfort hybrid mattresses.
Маrkеt Kеу Рlауеrѕ:
- Tempur Sealy International Inc.
- Serta Simmons Bedding LLC
- Spring Air International
- Sleep Number Corp.
- Kingsdown Inc.
- Southerland Sleep
- Boll & Branch
- Casper Sleep Inc.
- Purple Innovation LLC
- Simmons Bedding Company LLC
- Tempur Sealy International Inc.
- Relyon Ltd.
- Other Key Players
Recent Developments
- In Nov 2022: Tempur-Pedic Ranked no 1 in Customer Satisfaction Among Mattress Brands in the J.D. Power 2022 Report.
- In Nov 2023: Tempur Sealy International certified substantial Compliance with the Federal Trade Commission’s Second Request.
Report Scope:
Report Features Description Market Value (2023) USD 43.9 Billion Forecast Revenue (2032) USD 87.20 Billion CAGR (2023-2032) 7.10% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Type(Innerspring, Foam, Hybrid, Other Types), End-use(Household, Commercial), Distribution Channel(Offline, Online) Regional Analysis North America: The US and Canada; Europe: Germany, France, The UK, Italy, Spain, Russia & CIS, and the Rest of Europe; APAC: China, Japan, South Korea, India, ASEAN, and the Rest of APAC; Latin America: Brazil, Mexico, and Rest of Latin America; Middle East & Africa: GCC, South Africa, United Arab Emirates, and Rest of Middle East & Africa. Competitive Landscape Tempur Sealy International Inc., Serta Simmons Bedding LLC, Spring Air International, Sleep Number Corp., Kingsdown Inc., Southerland Sleep, Boll & Branch, Casper Sleep Inc., Purple Innovation LLC, Simmons Bedding Company LLC, Tempur Sealy International Inc., Relyon Ltd., Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User license (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
Q: List the segments encompassed in this report on the Mattress market?A: Market.US has segmented the Mattress market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product, market has been segmented into Innerspring, Memory Foam, Latex, and Other Products. By Application, the market has been further divided into Commercial and Domestic.
Q: List the key industry players of the Mattress market?A: Purple Innovation LLC, Spring Air International, Kingsdown Inc., Sleep Number Corp., Simmons Bedding Company LLC, Tempur Sealy International Inc., Serta Inc., Relyon Ltd., and Other Key Players are engaged in the Mattress market.
Q: Which region is more appealing for vendors employed in the Mattress market?A: APAC is expected to account for the highest revenue share of 41.3%. Therefore, the Mattress industry in APAC is expected to garner significant business opportunities over the forecast period.
Q: Name the key areas of business for Mattress?A: The US, China, Japan, India, Brazil, Germany, UK, France, Italy, Spain, etc. are key areas of operation for Mattress Market.
- Tempur Sealy International Inc.
- Serta Simmons Bedding LLC
- Spring Air International
- Sleep Number Corp.
- Kingsdown Inc.
- Southerland Sleep
- Boll & Branch
- Casper Sleep Inc.
- Purple Innovation LLC
- Simmons Bedding Company LLC
- Tempur Sealy International Inc.
- Relyon Ltd.
- Other Key Players
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