The growing disposable income of people around the globe has
resulted in a rise in the home ownership rate. As per the Organisation for
Economic Co-operation and Development, several government policies and the
average annual growth rate of disposable income (over 2% worldwide) has led to
affordable housing, which is a basic need for human beings. Now people are able
to spend on things which make their lives more comfortable and easier, such as
mattresses. According to a research conducted by P&S Intelligence, the
global mattress market attained $31,181.5 million in 2017 and is
expected to grow with a 3.8% CAGR during the forecast period (2018–2023).
The various types of mattresses include latex, innerspring,
and memory foam. Some other types include hybrid, gel, water, and air. Out of
these, the innerspring mattresses are the most common and were the most in demand
in 2017. However, the demand for memory foam mattresses is projected to increase
significantly in the near future as people are becoming more conscious
regarding their health. Memory foam mattresses conform to the user’s body and
aid in relieving muscle pains and body stress. Mattresses come in different
sizes to suits the needs of different users: king size, queen size, single
size, and double size. Among these, the largest demand was created for queen
size mattresses during 2013–2017.
The demand for mattresses across the world is increasing
because of the rising migration rate to urban areas and surging population. The
population in the urban areas is growing due to the rising migrate rate,
primarily in Asia-Pacific and Middle-East regions. As per the United Nations
report, World Urbanization prospects, approximately 54% of the total world
population lives in urban areas in 2014 and this number is projected to
increase to about 66% in 2050. This is
leading to the growth in urban housing occupation, which is further resulting
in the rising need for mattresses. In addition to this, the increasing
population is driving the requirement for different consumer products,
including mattresses.
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Due to the surging need for mattresses, innovations in
mattress manufacturing process are also taking place. As the awareness
regarding healthy and hygienic sleep habits is rising, the demand for hybrid
mattresses is also increasing. Hybrid mattresses are made up of different types
of components, such as polyurethane foam, spring coils, layer of latex, and
thermagel, which offer different benefits to the user. Apart from all this, the
industry is also witnessing a shift in consumer preference for eco-friendly
mattresses, owing to which the manufacturers are also coming up with innovative
fabrics that are used in the outer covering of the mattresses.
The rise in demand for eco-friendly mattresses is projected
to significantly contribute to the growth of the mattress market during
the forecast period. These mattresses are made up of environment-friendly
materials such as natural latex, organic wool, organic cotton, and alternatives
that have less ecological impact than the traditional mattresses. The demand
for organic mattresses is rising due to the negative impacts of flame
retardants, adhesives, off-gassing, and other chemicals that are utilized in
the manufacturing process. Natural latex mattresses, natural memory foam
mattresses, and natural innerspring mattresses are some of the eco-friendly
mattresses available in the market at the present time.
