Mattress Market To Generate $64,045.5 Million Revenue by 2030

A number of factors, such as the surging disposable income and favorable government policies, rising standard of living, increasing population, growing tourism industry, surging concern regarding sound and healthy sleep, rising migration to urban areas, and increasing prevalence of back and spine problems across the globe, are expected to drive the growth of the mattress market at a CAGR of 7.0% during the foreseeable period (2021–2030). According to P&S Intelligence, the market generated $32,875.3 million revenue in 2020, and it is expected to reach $64,045.5 million by 2030. 

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One of the prime factors aiding the mattress market growth is the surging disposable income and favorable government policies for the real estate sector. For instance, as per the Organisation for Economic Co-operation and Development (OECD), the global disposable income increased at a growth rate of over 2% in 2019 from 2018. These factors are making housing affordable, which is increasing the home ownership rate, thus driving the demand for mattresses. Moreover, the rising disposable income boosts the tourism sector, thereby positively impacting the market growth.

The product segment of the mattress market is categorized into innerspring, latex, memory foam, and others. Among these, the memory foam category accounted for the largest market share in 2020. This is ascribed to the high usage of this type of mattresses by individuals suffering from orthopedic problems, as these mattresses offer more comfort, more evenly distribute the body weight, and better support the body in response to pressure and heat as compared to other types. Moreover, they are used in the commercial sector owing to their low price and easy availability.

Geographically, the Asia-Pacific (APAC) mattress market generated the highest revenue in 2020, and it is also expected to witness the same trend during the forecast period. This is attributed to the growing tourism industry, surging per capita disposable income in developing countries, increasing population of China, India, and Indonesia, improving standards of living of the middle-class population, and rising purchasing power of people. In addition, with the awareness on sound and healthy sleep rising, people are replacing their mattresses more often than before. 

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Thus, the rising disposable income, favorable government policies, and increasing migration to urban areas are expected to boost the market growth during the forecast period.

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What is the Impact of Eco-Friendly Mattresses on the Mattress Market?

The number of health-conscious consumers is increasing, which is resulting in the rising demand for daily-use products, such as mattresses. As the disposable income of people is increasing, they are willing to spend extra amount for products that help improve their health. The fast-paced life and busy schedules of people are inducing mental tiredness in them, further making sound sleep a necessary compulsion. The people in developed countries are increasingly adopting premium mattresses as the quality of sleep is becoming important for them. In addition, people in the Asian countries are increasing their budget for mattresses to opt for technologically advanced mattresses instead of traditional cotton-filler mattresses. 

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According to a report by P&S Intelligence, in 2017, the global mattress market generated a revenue of $31.1 billion and is predicted to advance at a 3.8% CAGR during the forecast period (2018–2023). Mattresses come in four different sizes, namely king, single, queen, and double. Out of these, the largest demand during 2013–2017 was created for queen size mattresses and the situation is projected to remain the same in the coming years as well. Queen size mattresses are preferred the most across the world because they provide adequate space for two people. The fastest growth in demand is expected to be witnessed by the single size mattresses during the forecast period. 

The different types of mattresses are latex, innerspring, memory foam, and others (which include hybrid, water, gel, and air). Out of these, the highest demand during 2015–2017 was created for memory foam mattresses and their demand is further projected to be the largest in the near future. The awareness among consumers regarding their health is growing, which is why they are increasingly adopting memory foam mattresses, as these mattresses conform to the user’s body and aids in relieving muscle pain and body stress.

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Because of the rapid environmental degradation, the requirement for eco-friendly mattresses is surging as well. The public is becoming increasingly aware regrading issues including toxic pollution and volatile organic compounds that are emitted from polyurethane foam mattresses. A large number of customers are now opting for organic and natural products, including eco-friendly mattresses, which are made up of environment friendly materials, such as natural latex organic wool, organic cotton, and other alternatives that have less chemical and ecological impact. The demand for organic mattresses is also growing due to the negative impact of off-gassing, flame retardants, adhesives, and other chemicals, which are utilized in the manufacturing of mattresses. 

Among the different regions, namely Latin America, North America, Middle East & Africa, Asia-Pacific (APAC), and Europe, North America dominated the mattress market during 2013–2017, however, the APAC region is predicted to account for the largest value share of the market during 2020–2023. This is because of the large population in countries including Indonesia, China, and India, which is leading to an increased demand for consumer goods including mattresses.

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How is Increasing Disposable Income of People Driving Mattress Market?

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.

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Mattress Market is Gaining Interest of Consumers across the Globe

Global mattress market is forecasted to attain the value of $38,976 Million by 2023, According to P&S Intelligence.

The market has been witnessing robust growth, mainly due to the factors, such as growing disposable income, increasing population and rising migration from rural to urban areas.

Insight on Market Segments

Based on product, the market has been categorized into innerspring, memory foam, latex and others, wherein ‘others’ include hybrid, gel-type, water-type, air-type mattresses. The innerspring mattress is the most popular mattress type globally, accounting for over 33% of volume sales in the mattress market. Furthermore, with growing awareness among consumers regarding health, mattresses such as memory foam, which conforms to the user’s body and helps in relieving body stress and muscle pains, the demand for memory foam mattress is expected to grow significantly, during the forecast period.

Europe mattress market is projected to register the fastest growth

During the forecast period, the mattress market is projected to record the fastest growth in Europe. The growth can be accounted to increasing purchasing power of people leading to increasing spend on home furnishing. Moreover, with increasing awareness among people about the harmful effects of chemical-based mattress, the demand for eco-friendly mattresses is on the rise, further leading to high growth in demand for latex mattresses.

Rising disposable income is the primary driving force for the mattress market

The growing disposable income coupled with various government policies related to real estate has resulted in rise in home ownership rate, which in turn is supporting mattress market growth. According to Organization for Economic Co-operation and Development (OECD), the average annual growth rate of disposable income has been over 2% globally and various government policies have led to affordable housing, a basic need for human being according to Maslow’s theory for hierarchy of needs.

Growing health awareness among consumers is set to offer remunerative opportunities for the market players

The growing health awareness among consumers has been propelling the demand for daily-use products like mattresses. With increasing disposable income, consumers are willing to pay extra amount for health-enhancing products. The sleep quality is becoming significant in the developed countries, thus leading to increasing adoption of premium mattresses. On the other hand, their Asian counterparts are increasing their mattress budget to use technologically advanced mattresses, as compared to traditional cotton-filler mattresses. These factors are posing lucrative opportunities for market players in mattress market.

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, and McRoskey Mattress Company.

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