Mattress Market Size, Share & COVID-19 Impact Analysis, By Material (Spring/Coil, Foam, Latex, and Others), Size (Queen, Twin, Full, and Others), By Application (Household, Hospitality, Healthcare, and Others) and Regional Forecast, 2023-2030

The global mattress market size was valued at USD 50.61 billion in 2022 and is projected to grow from USD 52.45 billion in 2023 to USD 78.34 billion by 2030, exhibiting a CAGR of 5.90% during the forecast period.

The rising global demand for luxury and customized products indicates a significant shift in consumer perception of mattresses beyond consumer durables to an indicator of social status. At a macro level, the growth of domestic players offering differentiated products is driving consumer footfall across distribution channels globally. Numerous successful new product launches in the recent past are likely to boost sales volumes significantly in the coming years.

For instance, in January 2019, Tempur Sealy International, Inc., a U.S.-based company, launched its new TEMPUR-breeze product range. The company claims these products are designed to provide an all-night cooling effect to users. This strategic move (product launch) will help the company create significant revenue-generating opportunities and encourage other key market players to innovate their product offerings in the near term. A sizable number of product launches will increase the global mattress market share in the forthcoming years.

LATEST TRENDS of MATTRESS MARKET

Custom-made/Customizable Products to Influence Consumption Trends

Customizable products have emerged as a key trend over the past decade, positively influencing the global market trends. These products offer buyers a variety of predetermined options, including design, height, firmness options, and toppers. In recent years, prominent industry players have introduced innovative products to achieve a more significant brand reputation. For instance, in July 2020, Sheela Foam Ltd., an Indian company, launched its new line of Cocoon Mattresses under the Sleepwell brand.

The company offers users customization options based on their comfort preferences. These products allow customers to rearrange or inter-change the foam layers based on their preferred comfort level. These products also provide customers with the flexibility to choose the level of firmness. This strategic initiative (product launch) marked the company’s foray into the Mattress in a Box (MIAB) category. Given the rising popularity of customizable/custom-made products worldwide, other prominent industry participants are likely to exploit the business opportunities in this category.

DRIVING FACTORS

Rising Number of Housing Units to Favor Market Expansion

The global industry’s growth is driven by the rising number of housing constructions worldwide paired with increasing consumer spending on home furnishings & bedding products. The growing number of single-occupancy homes and nuclear families globally creates a need for a separate room for every family member across countries, thereby bolstering product demand. According to the National Bed Federation Survey result published in March 2020, survey respondents who bought the product rose from 24% to 32% in the previous six months.

Increasing Consumer Awareness Regarding the Health Benefits of Better Sleep to Accelerate Product Demand

Rapidly changing consumer lifestyles, busy schedules, changes in eating habits, and the trend of sleeping late have been causing severe sleep deprivation and mental discomfort among a sizable number of individuals across countries, most notably over the past two decades. Product quality can play a crucial role in ensuring better sleep quality for users. Products are typically promoted by various organizations, including the Better Sleep Council (BSC) and the International Sleep Products Association (ISPA). Furthermore, key players are increasingly marketing their products by highlighting the growing need for better sleep quality. Such efforts will influence mattress market trends positively and accelerate product demand throughout the forecast period.

RESTRAINING FACTORS

Higher Product Lifespan to Hamper Sales

New and prospective industry players are being challenged by an evolving and rapidly changing competitive landscape, with internationally reputed and domestic brands competing principally in terms of product quality & durability. Higher product lifespan is also one of the most prominent factors influencing consumer purchase decisions across retail stores and online marketplaces worldwide. The typical life expectancy of the product is seven to ten years.

Products featuring latex and memory foam are known to last beyond to ten years, a more considerable lifespan compared to an average innerspring. While offering high-quality & durable products helps brands stay competitive, it can also translate into a poor repeat purchase rate. This factor mainly affects businesses’ long-term growth. Furthermore, the high circulation of unbranded/ low-cost products, most notably across Asian markets, is hampering the global demand for branded, high-end, and luxury products.

MATTRESS MARKET SEGMENTATION

By Material Analysis

Rising Prevalence of Traditional Concepts to Trigger Demand for Spring/Coil-based Products

The global market is segmented into spring/coil, foam, latex, and others based on material. The spring/coil segment is estimated to ascend at a significant growth rate over the forecast period. Spring/coil-based or innerspring products are a traditional option available to users. These products are manufactured using metal springs to provide an underlying support layer to increase comfort. As per the National Bed Federation Survey result published in March 2020, pocket spring products were the most popular choice among approximately 47% of the surveyed individuals.

The employment of toxic materials in foam mattresses is hampering product sales worldwide. Furthermore, synthetic foam products cause heating effects due to low breathability options. Numerous companies have been offering sustainable/organic products featuring enhanced breathability to overcome such design-related challenges. For instance, in April 2018, UNA ORGANIC LTD, a U.K.-based company, launched its new organic/100% chemical-free MIAB. This product launch also highlights the increasing need for companies to replace synthetic/conventional foam with organic/chemical-free products.

By Size Analysis

Rising Adoption of Spacious Products to Accelerate Product Sales for Queen Sized Mattress

Based on the size, the market can be segmented into queen, twin, full, and others.

Queen-sized products are one of the most popular and preferred sizes worldwide. These products offer adequate space for two individuals and are typically used in master bedrooms. As per the survey result published in November 2020 by Bedbuyer Pty Ltd, an Australian independent mattress review website, approximately 61% of the surveyed participants preferred to sleep on a queen size mattress, followed by the king, double, and single, among others.

Kids’ products are witnessing a significant user adoption rate worldwide, with a sizable number of brands launching new products in various size options. For instance, in September 2018, a U.S.-based furniture & home furnishings company found kids’ full- and twin-sized products under the BeautySleep brand. The other segment includes sizes such as crib, king, and California king. The growth of the other segment is driven by the increasing demand for luxurious and spacious products, most notably in the king-sized category among affluent consumers.

By Application Analysis

Growth of International Tourism to Boost Product Sales in Hospitality Facilities

The mattress market is categorized into households, hospitality facilities, healthcare facilities, and others based on application. As per the National Bed Federation survey result published in March 2020, among the essential factors considered influencing consumer purchase decisions for households, comfort level topped the list as approximately 66% of the survey respondents expressed their preference for comfort, followed by price (57%), and reviews from other customers (31%). The rising number of initiatives by governments across countries to provide affordable homes various governments are triggering the product demand in the household category.

A growing number of lodging establishments worldwide creates a significant product demand in the hospitality facilities category. In this respect, the growth & evolution of the hospitality industry will positively influence product demand throughout the forecast timeframe, backed by considerable demand from new and established budget hotels, resorts, spas, and luxury hotels across the globe. The growth of international tourism as a popular leisure activity is another critical factor driving product sales.

REGIONAL ANALYSIS of MATTRESS MARKET

Based on geography, the global market is categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America emerged as the most prominent market in 2022. Led by the U.S., the North American market is characterized by a significant consumer preference for luxury and premium quality products. Various studies suggest that the average North American consumer typically buys a new mattress if the existing one does not offer the desired comfort level. In order to increase their market share, numerous players have focused on launching new products across distribution channels. For instance, in September 2019, Leesa Sleep, a Canada-based online company, launched its brand at a department store at Hudson's Bay to expand its presence in the offline retail category.

The European market is benefiting from the rapidly growing travel & tourism industry. In this respect, many tourist attractions across European countries facilitate product circulation in the hospitality sector. As per the data released by Eurostat, the statistical office operating under the European Union, approximately 64% of residents in the European Union (EU) made at least one personal tourism trip in 2018. This statistic highlights the business opportunities for prospective and internationally renowned companies in Europe, noticeably in the hospitality space, in the coming years.

Asia Pacific is expected to register the fastest CAGR during the 2022 to 2029 period. The region’s high market size (USD 12.24 billion in 2021) is attributable to rapidly increasing housing units across China and India. As per the ‘Indian Real Estate Industry Report’ published in November 2020 by the India Brand Equity Foundation (IBEF), housing sales in India reached about 2.61 lakh units across seven major cities in 2019, wherein sales volume of homes across India’s eight major cities increased approximately 2.5 times from July 2020 to September 2020, reaching about 33,403 units compared to 9,632 units in the previous quarter. Rising disposable incomes is a crucial macro factor favoring the growth of the industry across the Asia Pacific.

Product sales across the South American, Middle Eastern, and African markets are forecast to witness an upward curve in the foreseeable future. In recent years, industry participants have been focusing on establishing their presence in these markets. For instance, in July 2019, Emma Mattress, a London-based company, announced the launch of its products in Brazil.

KEY INDUSTRY PLAYERS

Emerging Categories to Promote Incremental Improvements in Existing Product Design Concepts

Industry participants have been adopting various competitive strategies, including new product launches and collaborations, helping stay abreast of the intensifying competition. Recent years have witnessed an increasing demand for innovative products. In this respect, the bed-in-box category has been gaining widespread attention, given its convenience in product delivery.

Bed-in-box products occupy less space compared to their traditional counterparts, and industry participants are increasingly focusing on exploiting the business opportunities in this emerging category, most notably in India. Purplle, BedInABox, and Nectar are the popular brands within the bed-in-box space. From a manufacturing standpoint, business opportunities in such emerging product categories (bed-in-box) will encourage incremental and continuous improvements in conventional product designs in the forthcoming years.

COVID-19 IMPACT

Severe Supply Chain Disruptions Caused by COVID-19 Crisis to Impede Growth Momentum

The COVID-19 pandemic has been significantly affecting the global mattress market growth. The unprecedented pandemic forced manufacturers to delay product launches and cut costs amid declining demand for expensive sleep products. At a macro level, trade tensions and trade protectionist measures between China and Australia & the U.S. or other trading partners are likely to hamper international product sales in the near term. To minimize the impact of COVID-19 on their operations, numerous market players have been employing various strategies over the recent years. Brand recovery strategies can include diversification of product offerings & prices, investments in novel technologies, and personalized marketing campaigns.

The COVID-19 pandemic has created significant business opportunities for domestic and international brands to exploit. While offline sales have been affected, online sales remain robust amid the COVID-19 crisis. The pandemic has also been bolstering the demand for antiviral & antibacterial products worldwide, given consumers' increasing health-focused purchases & approaches. In the post-COVID-19 scenario, Direct-to-Consumer (DTC) are expected to benefit from customer relationships.

List of Key Companies Profiled:

• Serta Simmons Bedding, LLC (U.S.)


• Tempur Sealy International, Inc. (U.S.)


• Sleep Number Corporation (U.S.)


• Paramount Bed Holdings Co. Ltd (Japan)


• Kingsdown, Inc. (U.S.)


• Grupo Pikolin (Spain)


• King Koil Mattress. Co (U.S.)


• Suibao Group (China)


• Greiner AG (Austria)


• Sheela Foam Ltd (India)

KEY INDUSTRY DEVELOPMENTS:

• February 2023 – Hästens Ltd, a Swedish mattress manufacturer, launched a new line under the drēmər brand. The drēmər mattress, featuring woven fabric upholstery, was launched in four colors: Phantom Charcoal, Natural Shale, Black Shadow, and Traditional Blue.


• November 2022 – Centuary India, a Telangana, India-based mattress company, launched a new campaign with Sania Mirza, a famous and former Indian professional tennis player, targeting the elderly and the millennial population with a customizable and affordable range of mattresses.


• June 2022 – Serta Simmons Bedding, a U.S.-based company, collaborated with interior designer Nate Berkus and launched a Limited- Edition sleep collection (Beautyrest), including a range of mattresses, mattress protectors and down pillows. This company claims that the Beautyrest collection provides sustainable products that support and comfort users.


• March 2022 – Sleep Number Corporation launched its Artificial Intelligence (AI)-based smart bed under the SLEEP NUMBER 360 brand. The new product features advanced embedded sensors that proactively monitor and improve users’ sleep and health by responding to their evolving needs. This smart bed has also been designed to provide real-time insights and responses to users by continuously monitoring their overall health, sleep health behaviours, and chronic sleep hurdles.


• February 2022: Sleep Number Corporation, a U.S.-based company, partnered with the American Cancer Society (ACS), a U.S.-based non-profit organization, to conduct quality sleep research on cancer prevention and survivorship. The American Cancer Society (ACS) will conduct research using Sleep Number's intellectual sleep data/information to determine the effect of quality sleep on cancer prevention and recovery to enhance sleep outcomes for cancer patients and survivors.

MATTRESS MARKET REPORT COVERAGE

The market report analyzes the market in-depth and highlights crucial aspects such as prominent companies, product types, and sizes. Besides this, the research report provides insights into the market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the mattress market growth.

Mattress Market Report Scope & Segmentation