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Mattress Market Size, Share & COVID-19 Impact Analysis, By Material (Spring/Coil, Foam, Latex, and Others), By Size (Queen, Twin, Full, and Others), By Application (Household, Hospitality Facilities, Healthcare Facilities, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI102108

 

KEY MARKET INSIGHTS

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The global mattress market size was valued at USD 49.24 billion in 2021. The market is projected to grow from USD 50.61 billion in 2022 to USD 72.95 billion by 2029, exhibiting a CAGR of 5.36% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with mattress experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 13.45% in 2020 as compared to 2019.


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 mushrooming growth of domestic players offering differentiated products is driving consumer footfall across distribution channels worldwide. 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 that these products are designed to provide an all-night cooling effect to users. This strategic move (product launch) is not only expected to help the company create significant revenue-generating opportunities but encourage other key market players to innovate their product offerings in the near term.


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 & 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.


LATEST TRENDS


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Custom-made/Customizable Products to Influence Consumption Trends in the Near Term


Customizable mattresses have emerged as a key trend over the past decade. 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 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 an 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 the product demand. According to the National Bed Federation Survey result published in March 2020, the number of 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 and major players are increasingly marketing their products by highlighting the growing need for better sleep quality. Such efforts are likely to influence 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 foams are known to last beyond 10 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.


SEGMENTATION


By Material Analysis


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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 type. 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-based products 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


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


Queen-sized products are one of the popular and most 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-sized product, followed by the king, double, and single, among others.


Kids’ mattresses 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 others segment includes sizes such as a crib, king, and California king. The growth of the others 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


The 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 the 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 INSIGHTS


North America Mattress Market Size, 2021 (USD Billion)

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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 2021. 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. 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 are facilitating 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 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 7 major cities in 2019, wherein sales volume of homes across India’s 8 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.


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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, emerging business opportunities in such emerging product categories (bed-in-box) will encourage incremental and continuous improvements in conventional products’ designs in the forthcoming years.


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:



  • 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 over time 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 behaviors, 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.

  • July 2020: Serta Simmons Bedding, LLC, a U.S.-based company, announced its partnership with Switzerland-based HeiQ Group. The agreement will likely strengthen Serta Simmons Bedding, LLC’s dominance in the U.S. market.


REPORT COVERAGE


An Infographic Representation of MATTRESS Market

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The global mattress industry 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 market growth.


Report Scope & Segmentation


















































  ATTRIBUTE



   DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



By Material




  • Spring/Coil

  • Foam

  • Latex

  • Others



By Size




  • Queen

  • Twin

  • Full

  • Others



By Application




  • Households

  • Hospitality Facilities

  • Healthcare Facilities

  • Others



By Region




  • North America (By Material, Size, Application, and Country)

    • U.S. (By Material)

    • Canada (By Material)

    • Mexico (By Material)



  • Europe (By Material, Size, Application, and Country)

    • Germany (By Material)

    • U.K. (By Material)

    • France (By Material)

    • Italy (By Material)

    • Spain (By Material)

    • Rest of Europe (By Material)



  • Asia Pacific (By Material, Size, Application, and Country)

    • China (By Material)

    • India (By Material)

    • Japan (By Material)

    • Australia (By Material)

    • Rest of Asia Pacific (By Material)



  • South America (By Material, Size, Application, and Country)

    • Brazil (By Material)

    • Argentina (By Material)

    • Rest of South America (By Material)



  • Middle East and Africa (By Material, Size, Application, and Country)

    • UAE (By Material)

    • South Africa (By Material)

    • Rest of Middle East & Africa (By Material)





Frequently Asked Questions

Fortune Business Insights says that the worldwide market size was USD 49.24 billion in 2021 and is anticipated to reach USD 72.95 billion by 2029.

In 2021, the global market value stood at USD 49.24 billion.

Ascending at a CAGR of 5.36%, the global market will exhibit steady growth over the forecast period (2022-2029).

By material, the spring/coil segment is expected to dominate the market throughout the forecast period (2022-2029).

The rising number of housing units worldwide is accelerating the market growth.

Serta Simmons Bedding, LLC, Tempur-Sealy International, Inc., Sleep Number Corporation, Paramount Bed Holdings Co., Ltd., Kingsdown Inc., Grupo Pikolin, and Sheela Foam are the leading companies worldwide.

North America dominated the worldwide market in 2021.

The rising consumer awareness regarding the benefits of better sleep paired with significantly increasing housing units worldwide is favoring the product demand.

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