The global mattress market, valued at USD 50.61 billion in 2022, is poised for significant growth, reaching USD 78.34 billion by 2030 with a projected CAGR of 5.90%. This growth is attributed to various factors, including the increasing demand for customized and luxury mattresses, signaling a shift in consumer preferences towards products that reflect social prestige. The market is witnessing the emergence of domestic players offering diverse product ranges, capturing consumer attention across distribution channels worldwide. Additionally, the introduction of new products is expected to drive market growth during the forecast period.
List of Key Players Profiled in the Mattress Market Report:
Key players in the market include Serta Simmons Bedding, LLC, Tempur Sealy International, Inc., Sleep Number Corporation, Paramount Bed Holdings Co. Ltd, Kingsdown, Inc., Grupo Pikolin, King Koil Mattress Co., Suibao Group, Greiner AG, and Sheela Foam Ltd.
Growing Dominance of Traditional Concepts to Drive Demand for Coil/Spring-based Products
Market segmentation based on material includes foam, spring/coil, latex, and others, with the spring/coil segment projected to experience significant growth. Traditional spring/coil mattresses offer users underlying support using metal springs, enhancing comfort.
Growing Adoption of Spacious Products to Drive Product Sales
In terms of size, queen-sized mattresses are the most popular globally, providing ample space for two individuals, and commonly used in master bedrooms. This size preference is followed by full, twin, king, and other sizes.
Growth of International Tourism to Drive Product Sales in Hospitality Facilities
The market is segmented by application into healthcare facilities, households, hospitality facilities, and others. The hospitality sector is experiencing increased demand due to the growing number of accommodation establishments globally, positively impacting market growth.
Drivers & Restraints:
Factors driving market expansion include the rising number of housing units globally and increasing consumer spending on furniture and bedding products. However, the circulation of unbranded/low-cost products, especially in Asian markets, poses a challenge to the demand for branded and luxury mattresses.
Regionally, North America leads in luxury and premium quality mattress sales, while Europe benefits from a thriving travel and tourism industry, driving demand in the hospitality sector. The Asia Pacific region is expected to exhibit the fastest CAGR during the forecast period, driven by the growing housing units in countries like India and China.
In terms of competition, market players are focusing on new product launches and strategic collaborations to expand their market reach.
Key Industry Development:
Notably, Sheela Foam Ltd. launched its e-commerce platform, SleepX.com, in June 2020, aiming to attract more consumers and boost sales through online channels.