Mattress Market Growth & Trends
The global mattress market size is expected to reach USD 67.5 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing cases of back problems associated with uncomfortable sleeping surfaces are boosting the demand for innerspring mattresses. Another major factor driving the segment growth is the improving condition of the housing market, along with enhanced purchasing power parity across the globe. The rapidly growing real estate industry, coupled with a rise in residential and personal spaces including apartments, and houses among others across the globe, is fueling the product demand. The majority of the consumers reported that they would consider making huge purchases for the household because of a considerable amount of time spent at home, which made them notice various aspects that might need to be updated or are missing.
In terms of value, the foam mattress segment dominated the industry and will account for the largest revenue share by 2030. Memory foam is widely used in the commercial sector, especially in hospitals, as it offers several benefits. Memory foam molds as per the body in response to heat and pressure, thereby evenly distributing body weight. The design technique of memory foam mattresses is such that it returns to their original shape once the pressure is removed. North America held the second-largest share in 2021 owing to an increased number of home renovation activities that include personalizing according to recent trends and consumer needs.
For instance, according to a remodeling survey from the National Association of Home Builders, 40% of the houses in North America are more than 50 years old anticipating there will be an increase in renovation spending in the coming years. Manufacturing these products requires low capital investment, and thus, a number of players are entering the market. This has led to price competitiveness in the industry. With changing buying behavior of consumers, premium mattresses including memory foam and latex mattresses have also been experiencing traction among consumers. In addition, increasing cases of severe back problems, mainly caused by uncomfortable sleeping surfaces, are likely to play a vital role in boosting the demand for specialty mattresses, such as airbeds, waterbeds, and foam-based mattresses.
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Mattress Market Report Scope
Report Attribute Details
Market size value in 2022 — USD 41.5 billion Revenue forecast in 2030 — USD 67.5 billion Growth rate — CAGR of 6.2% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period — 2022–2030
Mattress Market Report Highlights
The foam segment led the industry in 2021 owing to the increased preference for these products in the domestic and commercial sectors
The queen-size mattress segment led the industry in 2021 on account of the low cost of these products. Moreover, these mattresses provide more sleeping space than single- & double-size mattresses
The household segment is expected to register the fastest CAGR from 2022 to 2030 due to the increasing availability of premium mattress products with numerous functional benefits
The online distribution channel segment is expected to witness a substantial growth rate over the forecast period
According to a blog by Sleepyhead in 2022, manufacturers are providing novel offerings, like a 100-night free trial, which would have been unthinkable a decade ago if consumers wanted to buy a mattress without going through the retail experience. Due to this strategy, buyers feel confident while purchasing mattresses online
Asia Pacific was the largest region in 2021 and is expected to register a considerable CAGR over the forecast period due to changing lifestyles according to the recent trends in home décor
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