Future of Mattress Industry
The global mattress market size is expected to reach USD 43.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 6.7% over the forecast period. Growing demand from the hospitality and real-estate sectors, especially in developing and emerging countries such as India, China, and Brazil will create robust demand for the product over the forecast period.
A major factor boosting the growth of the global market is changing demographics. Rise in disposable income of growing middle class, especially residing in the urban areas or the ones moving from the rural areas to these regions in search of better education and job opportunities is anticipated to drive the market. Millennial consumers in countries such as U.K., U.S., and India have emerged as booming consumers of the global mattress market. High demand is mainly attributed to young consumers who are willing to pay a price higher than the usual for advanced products such as memory foam and airbed mattresses.
For instance, Serta Inc. launched the iComfort hybrid mattress with TempActiv cooling technology and a new coil support system, which infuses copper into materials such as natural latex. This provides immediate body contact or closeness to the element itself as copper relieves pain, reduces arthritis-related inflammation, helps to cure several other medical problems, and increases overall energy level.
Innerspring dominated the market and held the largest share of 32.5% in 2018. Rising incidents of back problems associated with uncomfortable sleeping surfaces leading to wrong postures is a major factor for the growth of segment. In emerging economies such as India, Brazil, and China, increasing number of affluent consumers also boosts demand for premium mattress (memory foam) with innerspring technology. For instance, Casper provides a transitional layer with two types of poly-foam: a softer one at the ends of the bed for pressure relief on neck and feet and the firmer one to support the lumbar region, thus providing complete head-to-toe support.
In several emerging countries, the governments regard home ownership as an important policy goal and thus encourage it by creating interest payments on mortgages. For instance, Indian government’s ‘Housing for All’ scheme, wherein the main motto of the government is to provide concessional houses to every individual residing in India, thereby augmenting the demand for household essentials such as mattresses and linens in this region. Premium hotel chains such as Hilton and Huazhu Group are focusing on providing excellent service to attract consumers. Thus, such inflating demand for mattresses from international hotel chains is likely to boost market growth.
Key market players in the market include Tempur-Pedic International Inc; Purple Innovation, LLC; Simmons Bedding Company LLC; Serta Inc.; Spring Air Company; Southerland Bedding Co.; Select Comfort; Kingsdown Inc.; KING KOIL Inc.; Sealy Corporation; and Paramount Bed Holdings Co. Ltd. For instance, Purple Innovation, LLC manufactured the World’s First No Pressure Mattress, and hence is expanding its blended channel strategy by bringing its patented-technology comfort products to selected locations across U.S.
Further key findings from the study suggest:
- Asia Pacific is projected to generate a revenue of USD 10.7 billion by 2025
- Innerspring accounted for 32.5% share of the total revenue in 2018 and is projected to exhibit a significant increase in the next few years
- Europe is the second fastest growing region with a CAGR of 7.2% over the forecast period. This trend is projected to continue over the next few years
- The mattress industry is highly competitive with the key players such as Tempur-Pedic International Inc.; Purple Innovation, LLC; Simmons Bedding Company LLC; Serta Inc.; Spring Air Company; Southerland Bedding Co.; Select Comfort; Kingsdown Inc.; KING KOIL Inc.; Sealy Corporation; and Paramount Bed Holdings Co. Ltd.
