In 2020, the mattress market was valued at $32,875.3 million, and it is projected to grow at a rate of 7.0% from 2021 to 2030, to reach $64,045.5 million by 2030. The expansion of the tourism sector with the constant rise in number of hotels is contributing to increased sales of mattresses resulting in a boom in the market. The growing awareness among people of health concerns is a crucial factor leading to a surge in demand for everyday items including mattresses.
The most significant contributor to the mattress market is memory foam. A large number of people suffer from orthopedic problems such as back pain, knee pain, and neck pain is recommended to use memory foam mattresses, leading to surging in the mattresses market. Memory foam is widely popular for its comfort, easy availability and cost-effectiveness. The significant contributor to the mattresses market was queen-size mattresses in the past, attributed to wide popularity among households due to cost-effectiveness.
Read More: Mattress Market Analysis and Demand Forecast Report
The growing awareness about healthy and hygienic sleep habits results in a surge in the mattress market growth. Various components are utilized in the mattress formation, including spring coils, polyurethane foam, layers of latex, and thermal. Several manufacturing entities utilize aluminum and copper in mattress fillings, reflecting the innovations in the mattress manufacturing process. Moreover, the increase in disposable income expands the market.
There is a rising trend of people migrating from rural areas to urban, boosting the demand for mattresses. According to the UN report on World Urbanization Prospects, 55% of the world population stayed in urban areas in 2018, and this share is projected to reach 68% by 2050. The government policies on real estate development led to a surge in the homeownership rate and expanded the mattress market. Worldwide, governments are taking initiatives to make housing affordable.
The Organisation for Economic Co-operation and Development (OECD) reported that the growth rate of disposable income was 2% in 2019. The increase in disposable income leads to a rise in tourism activities and thus facilitates the growth of the hospitality sector, attributing to the increasing demand for mattresses. Moreover, the significant market players focusing on new product launches and various options for consumers are crucial drivers of the mattress market.
The fastest-growing category in the end use segment of the mattress market is the commercial sector. In residential spaces, mattresses are usually replaced within 9 to 10 years, while hotels replace them more frequently, usually within 5 to 6 years. It could be considered that numerous tourists use the mattresses in hotels and business travelers, and comfort is the primary concern of a luxury stay, attributing to the replacement of beds at a high rate than residents.
APAC contributed significantly to the mattress market in past years, attributing to the large population of China, India and Indonesia. With the constant rise in the people and the rise in the demand for goods, mattresses are expected in the near future. Moreover, the increase in disposable income in APAC developing countries leads to a market boom. As the purchasing power of APAC population keeps increasing, it will penetrate the mattress market.
Therefore, the rise in disposable income of a population and expansion of the tourism sector drives the market.
