Global Mattress Market: Overview
The Mattress market is growing significantly, across the globe. The market is driven by the increasing demand for home furnishing and interior decoration, in countries like India and China, backed by rapid urbanization and rising consumer spending. Apart from this, surging investment in healthcare facilities that results in the construction of medical centers and hospital, also generates demand for mattress for patient beds. In addition to this, the growth of the hospitality industry, resulting in the construction hotels and resorts, also create demand for mattress for hotel rooms. According to a new market report published by BlueWeave Consulting, the global mattress market was valued around USD 30,000 Million in 2017 and is expected to expand over a CAGR of 7% from 2018 to 2024, by value, reaching around USD 50,000 Million by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the global mattress market in 2017.
Growing demand for tour and travel, resulting in the growth of hotel industries is driving the Global Mattress Market
Mattresses are used to provide a comfortable sleep, after hours of work in the busy lives of working professionals across the globe. Thus, the increasing disposable income has a positive impact on the standard of living which creates demand for home furnishing and interior designing, including items like mattresses for a comfortable sleep. The use of mattresses has increased rapidly both technologically and by application in recent years. These technological advancements have acted as a breakthrough for improved mattress offerings, that are beneficial for health as well.
The factors that enhance the global mattress market are increasing demand for mattress from the hotel industries for room service and provision of best class facilities to the customers. As per the annual report of Ministry of Tourism, India, Foreign Tourist arrival in India has increased from 8.8 Million people in 2016 to 10.18 Million in 2017 and it has increased from 9.7% over 2015 to 15.6% over 2016. Thus, there is an increase in demand for hotels, leading to demand for mattress in the hotel room.
The key driver for the global mattress market is increasing disposable income and rapid urbanization in developing countries, like India and China, that results in luxury and comfort. Moreover, Due to rapid urbanisation in developing countries, people are looking for flats and rooms in cities near to the job locations. Thus, the demand for real estate construction has also increased in recent years, owing to an increase in the demand for home furnishing items like mattresses. Sales of home furnishing products has increased, coupled with customer requirements who can afford luxury home decoration products. Thus, the growth of home furnishing along with the demand for luxury home décor or interior designing drives the demand of mattress.
Global Mattress Market: Scope of the Report
The global market for mattress is segmented by product type, size, distribution channel, application, and geography. The product type is further segmented into Memory Foam, Innerspring, Latex, and Others. The size of mattress is further segment into Twin or Double, Twin XL, Full or Double, Queen, King & Other sizes. The distribution channel is segmented into an Online and Offline channel. Furthermore, the application market can be bifurcated into Residential, Commercial & Industrial segment. Geographically, the Global Food Additive market is bifurcated into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. The North American market was the most prominent market because of a lot of big manufacturers involved in producing mattresses in this region, Serta, Inc., Simmons Bedding, Company LLC, Kingsdown, Inc., etc.
Global Mattress Market: Competitive Dynamics
Major industry players in global mattress market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the food additive market. For instance, In April, 2018, Owen & Company that is a leading manufacturer of handcrafted luxury mattresses, operating in Canada primarily under the Kingsdown brand, has announced its merger with its US counterpart Kingsdown Inc.
Most of the major vendors in the Global Mattress Market are actively focused on enhancing their offerings to meet the ongoing demand.
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Market Segmentation: Global Mattress Market
By Product Type
- Memory Foam
- Twin or Double
- Twin XL
- Full or Double
By Distribution Channel
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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