Date : November 28, 2020
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Improving sleep quality by providing adequate support and comfort to the human body, mattress industry is gaining higher momentum across the globe - Bonafide Research

Improving sleep quality by providing adequate support and comfort to the human body, mattress industry is gaining higher momentum across the globe - Bonafide Research

From the available evidence, it seems certain that the concept of the mattress originated during prehistoric times. By lying on piles of leaves, straw, and animal skins, early humans were able to sleep more comfortably and more soundly than they could have on hard surfaces. As greater numbers of people left a nomadic, hunting existence for a settled, agrarian lifestyle, primitive furnishings, including the bed, began to develop. With the increasing technological advancements and disposable income, currently, an average consumer replaces a mattress every 8 years. The purchase decision for a good mattress depends on many factors such as price, availability, and the material. This has a huge impact on the type of mattress preferred by buyers.

The report on ‘Global Mattress Market Outlook, 2027, by Bonafide Research is a balanced blend of factual based information, valuable insights, and implementable recommendations for both, the existing companies in the industry as well as the potential new entrants. The overall mattress market is anticipated to have more than USD 61 Billion market size, registering CAGR around 7% for 2022-2027. Increased incidences of back problems caused mainly by uncomfortable sleeping surfaces are likely to play a major role in the growth of specialty mattresses such as airbed, waterbed, and foam-based mattresses. It is majorly used by new hospitals, along with renovated old healthcare institutions, that have contributed significantly to the demand for such mattresses to provide comfort to in-patients, out-patients, and caretakers.

Being the oldest form of mattress, the innerspring mattresses are common across the world, holding up to a share of more than 65% in the market. Willingness to explore newer options is the reason for the growth of the different types of mattresses. Even though the market seems to be opportunistic, the challenges of less spacious houses and a high dominance of the unorganized market in the developing countries hamper the growth. 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 the overall energy level.

Both the private and government sectors are making substantial investments in the healthcare industry to develop infrastructure and expand healthcare facilities. For instance, according to the Government of India’s flagship program of Pradhan Mantri Jan Aarogya Yojana (AB-PMJAY), all hospitals under the Ayushman Bharat scheme are to be provided with viability gap funding of up to 40% of the total project cost. This will hence, lead to the acquisition of more beds and mattresses for government and semi-government hospitals in the near future to upgrade the basic infrastructure as per the aforesaid scheme.

However, massive focus on good sleep for enhancing health of an individual has accounted majorly towards the overall market size in the recent years. In addition to this, humungous popularity of natural & organic mattresses across the globe will propel the business space in the years to come. Additionally, thriving e-Commerce and online retail sectors will proliferate the expansion of mattress industry over the estimated timeframe. Moreover, massive internet and smartphone penetration across the globe will boost the business growth trends. Improved materials and cutting-edge technology are being used by producers to provide consumers with better sleep.

The hotel industry is consistently growing, with over 700,000 hotels around the world, recovering well from the 2008 recession. This incline in the hotel industry has a great influence on the mattress market. Commercial grade mattresses are designed for the extra abuse that hotels and resorts get. They have higher coil counts and reinforcements that are only found in commercial grade designs. Highly dominated by offline retailers, the online mattress market is at comparatively a preliminary stage. As the millennial customer are more attracted towards the online shopping methods that provides added discount and free trials. For instance, King Koil provides mattresses to premium hotels such as JW Marriott, Hyatt Regency, Westin Hotels & Resorts, and Le Meridien.

The rising consumer preference for customized mattresses is one of the major trends being observed in the North America region's mattress market. Immersed in a work-from-home revolution, people are working from their beds, watching movies in the sack, spending more time at home, and, consequently, deciding to upgrade their sleep setup. The upshot is that after years of turmoil caused by bankruptcies, store closures, and intense competition, the mattress industry is suddenly flourishing during a pandemic that has reoriented people’s budgets. Also, the increasing construction activities in the North America region were the prime driver for its mattress industry. For instance, metropolitan Atlanta, US has been witnessing rapid urbanization, with the addition of 69,200 residents every year. This trend is projected to drive the market during the forecast period.

On the other hand, migration is a major reason for the rising population in urban areas, which is driving the real estate industry. In Europe, urbanization is an ongoing phenomenon, both in terms of urban land expansion and increasing population share. According to the World Bank, the urban population’s growth rate of the EU was 0.4% in 2020. Further, as per the European Commission, the region’s level of urbanization is projected to inflate to around 83.7% in 2050, while the total population of European functional urban areas (FUAs) is expected to increase on average by 4% by 2050. Therefore, this is also expected to drive the demand and production of mattresses across the Europe region. Also, the rising purchasing power of people in the continent that allows them to buy premium-quality mattresses but also replace them more frequently than before is boosting the market growth. The current population of Europe is equivalent to 9.78% of the total world population. Europe ranks number 3 among regions of the world by population.

The history of mattresses in Asia was commonly crafted around the culture and society of countries. The resources available also influenced it as it dictated the material of these mattresses. Due to trading and globalization, more comfortable mattresses became available and people were no longer limited with their mattress choices. The growth of the mattress market in Asia-Pacific can be attributed to the increasing demand for home furnishings due to rapid urbanization and a growing middle class. Moreover, increasing per capita disposable incomes have led to the rising sales of a luxury mattress. Asia-Pacific is considered to be the largest user of mattresses owing to the large population of India, China, and Indonesia. The mattress market is driven by an increase in the number of households, a shift in consumer preferences, an increase in innovative technologies, an increase in demand for hybrid and gel-filled mattresses, favourable government policies, an increase in disposable income, and a shift in lifestyle. The Asia Pacific is among the fast-growing and most promising areas for online mattress sales. Consumers are more comfortable making big purchases over the internet, which is constantly changing the way people think about buying durable consumer products such as mattresses.

With the region showing steady growth throughout the historic period, last year’s economic numbers of Latin America did not paint a rosy picture. The economic drawbacks have cast its indirect influence on the overall market of mattresses in the region. Most of the Latin American countries are struggling to break free from what economists refer to as the "middle-income trap." While not the entire area has risen out of poverty, neither growth nor productivity has increased enough to close the gap between Latin America and the world's most developed economies. Economic difficulties have had an indirect impact on the total mattress market in the region. The trend towards the demand for smart Mattresses further owes to the growth of the mattress market. The increasing disposable income of people worldwide has improved their living standards, which creates a demand for comfort and convenience. Thus, there is a demand for luxury furnishing, including mattresses. In Latin America, the mattress industry is moving from unbranded to branded market slowly. The branded market comprising large, mid-size, and smaller manufacturers constitute a great share in the market, with around 20-25 players spread across the geographies. As a larger market still wishes for a touch and feel shopping for the mattress, the offline retail market dominates the region's market in 2021. 

Owing to the economic slowdown as well as slow growth in the personal disposable income in the respective regions of the Middle East decrease the growth of the mattress market. Nonetheless, tough fiscal surroundings have been the major limitation with the unresponsive oil prices leading to the leisurely growth. The efficient increase in the accommodation facilities owing to the effective increase in tourism was one of the foremost increasing trends in the respective regions of Saudi Arabia. As the infrastructure and the property improvement involving hospitals, houses, and hotels being underwritten augmented, the effective need for the mattresses has progressively grown. The growing inhabitants and their inclination towards the urbanization and modernization were also proved as the aspects that were propelling the growth in the Middle East mattress market. The number of households has increased effectively during the recent past. The rising sale of natural mattresses having hypo-allergic properties is a growing trend in the Middle East & Africa region. Furthermore, users are increasingly becoming aware of the harmful effects of synthetic mattresses used regularly. Manufacturers and distributors sell their natural material- based mattresses for the quality of sleep and comfort they offer.

Companies are focusing on employing natural materials to make mattresses spurred by an increase in demand for mattresses made of natural and organic materials. Companies also need to concentrate on using internet channels to boost sales. Additionally, companies are likely to be able to remain on top of market developments with the use of this strategy and this is also likely to work in favor of the mattress industry value chain. Demand for memory foam & latex mattresses as well as eco-friendly mattresses are rising across the globe. Customers often choose online distribution channels to select the latest mattress designs, sizes, and patterns. Online channels provide a high level of price transparency and a wide range of product possibilities.

Covid-19 Impact:

The Covid-19 pandemic created a massive impact on different markets of the world. The Mattress Market was also not alien to this effect of the unprecedented pandemic. In the first wave of the 2020 Covid-19 pandemic, the sales of mattresses went down because of a lockdown on shops. Moreover, the manufacturing of new mattresses also went down on movement and workplace restrictions. However, the market revived since people took up home renovations and improvements during work from home schedules. The availability of mattresses online also helped boost sales in the pandemic period as it is easy to buy mattresses from e-retail stores. On the other hand, after the pandemic, Market is set to grow further because of the resumption of manufacturing activity and sales, both offline and online. As people grow more health-conscious and give sound sleep the importance it deserves, mattress sales will increase in the post-pandemic world. Moreover, instead of traditional mattresses, people will buy innovatively designed mattresses with multiple benefits and are durable.

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Improving sleep quality by providing adequate support and comfort to the human body, mattress industry is gaining higher momentum across the globe - Bonafide Research

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