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From Home Furnishing Business

Mattress Market Expected to Reach $67.5 Billion by 2030

October 26, 2022  by HFBusiness Staff in Business Strategy, Industry   

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. Most 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.

The report from Grandview Research, Inc. highlighted several key industry insights including some interesting findings. The foam segment led the industry in 2021, owing to the increased preference for these products in both the domestic and commercial sectors.

Also, the queen-size mattress segment led the industry in 2021 on account of the low cost of these products and the additional sleeping space than single- & double-size mattresses.

Both the household segment and the online distribution channel are expected to register a substantial growth rate due to the increasing availability of premium mattress products with numerous functional benefits.

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.

Manufacturing these products requires low capital investment, and thus, several 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.