Mattress Market Will Grow at a Healthy CAGR of 7% by 2024
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 a 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 a mattress for hotel rooms.
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The factors that enhance the global mattress market are increasing demand for a 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 mattress in the hotel room.
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.
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