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Memory Foam Mattress Market Dynamics 2024: Innovations, Demand Drivers, and Competitive Landscape
Memory Foam Mattress Market Dynamics
According to The Business Research Company's, The memory foam mattress market size has grown strongly in recent years. It will grow from $5.32 billion in 2023 to $5.74 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to environmental concerns, sustainability, demographics, the influence of celebrity endorsements, and market expansion.
The memory foam mattress market size is expected to see strong growth in the next few years. It will grow to $7.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to sleep disorders, housing market trends, e-commerce expansion, health and wellness trends, and education. Major trends in the forecast period include smart technology integration, enhanced cooling properties, focus on sleep hygiene, increased competition driving innovation, and hybrid designs.
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Market Drivers and Trends:
The expansion of e-commerce is expected to propel the growth of the memory foam mattress market going forward. E-commerce refers to the exchange of money or data using an electronic network, mostly the Internet, for the purchase and sale of products and services. The expansion of e-commerce is driven by increased internet penetration, convenience, and a growing preference for online shopping. E-commerce offers convenient access to a wide selection of memory foam mattresses, enabling consumers to compare prices and specifications before purchasing from the comfort of their homes. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, e-commerce sales surged by 7.5% in the fourth quarter of 2023 compared to the same period in 2022. Therefore, the expansion of e-commerce is driving the growth of the memory foam mattress market.
Major companies operating in the memory foam mattress market are increasing their focus on developing advanced products, such as cooling technology mattresses, to gain a competitive edge in the market. Cooling technology mattresses are innovative bedding products designed to address the issue of sleeping hot by incorporating advanced materials and technologies to regulate temperature and enhance thermal comfort during sleep. For instance, in February 2024, Malouf Home, a US-based provider of bedding and furniture, launched two new products, namely the FlexFill Pillow with a HyperChill cover, in the US market. The FlexFill Pillow with HyperChill cover has a traditional feel to the down alternative and shredded memory foam fill, and it features a cool-touch HyperChill cover to provide customers with a sought-after cooling effect. The HyperChill cooling gel infusion regulates temperature and dissipates heat, providing a cooler and more comfortable sleep environment. The pillow's design seeks to improve the overall sleep experience by providing both support and temperature control, making it perfect for use with a memory foam mattress recognized for its contouring capabilities.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Leggett & Platt Inc., Tempur Sealy International Inc., Sleep Number Corporation, Serta Inc., Hilding Anders International AB, Dorel Industries Inc., Sinomax Group Limited, Sheela Foam Limited, Corsicana Bedding Inc., Wakefit Innovations Pvt. Ltd., Restonic Mattress Corporation, Zinus Inc., Tuft & Needle LLC, Kurlon Enterprise Ltd., Nectar Sleep Ltd., Peps Industries Private Limited, King Koil, Brooklyn Bedding, Amerisleep LLC, Centuary Fibre Plates Pvt .Ltd., DeRUCCI International Holdings Limited, Sleep Management Pvt. Ltd., Novosbed Inc., Duroflex Private Limited
Memory Foam Mattress Market 2024 Key Insights:
• The memory foam mattress market size is expected to see strong growth in the next few years. It will grow to $7.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• E-Commerce Expansion Boosts The Memory Foam Mattress Market
• Innovative Cooling Technology Mattresses Revolutionize Sleep Comfort
• Asia-Pacific was the largest region in the memory foam mattress market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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