Bedding Industry | Forecast 2030
The economic value generated by the bedding industry was estimated at approximately USD 148.06 billion in 2022. This economic output is an amalgamation of businesses that are involved in the manufacturing of bedding materials, distribution & supply, and application of bedding.
Technological advancements in bedding materials and manufacturing processes have a significant impact on the bedding market. The development of new materials that can regulate temperature or wick away moisture help to meet the growing demand for bedding that promotes a comfortable and restful sleep.
Asia Pacific dominated the bedding market in 2022 with a revenue share of over 37%. Asia Pacific is expected to remain the largest regional market and witness the fastest growth over the forecast period due to the rapidly growing population thus leading to higher demand for high-quality bedding products for overall comfort. In addition, tourism in the region is increasing the demand for high-quality bedding products in hotels and resorts. This is further expected to bolster the demand for bedding products in commercial spaces.
Access the Global Bedding Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Mattress Market Insights
The global mattress market size was valued at USD 39.4 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. Increasing product demand from the real estate sector to serve the needs of the residential segment has led to an increase in the sales of home furnishings, such as mattresses, pillowcases, and bed linen products, among others. However, the COVID-19 pandemic has impacted the growth of the market. People were reluctant to leave their homes because of the pandemic. As a result, the e-commerce sector has experienced growth, and businesses are creating innovative tactics to enable customers to purchase mattresses from the convenience of their homes.
Consumer willingness to pay for sleep solutions has changed significantly worldwide, not just in the major cities but also in smaller cities and towns. People’s desire to conduct in-depth research, compare pricing and make knowledgeable selections when purchasing mattresses and other sleep solutions have substantially improved as awareness has expanded. The increasing number of luxury hotels in the U.S. is also expected to significantly contribute to revenue growth as the bedding used in these hotels is of superior quality. These products cost a lot more than regular bedding products and this is projected to positively impact the mattress market.
In addition, lifestyle inflation has become a common occurrence among generations X, Y, and Z, and there has been a gradual increase in expenditure with rising incomes. According to research conducted by the Federal Reserve Bank of New York in September 2019, lifestyle inflation is common among low-, middle- as well as high-income individuals. An average American head of the household aged 35 to 44 years carries a non-housing debt of over USD 100,000. Although, the high cost of replacing a mattress makes them unaffordable for middle-income consumers. For instance, according to a blog by Tuck, the average price of a memory foam mattress in 2019 ranged between USD 1,000 and USD 1,100.
Order your copy of the Free Sample of “Bedding Industry Data Book – Bed Linen, Mattress, Pillows and Blankets Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Blanket Market Insights
The global blanket market size was valued at USD 17.0 billion in 2018. Growing application of blankets in the commercial sectors including travel and hospitality, military and defense, and charity is expected to have a positive impact on the market growth. Furthermore, the market has seen a boom as a result of innovation and ease of product availability in affordable price ranges.
The industry is expected to witness further growth as a result of the increasing demand for luxury and comfort among the working-class population in developing countries such as India and China. The pattern, material, and color of blankets play an essential role in influencing the buying behavior of consumers. Considering the change in the buying patterns, a preference for bold and dramatic colors has been observed among consumers. Blanket manufacturing companies have been incorporating these preferable colors and patterns in their new products.
New product developments such as pastel-colored cotton blankets are expected to remain a recent trend. Preference for color and pattern is mostly based on the requirements of products with excellent stain resistance and machine washable properties. Additionally, demand for exotic colors and patterns related to flora and fauna has been observed in countries including India, Vietnam, Myanmar, and Sri Lanka.
Over the past few years, fluctuating weather patterns at a global level have played a crucial role in promoting the utility of electric blankets. The ability of the blanket to warm itself offers temperature control benefits and over-the-top comfort. Growing consumer awareness, coupled with the frequent launch of the new blankets with high quality, is expected to expand the industry size. In addition, an increase in private consumption expenditure is likely to boost the consumption of luxury and decorative products, especially in emerging countries including China and India.
List of key companies analyzed in this section include:
Acton & Acton Ltd., Tempur Sealy International, Inc., American Textile Company, Serta Simmons Bedding LLC, Casper Sleep Inc., Boll & Branch LLC, Beaumont & Brown Ltd., American Blanket Company, Chellco Industries Limited, Jindal Woollen Industries Ltd., Youngman Woollen Mills Private Limited., Spring Air International, Sleep Number Corp., Kingsdown, Inc., Pacific Coast Feather Company, Trident Ltd., Crane & Canopy Inc., Peacock Alley, Purple Innovation, Inc., Southerland Sleep
