MARKET OVERVIEW - GLOBAL LATEX MATTRESS MARKET
Latex mattresses are known for their high level of comfort and natural elasticity. This product is highly recommended for back problems, especially by therapists, chiropractors and osteopaths. Aids in proper alignment of the spine and provides comfort with its soft texture. Latex mattresses combine latex foam with springs or reflective foam to create a firm and durable lying surface. Latex is a natural product extracted from the sap of rubber trees, making it the perfect natural mattress. Further, due to the pressure to revitalize properties, mattresses are gaining traction in the commercial and residential markets.
MARKET DRIVER
Shifting consumer preferences towards high-end lifestyle products is a key factor driving the demand for latex mattresses. The world's rapidly expanding hospitality and healthcare facilities, global population growth, and growing health concerns lead to increased demand for eco-friendly products, changing consumer buying behavior, and bed-in-a-box mattresses. Besides, the increasing incidence of back pain problems at a young age due to busy urban lifestyles has expanded the range of this product due to its pain-relieving properties. For instance, according to studies in the year 2017, there were 27 million Americans aging 18 years or older have been associated with back pain. As well, the rising problem of joint pain among youngsters propels the demand for the product. According to a study, 28% of people between the ages group 18 to 34 frequently work by lying in beds and watching television while sleeping. Sleeping on a poor-quality mattress is expected to be one of the leading causes of back pain in adults and teenagers worldwide. Adding to that, companies in the latex mattress market are investing heavily in R&D activities to introduce new products such as split firm latex mattresses to attract potential customers. Factors such as rising trends all contribute to the growth of the latex mattress market during the forecast period.
MARKET OPPORTUNITY
In recent years, the number of people living alone has steadily increased. The number of single-person households has increased significantly in many countries around the world. According to a recent study, about 15% of the 2 billion people in the world live in single-person households and it is one of the major factors providing opportunity for the latex mattress product. Moreover, the growing government towards rapid urbanization is creating lucrative opportunities for the market.
MARKET RESTRAINT
However, the high price of latex mattresses is a major factor restraining the market’s growth. The natural rubber extraction process by the Talalay and Dunlop methods is a time-consuming, long process, which is why the price of natural latex mattresses is high. Thus, the high price of natural latex mattresses restraints market growth.
MARKET GROWTH CHALLENGES
Natural, synthetic and hybrid sources are the most often used type of latex. The raw material price volatility will be a significant obstacle for the latex mattress market. Thus, the volatility in raw material for latex is due to the dependability of market needs. Adding to that, the common availability of these raw materials varies from country to country and affects the production capability of vendors. For instance, latex mattresses made from natural rubber are highly dependent on the geographic and environmental conditions of the country, which impacts the price of latex mattresses.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of the latex mattress market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. Changing consumer preferences for high-end lifestyle products and growing concerns about joint and back lifestyle changes across the globe is fueling the growth of the market, which is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL LATEX MATTRESS MARKET SEGMENTAL OVERVIEW
The latex mattress market comprises of different market segment like type, processing, distribution channel, end-user, and geography.
GLOBAL LATEX MATTRESS MARKET BY TYPE
By product type, the latex mattress includes key segment of
- Blended Mix
- Natural
- Synthetic
The blended mixes is expected to dominate the market over the forecast period. In 2018, blended mix had the highest share of the overall market at 39.7%. These mattresses are made of synthetic latex, including natural Talalay. This combination provides enhanced durability, less chemical production, and increased firmness and consistency. Thus, this product gained popularity owing to various attributes and is also cheaper compared to natural latex mattresses.
On the other hand, the natural product type is expected to register the fastest CAGR during the forecast period. Increasing awareness of eco-friendly products due to their low environmental impact is driving market growth, which is expected to boost the demand for natural latex mattresses in the near future. These mattresses are produced from biodegradable elements and rubber sap.
GLOBAL LATEX MATTRESS MARKET BY PROCESSING
By processing, the latex mattress includes key segment of
- Dunlop Latex Processing
- Talalay Latex Processing
- Others
The Dunlop Latex processing mix is expected to dominate the market over the forecast period. Dunlop latex is typically made from 100% natural rubber trees and is foamed and cured. In this manufacturing process, a liquid latex mixture is poured into the mold in shot, filling the mold completely.
The Talalay latex processing is expected to register the fastest CAGR during the forecast period. Talalay latex thus has a more uniform consistency, although it’s less dense than Dunlop. The softer and bouncier texture of Talalay Latex can make it less durable and longer-lasting than Dunlop latex.
GLOBAL LATEX MATTRESS MARKET BY DISTRIBUTION CHANNEL
By distribution channel, the latex mattress includes key segment of
The offline channel is expected to dominate the market over the forecast period. Customers prefer to experience a product before purchasing it. The increasing consumer dependency on the various facilities offered by offline stores, such as a wider product range, freedom of selection, and discount offers, is expected to increase segment growth. On the other hand, the online store is expected to register the fastest CAGR during the forecast period. E-commerce is one of the most effective strategies adopted by companies and industries to increase target customer awareness of product offerings on e-commerce channels. Online shopping is easy and convenient for customers, which is expected to provide an ample opportunity for the latex mattress products
GLOBAL LATEX MATTRESS MARKET BY END-USER
By end-user, the latex mattress includes key segment of
The residential sector is expected to dominate the market over the forecast period. The residential applications segment accounted for over 50.0% of global sales in 2018. Increased demand in the real estate sector due to increasing urbanization in developing countries is driving increased purchases of home bedding such as mattresses, pillowcases and linens. Also, consumers throughout the home are drawn to these latex mattresses due to their health benefits, which drives demand for the product.
GLOBAL LATEX MATTRESS MARKET BY GEOGRAPHY
By geography, the latex mattress includes key segment of
- North America
- Asia Pacific
- Europe
- RoW
North America is expected to dominate the market over the forecast period. In 2018, North America dominated the latex mattress market, accounting for 30.4% of global sales. The growing number of households in the region has increased the demand for mattresses in the market. According to the results, the number of US households in 2018 was 127.59 million, an increase of 22% from 2000. Therefore, the growing number of households will increase the demand for home bedding such as mattresses. Rising demand for natural latex due to its health benefits such as protection against muscle and spinal cord disorders is a key factor driving the growth of the mattress market.
COVID-19 IMPACT ANALYSIS ON GLOBAL LATEX MATTERSS MARKET
The pandemic has shaken up many businesses around the world. Many industries struggle to find small signs of survival resilience. The COVID-19 outbreak created major health and humanitarian challenges. Like many industries, retail and consumer goods have been hit particularly hard as companies evaporate or struggle with demand exceeding available supply. Also, the COVID-19 pandemic in 2020 has significantly hampered the steady growth of the regional market. Most importantly, the Chinese market has been hit hard as several manufacturing plants remain closed to contain the impact of the coronavirus. However, the market is expected to witness a strong economic recovery during the forecast period as the coronavirus situation is largely stable as multiple vaccines are launched in 2021. Although the pandemic has slightly reduced the global latex mattress market, net income, and the production of mattresses in the upcoming years, the market is expected to slowly pick up.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the latex mattress market is primarily focused on expanding the global growth of the latex mattress market with new product innovation, business expansion, and increasing presence of a range of manufacturers operating in the market has led to growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- Spindle Mattress Company
- Simmons Bedding Company LLC
- Sleep On Latex Company.
- Sleep Number Corporation
- Astrabeds LLC
- Dreamfoam Bedding
- Royal-Pedic Mattress
- Dreamfoam Bedding Company
- Spring Air International Inc. LLC
- PlushBeds, Inc.
- Latexco
- Jiangsu Sleeptight Household Technology Co., Ltd.
- Brooklyn Bedding
- Snoozer Bedding Limited
- Kinsdown
- The Organic Mattress
RECENT DEVLOPMENT
September 2022: Saatva, Inc. introduced a dorm-friendly pillow, bedding, and mattress topper bundle. This new bundle, specially created for students, upgrades their sleep comfort, whether they're at home or off-campus. This development helped the company to increase its customer base.
