Bed Market Updates: The Growth And 2021 Trends Of The Mattress Industry
The long history of beds has been improving a lot to accommodate more people and provide them comfort. Its rich history has helped many startup businesses to get off the ground. As such, the mattress market is also a growing industry. So, if you are trying to understand the growth and progress of the competitive world of beds, it will help you if you learn about its history and trends. You can also learn more in this article about the forecast of the market.
History Of Mattresses
Mattresses during the Neolithic period used piles of leaves and grass, and the animal skins covered over them. During 3100 to 1200 BC, the raised beds that Egyptians made from palm leaves were founded. By the Roman period, people built the first luxury. The raised platforms are decorated with various gold, bronze, and silver treasures stuffed with hay, reeds, or wool.
Around the 18th century, the Industrial revolution introduced beds made from coil springs, now known as innerspring mattresses. Then with modern developments in the 20th century, numerous types of beds were introduced together with pillows. With this, the demands also grew, and many companies started to facilitate them.
Mattress Market In 2021
As mentioned, the mattress market is a highly competitive market that is expected to remain an innovation-led industry with numerous achievements and strategic deals to keep each company’s presence. Recent global mattress market reports that forecast 2021-2026 presented strong growth at a CAGR of around 7% and reached a value of USD 36.8 billion by 2021.
However, the COVID-19 outbreak that resulted in lockdowns, there were disruptions with the supply that affected the industry growth. Even so, this did not negatively affect the mattress forecast. Also, the companies and important figures are trying to provide the best mattresses to their consumers. Thus, the constant and rapid growth of this industry.
Still, despite the continuous growth of the market during the pandemic, the direct impact varies. Depending on some industries, some will have a noticeable drop in demand while others continue to show promising growth.
Trends of 2021
Online Mattress Retail
One of the key market trends of the mattress industry in 2021 is the rapidly increasing sales through online retailers. The growing popularity of online retail stores is most likely the factor of the significant growth in online retail stores. Moreover, consumers are more comfortable with big purchases on the internet. By March 2019, an average of 56.8% was recorded for internet penetration globally.
Online retailing also control costs by avoiding paying additional fees such as sales commissions and showroom fees. Additionally, online retailers also solved consumers’ hesitation in buying damaged and undesired beds by offering them free returns within a predetermined time. This strategy proved its effectiveness to the extent that online mattress retail is still expanding.
Increasing Interest For Customized Mattresses
Modern technologies have made it possible to provide consumers with the best mattresses customized to their requirements. The global market mattress has an increasing demand for personalized mattresses, and the key people are starting to accommodate this demand. They are now offering beds that are made depending on the specifications of the consumers.
Demands For Eco-Friendly Beds
One of the global trends of the mattress market is the growing demand for eco-friendly materials for environmentally friendly beds. People are becoming more aware of the harmful effects of synthetic and chemical products used in regular mattresses. People are now wanting more organic mattresses.
Key people in this industry are also investing in the development of eco-friendly mattresses. These beds are composed of affordable and natural materials. Concerning this, the growth of this trend is significant for the market’s growth for the next five years.
Key Trends By Sub-Segment
There are also key trends in each sub-segment of the global mattress market report, which includes forecasts from 2021-2016. In the product segment, the innerspring mattress represents the most popular product. One of the possible reasons for its popularity is related to back and posture problems. It is followed by the memory foam mattress and latex beds. For bed sizes, twin or single-sized beds are the highly preferred dimensions of the consumers.
On the other hand, the breakup by application segment presents a trend in the domestic sector. There is increasing demand for mattresses due to a rise in residential and homeownership needs that is correlated with the increase in disposable incomes. Furthermore, with the increasing disposable income of homeownership, the government policies in real estate support the growth of the mattress market.
Takeaway
The adjustments for the pandemic outbreak did not have any drastic changes to the market. It only changed the trends in the mattress market. In a way, the trends are also beneficial for the key people in the industry. With the current trend, the market will still continually grow into an even more significant percentage in the future.
