The global mattress industry was valued at $50.61 billion in 2022 and is predicted to grow from $52.45 billion in 2023 to $78.34 billion by 2030, attaining a CAGR of 5.90 percent during the forecast period, according to a report titled “Mattress Industry, 2023-2030” released by Fortune Business Insights
According to the report, the growing demand for customized and luxury products denotes a noteworthy shift in the consumer point of view for mattresses beyond consumer durables to an indicator of social prestige. At a higher level, the escalating rise of domestic players offering a wide range of products is driving consumers’ attention and distribution channels worldwide. Various successful launching of new products is predicted to boost the mattress industry growth during the forecast period.
The research firm has considered key global mattress players across various geographies. While North America appeared as the largest market in 2022, Asia Pacific is predicted to record the fastest CAGR during the forecast period, according to the report.
Mattress fraud costs UK mattress industry £100m a year: NBF
The National Bed Federation (NBF) has once again reported the issue of mattress fraud, in which unsuspecting consumers are being tricked into buying cheap mattresses. NBF is warning consumers to be careful while buying mattresses from unknown vendors and from certain marketplace platforms where the reliability of the products is questionable. According to NBF’s estimates, around 280,000 consumers each year are buying a mattress from unreliable traders and the numbers are only increasing, as reported by Furniture News.
The growing fraud is estimated to be costing the UK bed and mattress industry around £100m per annum. Cheaply manufactured mattresses that are likely to be worth less than £100 and they may feature a very basic spring unit with a polyester fibre pad or a layer of cheap foam over it, all covered in a cheap outer covering material, states the NBF.
NBF also explained that some of these products are actually dangerous as they must not have undergone various tests to ensure they meet UK mattress flammability regulations.
NBF’s recent consumer mattress buying surveys, covering 1000 people who had bought a mattress in the previous six months, showed that in October 2022, 4 percent reported buying their mattress from a doorstep or ‘back of the van’ trader, whereas, the previous survey a year earlier put the figure at just 2 percent.
Tempur Sealy to acquire Mattress Firm in $4 bn deal
Bedding company Tempur Sealy will acquire Mattress Firm in a cash-and stock-transaction valued at about $4 bn, according to an Associated Press report. Mattress Firm operates more than 2,300 offline stores and an e-commerce platform. Once the Tempur Sealy acquisition is complete, the two companies will collectively own a total of some 3,000 retail stores, 30 e-commerce platforms, 71 manufacturing facilities and four research and development facilities across the world. Tempur Sealy will pay about $2.7 bn in cash and $1.3 bn in stock to Mattress Firm, which is partially owned by Steinhoff International Holdings NV.
After the acquisition, Mattress Firm shareholders will own about 16.6 percent of the combined company and Tempur Sealy shareholders will own the remainder. The acquisition is likely to be completed in the second half of 2024. After the acquisition is complete, Mattress Firm is set to operate as a separate business unit within Tempur Sealy.
The Associated Press report quoted Neil Saunders, Managing Director of data analytics company GlobalData, saying, selling Mattress Firm has been a “priority” for Steinhoff as the parent company looks to pay down debt. Saunders also added that through this deal, Tempur Sealy will be able to expand its distribution and reach more consumers.