Korea Emerges as the Fastest-Growing Foreign Market for American Matresses

Furniture May 01, 2018
Author: Anna Sergeeva
Market Analyst

IndexBox has just published a new report "U.S. Mattress Market. Analysis And Forecast to 2025". Here is a summary of the report’s key findings.

Consumption of Mattress Increased after a Stable Volume in the Previous Year

In 2017, the U.S. mattress market totalled $8.7B in wholesale prices, $316M (or 4%) more than the previous year level. This figure reflects total revenue of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). After a tangible growth from 2011 to 2014, the market value decreased slightly and then flattened in 2016; in 2017, it bounced back slightly. Overall, the market value expanded with an annual average growth rate of +3.4% from 2007 to 2017.

In physical terms, the U.S. mattress market was estimated at 65.3M units in 2017, 6% growth from the year before. Overall, it remained relatively flat over the last four years.

Mattresses Market is Expected to Reach $10.2B by 2025.

Mattresses are an essential everyday product. The increasing health concerns of consumers and rising disposable incomes mean that consumers are willing to pay for health-enhancing products. In the U.S., the demand for high-quality sleep has led to the expansion of the premium and luxury mattress market. New advances in technology and the expansion of the premium mattress market are currently creating new opportunities for mattress manufacturers.

Economic environment factors in the U.S. are generally favorable for the mattress market. Robust housing construction activity – the major market driver – will continue, although the growth rate will slow down compared to the previous five years, against the background of a general slowdown in economic growth. Targeted marketing has also had an impact on consumers, in that their purchasing power on the mattress market is now preference-based. Bespoke and customized mattress products are currently a dynamically developing trend, set to grow steadily in the long-term.

An increase of the U.S. mattress market will be mainly supported by the acceleration of the U.S. economy, rising disposable incomes, strengthening positions and improving performance of the U.S. housing sector. According to this, the U.S. growth in mattress consumption is expected to increase by an average +2.1% per year (currently +3.4%) in the medium term, which is forecast lead the market value to $10.2B by 2025.

Mattresses, Innerspring Held 60% of Total Mattress Production

U.S. mattress manufacturing illustrated slight decline over the last three years to $7.7B in 2017. This level was $613M (or 7%) less than the highest level of 2014 and $1.4B (or 22%) more than the outset level. 

Mattresses, innerspring (including polyurethane, rubber topper pads, and mattresses sold as part of Hollywood beds), excluding crib-size accounted for the highest share (60% in 2017) of U.S. mattress manufacturing, followed by mattresses, other types (21%), foundations, excluding innerspring units and foundations incorporated into hybrid-type flotation sleep ensembles and electric adjustable sleep ensembles (11%) and sleep system ensembles and mattresses, excluding conventional waterbeds (5%).  

The most notable growth rates in U.S mattress manufacturing from 2008 to 2017 were attained by sleep system ensembles and mattresses, excluding conventional waterbeds (+11.8% per year), while the other three categories experienced more modest or even negative paces of growth. 

From 2008 to 2017, the share of foundations, excluding innerspring units and foundations incorporated into hybrid-type flotation sleep ensembles and electric adjustable sleep ensembles decreased significantly (-8 percentage points), while mattresses, innerspring (including polyurethane, rubber topper pads, and mattresses sold as part of hollywood beds), excluding crib-size (+6 percentage points) and system ensembles and mattresses, excluding conventional waterbeds (+2 percentage points) saw their shares increased.

Mattress from China Increased Their Positions in Total U.S. Mattress Consumption

The share of imported mattress in terms of the total U.S. mattress consumption reached 13% in 2017 against 4% in 2008; it continues to increase gradually, despite rising import prices. These growth was boosted by influx of low-cost mattress imports from China. The share of Chinese matresses in terms of the total consumption stood at 6% in 2017.

Korea Emerges as the Fastest-Growing Foreign Market for American Matresses

The U.S. exported $184M of mattresses in 2017, which accounted for 2% of U.S. mattress output. The value of exports increased rapidly over the last three years, after a period of stability from 2011-2014. That increase was driven mainly by rising supplies to Canada and Korea. In physical terms, matress exports from the U.S. equalled 1,261K units, with the trend pattern similar to that of the value of exports.

In 2017, Canada (845K units, of $119M) remains the main destination of U.S. mattress exports, comprising 67% of the total figure (based on physical terms). Korea (6%), Mexico (5%), Japan (3%) and China (2%) constituted other major countries of destination. Korea emerged as the fastes-growing foreign market: exports to that country soared rapidly from 2014-2017, thereby resulting into a CAGR of +31.5% over the period from 2007-2017. Meanwhile, exports to Japan experienced a contraction at an average annual rate of -4.5% over the same period. Therefore, the share exported to Canada (+6 percentage points) and Korea (+5 percentage points) increased, while the share sent to Japan illustrated negative dynamics (-4 percentage points). The shares of the other countries remained relatively stable throughout the analyzed period.  

China Supplied 79% of the U.S. Mattress Imports

The value of total U.S. mattress imports totalled $13.7B in 2017, expanding at an average annual rate of 17.2% over the period under review. From 2009 imports grew steadily with a pronounced 50% growth over the last year.

China (79%, based on units), distantly followed by Mexico (11%), Canada (3%) and Turkey (1%) were the main suppliers of mattress into the U.S. The remaining suppliers accounted for only 6% of total U.S. imports. Turkey (+24.0% per year) and China (+16.6% per year) were the fastest growing suppliers from 2007 to 2017. China significantly strengthened its position in the U.S. imports by +21 percentage points from 2007 to 2016. By contrast, Mexico and Canada saw their shares reduced by -6 percentage points, each.

Do you want to know more about the U.S. mattress market? Get the latest trends and insight from our report. It includes a wide range of statistics on

  • mattress market share
  • mattress prices
  • mattress industry
  • mattress sales
  • mattress import
  • mattress export
  • mattress market forecast
  • mattress price forecast
  • key mattress producers

Source: U.S. Mattress Market. Analysis And Forecast to 2025