Industry Information
The Canadian mattress and accessories market is projected to generate a revenue of $2,689.8 million in 2024, advancing at a 1.7% CAGR during the forecast period (2019-2024). In terms of mattress type, the innerspring mattress division is predicted to account for the major share of the market during the forecast period. This is because major mattress manufacturers, including Serta Simmons Bedding LLC and Tempur Sealy International, are engaged in the development of hybrid innerspring mattresses, which will have features such as electric adjustable beds with moisture and temperature control.
When distribution channel is considered, the specialty furniture store category dominated the Canadian mattress and accessories market in 2019. The online distribution channel is expected to grow at the fastest pace during the forecast period, owing to the emerging new online platforms, discounts, ease of shopping, hassle-free delivery, and personalized content. On the basis of end user, the commercial sector accounted for the larger revenue share of the market in 2019, attributed to the expanding hotel sector in the country. During the forecast period, the residential sector is predicted to witness the faster growth.
The Canadian mattress and accessories market is witnessing considerable growth due to the increasing disposable income and several favorable government housing policies, which, in turn, have led to a surge in the homeownership rate. As per the Organisation for Economic Co-operation and Development, the average annual growth rate of household disposable income was 3.6%, in 2017, because of which the sales of premium mattress and bedding accessories that offer increased comfortability rose significantly in Canada.
The rising number of health-conscious consumers is opening up wide opportunities for the players operating in the Canadian mattress and accessories market. The increasing concern among consumers regarding their health is driving the requirement for customized daily-use products, including mattress. Furthermore, the consumers are willing to pay more for products which can help improve their health due to the growing disposable income. It has been observed that Canadians get less than seven hours of sleep daily, which is harming their health. Ascribed to these factors, the demand for comfortable mattresses is rising.