Hong Kong SAR, China: Mattress Market 2024

Mattress Market Size in Hong Kong SAR, China

The Hong Kong mattress market stood at $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +52.5% against 2019 indices. Mattress consumption peaked in 2022 and is likely to continue growth in the near future.

Mattress Production in Hong Kong SAR, China

In value terms, mattress production soared to $X in 2022 estimated in export price. Overall, production, however, showed a deep reduction. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Mattress Exports

Exports from Hong Kong SAR, China

Mattress exports from Hong Kong SAR shrank markedly to X units in 2022, with a decrease of -53.4% compared with 2021 figures. Overall, exports showed a pronounced decline. The growth pace was the most rapid in 2019 with an increase of 102% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, mattress exports declined rapidly to $X in 2022. Over the period under review, exports continue to indicate a slight curtailment. The pace of growth was the most pronounced in 2021 with an increase of 86% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units), Macao SAR (X units) and Taiwan (Chinese) (X units) were the main destinations of mattress exports from Hong Kong SAR, together comprising 65% of total exports. Canada, Malaysia, the United States and Germany lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +82.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X), China ($X) and Taiwan (Chinese) ($X) constituted the largest markets for mattress exported from Hong Kong SAR worldwide, with a combined 78% share of total exports. Canada, Germany, Malaysia and the United States lagged somewhat behind, together accounting for a further 17%.

Canada, with a CAGR of +83.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average mattress export price amounted to $X per unit, picking up by 5.4% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mattress export price increased by +66.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 62%. Over the period under review, the average export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Mattress Imports

Imports into Hong Kong SAR, China

After two years of growth, supplies from abroad of mattresses decreased by -20.7% to X units in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 24%. Imports peaked at X units in 2021, and then reduced dramatically in the following year.

In value terms, mattress imports fell to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 27% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of mattress to Hong Kong SAR, accounting for a 82% share of total imports. Moreover, mattress imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+50.4% per year) and Malaysia (+9.1% per year).

In value terms, China ($X) constituted the largest supplier of mattresses to Hong Kong SAR, comprising 58% of total imports. The second position in the ranking was held by Vietnam ($X), with a 4.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+44.1% per year) and Malaysia (-8.0% per year).

Import Prices by Country

The average mattress import price stood at $X per unit in 2022, increasing by 14% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2021 an increase of 22% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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