Philippines: Mattress Market 2024

Mattress Market Size in the Philippines

The Philippine mattress market shrank modestly to $X in 2022, flattening at the previous year. Overall, consumption, however, enjoyed a notable expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Mattress Production in the Philippines

In value terms, mattress production declined to $X in 2022 estimated in export price. In general, production, however, posted a noticeable expansion. The growth pace was the most rapid in 2017 when the production volume increased by 46% against the previous year. Mattress production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Mattress Exports

Exports from the Philippines

In 2022, approx. X units of mattresses were exported from the Philippines; declining by -66.3% on 2021 figures. In general, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 4,955% against the previous year. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, mattress exports fell remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 27,928%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X units) was the main destination for mattress exports from the Philippines, accounting for a 96% share of total exports. It was followed by the United States (X units), with a 2.9% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at +138.3%.

In value terms, the Netherlands ($X) remains the key foreign market for mattresses exports from the Philippines, comprising 98% of total exports. The second position in the ranking was taken by the United States ($X), with a 1.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +146.6%.

Export Prices by Country

The average mattress export price stood at $X per unit in 2022, growing by 73% against the previous year. In general, the export price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 842%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to the United States totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+29.0%).

Mattress Imports

Imports into the Philippines

Mattress imports into the Philippines skyrocketed to X units in 2022, increasing by 22% compared with the previous year. Overall, imports showed a significant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 88% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, mattress imports surged to $X in 2022. In general, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of 68%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest mattress supplier to the Philippines, with a 75% share of total imports. Moreover, mattress imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. The third position in this ranking was held by Belgium (X units), with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +31.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+73.5% per year) and Belgium (+89.4% per year).

In value terms, China ($X) constituted the largest supplier of mattresses to the Philippines, comprising 57% of total imports. The second position in the ranking was held by Malaysia ($X), with a 7.7% share of total imports. It was followed by Belgium, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +35.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+7.9% per year) and Belgium (+82.6% per year).

Import Prices by Country

The average mattress import price stood at $X per unit in 2022, rising by 4.6% against the previous year. In general, the import price, however, recorded a perceptible descent. The pace of growth was the most pronounced in 2014 when the average import price increased by 36%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+37.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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