Republic of Korea: Mattress Support Market 2024

Mattress Support Market Size in Republic of Korea

The South Korean mattress support market fell slightly to $X in 2021, with a decrease of -4% against the previous year. Over the period under review, consumption, however, enjoyed a tangible expansion. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Mattress Support Production in Republic of Korea

In value terms, mattress support production reduced to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 65% against the previous year. Mattress support production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Mattress Support Exports

Exports from Republic of Korea

In 2021, mattress support exports from South Korea surged to X units, with an increase of 41% compared with the previous year. Over the period under review, exports, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 175% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, mattress support exports skyrocketed to $X in 2021. Overall, exports, however, showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of 75%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Ghana (X units) and Senegal (X units) were the main destinations of mattress support exports from South Korea, with a combined 61% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Senegal (with a CAGR of +37.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for mattress supports exports from South Korea, comprising 63% of total exports. The second position in the ranking was held by China ($X), with a 3% share of total exports. It was followed by Ghana, with a 2.7% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +28.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-9.4% per year) and Ghana (-10.6% per year).

Export Prices by Country

The average mattress support export price stood at $X per unit in 2021, growing by 22% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 68% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Mongolia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Mattress Support Imports

Imports into Republic of Korea

Mattress support imports into South Korea skyrocketed to X units in 2021, increasing by 61% against 2020 figures. In general, imports posted significant growth. The growth pace was the most rapid in 2015 when imports increased by 968%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, mattress support imports surged to $X in 2021. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2015 when imports increased by 891% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, China (X units) was the main mattress support supplier to South Korea, accounting for a 93% share of total imports. It was followed by Lithuania (X units), with a 2.3% share of total imports. The third position in this ranking was taken by the United States (X units), with a 0.3% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +60.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+16.7% per year) and the United States (+12.9% per year).

In value terms, China ($X) constituted the largest supplier of mattress supports to South Korea, comprising 85% of total imports. The second position in the ranking was held by Lithuania ($X), with a 1.8% share of total imports. It was followed by the United States, with a 1.1% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +65.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+23.2% per year) and the United States (+19.6% per year).

Import Prices by Country

The average mattress support import price stood at $X per unit in 2021, with an increase of 5.8% against the previous year. In general, the import price, however, showed a pronounced contraction. The pace of growth appeared the most rapid in 2014 an increase of 15% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Lithuania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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