Republic of Korea: Mattress Market 2024

Mattress Market Size in Republic of Korea

The South Korean mattress market contracted modestly to $X in 2022, with a decrease of -4.5% against the previous year. Over the period under review, consumption continues to indicate a pronounced decline. Mattress consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Mattress Production in Republic of Korea

In value terms, mattress production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2020 when the production volume increased by 23% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Mattress Exports

Exports from Republic of Korea

Mattress exports from South Korea surged to X units in 2022, increasing by 28% against the previous year's figure. Overall, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 144% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, mattress exports totaled $X in 2022. In general, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 154%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for mattress exports from South Korea, with a 48% share of total exports. Moreover, mattress exports to the United States exceeded the volume sent to the second major destination, India (X units), fourfold. The third position in this ranking was held by Vietnam (X units), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +13.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+28.2% per year) and Vietnam (+23.1% per year).

In value terms, the United States ($X) remains the key foreign market for mattresses exports from South Korea, comprising 48% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+26.8% per year) and Vietnam (+21.8% per year).

Export Prices by Country

In 2022, the average mattress export price amounted to $X per unit, falling by -11.8% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 38%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per unit) and the United States ($X per unit), while the average price for exports to Indonesia ($X per unit) and Malaysia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (-0.8%), while the prices for the other major destinations experienced a decline.

Mattress Imports

Imports into Republic of Korea

In 2022, overseas purchases of mattresses decreased by -16.6% to X units, falling for the second year in a row after five years of growth. Overall, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2014 when imports increased by 80% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, mattress imports contracted to $X in 2022. In general, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 33% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of mattress to South Korea, with a 53% share of total imports. Moreover, mattress imports from China exceeded the figures recorded by the second-largest supplier, Denmark (X units), twofold. Italy (X units) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+19.2% per year) and Italy (-0.3% per year).

In value terms, China ($X) constituted the largest supplier of mattresses to South Korea, comprising 53% of total imports. The second position in the ranking was held by Denmark ($X), with a 22% share of total imports. It was followed by Italy, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+21.2% per year) and Italy (+0.6% per year).

Import Prices by Country

In 2022, the average mattress import price amounted to $X per unit, growing by 2.4% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 23% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Denmark ($X per unit) and Belgium ($X per unit), while the price for Sweden ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+1.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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