Republic of Korea: Market for Mattresses other than of cellular rubber or plastics 2024

Market Size for Mattresses other than of cellular rubber or plastics in Republic of Korea

The South Korean market for mattresses other than of cellular rubber or plastics contracted remarkably to $X in 2022, which is down by -58.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a abrupt slump. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Exports of Mattresses other than of cellular rubber or plastics

Exports from Republic of Korea

In 2022, exports of mattresses other than of cellular rubber or plastics from South Korea skyrocketed to X units, growing by 33% on the previous year. In general, exports saw a buoyant increase. The pace of growth was the most pronounced in 2013 with an increase of 147%. Over the period under review, the exports of attained the maximum at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of mattresses other than of cellular rubber or plastics rose sharply to $X in 2022. Overall, exports showed a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 157%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for exports of mattresses other than of cellular rubber or plastics from South Korea, with a 47% share of total exports. Moreover, exports of mattresses other than of cellular rubber or plastics to the United States exceeded the volume sent to the second major destination, India (X units), fourfold. The third position in this ranking was taken by Vietnam (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+28.2% per year) and Vietnam (+23.3% per year).

In value terms, the United States ($X) remains the key foreign market for mattresses other than of cellular rubber or plastics exports from South Korea, comprising 47% of total exports. The second position in the ranking was taken by India ($X), with a 13% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+26.8% per year) and Vietnam (+22.0% per year).

Export Prices by Country

The average export price for mattresses other than of cellular rubber or plastics stood at $X per unit in 2022, shrinking by -15.1% against the previous year. Over the period under review, the export price recorded a mild descent. The growth pace was the most rapid in 2017 an increase of 39% against the previous year. 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 countries with the highest prices were Tajikistan ($X per unit) and Russia ($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 Tajikistan (-1.0%), while the prices for the other major destinations experienced a decline.

Imports of Mattresses other than of cellular rubber or plastics

Imports into Republic of Korea

In 2022, the amount of mattresses other than of cellular rubber or plastics imported into South Korea fell to X units, with a decrease of -12.4% compared with the year before. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 93%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, imports of mattresses other than of cellular rubber or plastics declined to $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when imports increased by 36% against the previous year. Over the period under review, imports of attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of mattresses other than of cellular rubber or plastics to South Korea, with a 64% share of total imports. Moreover, imports of mattresses other than of cellular rubber or plastics from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold. Sweden (X units) ranked third in terms of total imports with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.8% per year) and Sweden (+53.7% per year).

In value terms, China ($X) constituted the largest supplier of mattresses other than of cellular rubber or plastics to South Korea, comprising 64% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by Sweden, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.7% per year) and Sweden (+56.1% per year).

Import Prices by Country

In 2022, the average import price for mattresses other than of cellular rubber or plastics amounted to $X per unit, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2015 when the average import price increased by 41%. The import price peaked at $X per unit in 2021, and then dropped modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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