Market Trends of Saudi Arabia Mattress Industry
Rising Homeownership is Boosting the Demand For Mattresses in Saudi Arabia
The rising population in Saudi Arabia, which is anticipated to reach 39 million by the coming year, is driving an uptick in homeownership rates, fueling the demand for residential mattresses. Projections indicate a significant rise in the number of households in Saudi Arabia, with an increase of 2.15% in 2024. Saudi Arabia is experiencing a notable urban migration trend, particularly emphasizing its younger population. This surge is significantly straining the country's housing supply. This demographic shift, with over 60% of the population under 30, is poised to drive the demand for mattresses.
In response to the housing demand, the Saudi Arabian government is implementing strategies to boost home ownership, which is projected to rise by 5% over the next five years. To address the housing shortage, Saudi Arabia actively seeks private investments, aiming for nearly USD 50 billion to construct an additional 400,000 homes. The Ministry collaborates with interested businesses to develop villas and multi-story apartment buildings on government and private land. This initiative is part of the Vision 2030 plan, which aims to increase the rate of home ownership in Saudi Arabia to 70%. The burgeoning population and the government's proactive measures further underscore the need for mattresses in the country.
Growth in Tourism is Expected to Drive the Growth of this Market
Under the leadership of Deputy Crown Prince Muhammad Bin Salman, the Saudi Vision 2030 initiative is set to elevate tourism's contribution to the economy by 18% in the coming years. Central to this vision is the establishment of an Islamic museum, poised to become a major driving factor for the surging number of tourists, especially the foreign pilgrims flocking for Haj and Umrah. This year alone, the country hosted over 19 million pilgrims, and with the museum's debut, these figures are expected to climb. As tourism numbers swell, there is a corresponding surge in the demand for accommodation facilities and, consequently, a heightened need for mattresses.
The National Heritage and Saudi Commission for Tourism are actively courting private-sector investments, complementing government funding, across various tourism sub-sectors. Their ambitious agenda encompasses hotel and furnished apartment developments, restaurant and cafe enhancements, upgraded visitor amenities, bolstered decentralized tourism agencies, regional expertise, and stringent quality assurance measures. All these efforts are boosting the growth of Saudi Arabia's mattress market.
