Mattress Manufacturing in the United States (NAICS 33791)

A Histometrics industry primer for public- and private-market investors

Single-child level. In the North American Industry Classification System (NAICS), the 5-digit industry 33791 contains exactly one 6-digit national industry, 337910 (Mattress Manufacturing). The two codes describe the same set of establishments, the same output, and the same economics. This page gives the level's own federal figures and a quick orientation; for the full treatment — company profiles, unit economics, the direct-to-consumer boom-and-bust, and the outlook — see the 337910 primer.

1. Overview

Mattress manufacturing is the business of assembling beds — innerspring, foam, hybrid, and adjustable-air — from bought-in components (steel coils, polyurethane foam, fabric "ticking," and adhesives) and selling them to retailers, e-commerce channels, and hospitality buyers.[1][2] It is a mid-size, mature U.S. manufacturing industry with roughly $8.8 billion in annual factory shipments and about 22,200 workers.[1][2] Mattresses are a big-ticket, replacement-driven durable good — a stable floor of demand (people replace a worn-out bed roughly every 7–10 years) with a cyclical top tied to housing turnover and consumer confidence.[7] That top is currently down: industry-association data for 2025 show both wholesale value and unit shipments falling year-over-year.[19][20] The industry is also a textbook case of consolidation and channel control, capped by the 2025 deal in which the largest maker bought the largest specialty retailer — and, if a bid announced in April 2026 closes, extending backward into components as well.[6][7][26]

2. What's inside — and why this level equals its one child

At the 5-digit level, NAICS 33791 has a single 6-digit member:

Because there is just one child, the 5-digit industry and the 6-digit industry are the same industry: every firm, plant, dollar of shipments, and worker counted under 33791 is also counted under 337910. NAICS keeps both codes only so the hierarchy stays consistent — the 5-digit "industry" and 6-digit "national industry" tiers both need a slot even when they hold the same content. There is no aggregation across siblings to do here.[15]

Scope. The code covers establishments primarily making innerspring, box-spring, and non-innerspring (foam/latex) mattresses, the foundations sold with them, and dual-purpose "sleep furniture" such as convertible sofa beds. It excludes inflatable air mattresses (plastics, NAICS subsector 326), individual wire springs (NAICS 33261), and upholstered/wood/metal household furniture (NAICS 33712) — note that adjustable bed bases, the motorized platform sold beneath a mattress, straddle the furniture and mattress categories.[15] The code also classifies the plant, not the brand: a digitally native brand that outsources production, a mattress retailer, and an integrated manufacturer-retailer can each land in a different primary code.[15]

Shape of ownership. The level is a barbell — a handful of very large, brand-owning manufacturers sitting on a long tail of roughly 336 firms, many of them small regional or private-label makers, nearly all of which clear the Small Business Administration's 1,000-employee small-business cutoff for this industry.[2][3] For the full scope and adjacency notes, see the child primer.

3. How big it is

Federal figures for NAICS 33791 (our ground-truth data — identical to 337910 because it is the sole child):

Undercount caveat. These are U.S. manufacturing figures — beds made in domestic plants, valued at the factory gate. They understate the market an investor actually competes in for two reasons: a meaningful share of U.S. mattress consumption is imported (and imports don't appear in domestic factory receipts), and retail value is roughly double shipment value — the consumer market runs near $18 billion once retail markup, importers, and pure-marketing brands are included.[5][13] So 33791 is a clean gauge of domestic manufacturing capacity, not of total mattress demand. This is a genuinely concentrated manufacturing industry — the gap is imports and retail markup, not informal or micro-operator activity.

A second, non-federal yardstick. The International Sleep Products Association's finalized 2025 trends data put the U.S. wholesale market — mattresses, stationary foundations, and imports — at $9.25 billion in 2025, down 6.5% in value and 13.2% in units from the $9.9 billion recorded in 2024.[19][20] It is not a NAICS figure and is not comparable line-for-line with the census numbers above (different scope, different vantage point), but it is the timeliest read on direction, and the direction is down.

4. The investable universe

Because 33791 is 337910, the investable map is the child's map. Public choices are few and top-heavy — reserve tickers and market values for this section:

• Somnigroup International (NYSE: SGI, ex-Tempur Sealy) — the one scaled public pure-play, at roughly $7.5 billion of consolidated FY2025 sales and about $16 billion of market value in mid-2026; owns Tempur-Pedic, Sealy, and Stearns & Foster, and (since February 2025) the retailer Mattress Firm.[6][21][22]
• Sleep Number (NASDAQ: SNBR) — vertically integrated adjustable-air "smart bed" maker with its own retail, roughly $1.69 billion of FY2024 net sales, but a $132 million net loss in FY2025.[9][23]
• Purple Innovation (NASDAQ: PRPL) — specialty gel-grid foam, about $469 million of FY2025 net revenue and only ~$47 million of market value.[10][24]
• Leggett & Platt — not a mattress maker but the industry's largest component supplier (springs, foam, adjustable bases); its Bedding Products segment did $1.56 billion of 2025 trade sales at a 6.3% EBIT margin, and it is subject to a proposed all-stock acquisition by Somnigroup announced April 2026 at roughly $2.5 billion including debt, pending shareholder and regulatory approval.[25][26]

Most of the rest — Serta Simmons, Corsicana, Kingsdown, Saatva, Casper — is privately held, owned by private-equity firms or strategic acquirers. Value in this industry concentrates in the large branded manufacturers; broad public exposure effectively means Somnigroup, with the remaining economics living in private equity and in leveraged-loan / high-yield credit.[11][12] Full company detail is in the child primer.

5. How the money works

Owners make money on unit volume × price × gross margin, less freight and heavy promotional spend. Base innerspring beds are near-commodity and thin-margin; the profit is in premium foam, hybrid, adjustable-air, and adjustable-base attach, with manufacturer gross margins running roughly 30–40%.[16] Two structural facts dominate: mattresses are bulky and cheap per cubic foot, so freight favors regional plants and gives domestic makers a moat against distant importers; and compression packaging ("bed-in-a-box") shrinks shipping volume 70–80%, which is what let online brands disrupt showrooms in the 2010s.[17] Channel matters as much as product: an average online ticket is a few hundred dollars against roughly $1,200 in a traditional store, where the retailer captures the markup and the manufacturer sells at wholesale — which is exactly why the largest maker bought the largest retailer.[5] The biggest raw input is polyurethane foam (petrochemical-linked), so margins compress when foam or steel spike faster than retail prices can follow.[27]

Margins are not comparable across business models, and the public names make that concrete: Purple's manufacturer mix produced a 40.2% gross margin in 2025; Sleep Number's direct-retail model produced a 59% gross margin in the same year yet a 5.5% adjusted EBITDA margin and a net loss, because stores, marketing, delivery, and corporate cost consume the product margin; and Leggett & Platt's component business ran a 6.3% EBIT margin.[23][24][25] These are different points on the value chain, not better and worse versions of the same industry. The cyclical backdrop is severe — Somnigroup reported that U.S. bedding-category units fell more than 35% from 2021 through 2025.[28] See §5 of the child primer for the full economics.

6. What drives demand

• Housing turnover and household formation — the strongest driver; moves and new homes trigger mattress purchases at close to a 1:1 ratio, so high mortgage rates are the industry's main headwind.[7][18]
• The replacement cycle — beds wear out on a 7–10 year horizon, creating steady baseline demand, though timing is elastic and consumers can defer for years.[7]
• Consumer confidence and premiumization — trade-ups, adjustable bases, and "smart bed" features lift average selling prices and offset flat unit volumes. In finalized 2025 data, value held up better than units, and adjustable bases proved comparatively resilient while stationary foundations contracted hardest.[9][19]
• Hospitality and institutional demand — hotels, dormitories, and healthcare replace beds on their own steadier cycles.

7. Regulation

Mattresses are among the more safety-regulated consumer durables. Every bed sold in the U.S. must pass the Consumer Product Safety Commission's open-flame standard (16 CFR Part 1633) and an older smolder standard (Part 1632), which typically requires an engineered fire-barrier layer.[16] Flame-retardant chemistry faces state scrutiny (California TB117-2013, Proposition 65).[16] Antidumping and countervailing duties are a material tailwind for domestic producers: orders covering Cambodia, Indonesia, Malaysia, Serbia, Thailand, Turkey, and Vietnam plus China took effect in 2021, and in 2024 Commerce added orders covering a further set of countries including Bosnia and Herzegovina, Bulgaria, Burma, India, Italy, Kosovo, Mexico, the Philippines, Poland, Slovenia, Spain, and Taiwan.[13][14][29] The expansion is itself the lesson — imports migrate to new origins rather than disappear. Four states (California, Connecticut, Rhode Island, Oregon) require manufacturers to fund mattress recycling via the Mattress Recycling Council's "Bye Bye Mattress" program.[17] Fuller detail is in the child primer.

8. Competitive dynamics and consolidation

The industry is concentrated at the top with a long tail beneath. Federal concentration data for 33791: the top four producers hold 56.1% of revenue, the top eight 64.6%, the top twenty 76.8%, and the top fifty 89.1%; the Herfindahl-Hirschman Index (HHI) is ~982 — just under the 1,000 threshold that federal antitrust agencies treat as "unconcentrated."[2] The reconciliation is two large firms plus several mid-size ones over hundreds of small makers: an oligopolistic top without a single dominant firm. The defining recent move: Tempur Sealy acquired Mattress Firm (the largest U.S. specialty mattress retailer) for roughly $4 billion, closing February 5, 2025 after a federal court denied the FTC's preliminary injunction; the FTC dismissed its administrative complaint in April 2025, and the buyer renamed itself Somnigroup — making the #1 manufacturer also the #1 retailer.[6][7][8][30] The pending Leggett & Platt deal would push that integration one layer further back, from springs, foam, and bases through branded mattresses to the store floor.[26] The parallel arc is the direct-to-consumer boom and bust: Casper, Purple, and others used bed-in-a-box shipping to bypass showrooms, then heavy marketing costs and commoditization caught up, and the category re-consolidated around scaled players — Casper itself now belongs to a foam supplier.[10][12]

9. Risks

• Cyclicality and housing dependence — revenue falls hard in downturns; category units fell more than 35% from 2021 through 2025, and wholesale value was still down 6.5% year-over-year in 2025.[4][18][19][28]
• Input-cost volatility — foam and steel spikes can outrun price increases and compress thin margins.[27]
• Leverage — private-equity ownership has repeatedly turned cyclical downturns into restructurings (Serta Simmons cut funded debt from ~$1.9 billion to ~$315 million in its 2023 bankruptcy).[11]
• Channel control after vertical integration — Somnigroup's ownership of Mattress Firm pressures rivals' shelf access and terms, the precise theory the FTC advanced and lost in court.[8][30]
• Import competition and duty circumvention — importers reroute around orders, which is why coverage had to expand in 2024; 2025 tariffs on Canadian, Mexican, and Chinese inputs also raise domestic makers' component costs.[18][29]
• Small-player distress — sub-scale branded players have seen equity values collapse; Purple is down to roughly $47 million of market value.[10]
• Antitrust and deal risk — the proposed Leggett & Platt acquisition still needs shareholder and regulatory approval, with closing anticipated by year-end 2026.[26]

10. How to invest and the outlook

Public routes are narrow: the only scaled pure-play is Somnigroup (NYSE: SGI), at roughly $16 billion of market value and now a manufacturer-plus-retailer; Sleep Number (SNBR) is a high-gross-margin, loss-making direct-retail turnaround, and Purple (PRPL) a micro-cap specialty-foam bet.[9][10][21][23][24] Most investors get mattress exposure indirectly, through home-furnishings retailers or consumer-discretionary funds, because the pure-plays are so concentrated. Private and credit routes are where most of the action historically sits — PE control positions in makers like Serta Simmons and Corsicana, strategic buyers acquiring brands outright, plus leveraged loans and high-yield bonds where cyclical stress has repeatedly created distressed-debt opportunities.[11][12]

Outlook. The industry appears near a cyclical trough rather than in growth: 2025 wholesale value fell 6.5% and units 13.2%, and the leading trade association projects shipments about flat in 2026 with only low-single-digit growth in 2027, as high mortgage rates keep housing turnover subdued.[4][18][19][20] The bull case is eventual rate relief unlocking pent-up moves plus a wave of pandemic-era mattresses reaching end-of-life; the bear case is a prolonged high-rate, price-sensitive environment. Structurally, the direction is clear: more consolidation, more vertical integration, and continued advantage to scaled, brand-owning, distribution-controlling players. For the complete analysis, see the 337910 primer.

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Sources

1. U.S. Census Bureau. County Business Patterns 2023, NAICS 337910 (Mattress Manufacturing). 2023. https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau. 2022 Economic Census — Concentration Ratios and Statistics, NAICS 337910. 2022. https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Small Business Administration. Table of Small Business Size Standards (NAICS 337910: 1,000 employees). 2023. https://www.sba.gov/document/support-table-size-standards
4. IBISWorld. Mattress Manufacturing in the US — Industry Analysis. 2025. https://www.ibisworld.com/united-states/industry/mattress-manufacturing/876/
5. Mordor Intelligence. United States Mattress Market Size, Analysis & Share Report. 2025. https://www.mordorintelligence.com/industry-reports/united-states-mattress-market
6. Somnigroup International (Tempur Sealy). Fourth Quarter and Full Year 2024 Results (SEC Form 8-K). 2025. https://www.sec.gov/Archives/edgar/data/1206264/000120626425000049/sgireports4q24results.htm
7. National Mattress Authority / industry demand analyses (replacement cycle, housing turnover). 2025. https://nationalmattressauthority.com/mattress-industry-overview-us/
8. Simpson Thacher & Bartlett LLP. Mattress Firm / Tempur Sealy Close Transaction Following Antitrust Win Against FTC. 2025. https://www.stblaw.com/about-us/news/view/2025/02/07/mattress-firm-tempur-sealy-close-transaction-following-antitrust-win-against-ftc
9. Sleep Number Corporation. Fourth Quarter and Full Year 2024 Results. 2025. https://ir.sleepnumber.com/news/news-details/2025/Sleep-Number-Announces-Fourth-Quarter-and-Full-Year-2024-Results/default.aspx
10. Purple Innovation, Inc. FY2024 Results (SEC Form 8-K) and CompaniesMarketCap / Macrotrends market-cap data. 2024–2026. https://www.macrotrends.net/stocks/charts/PRPL/purple-innovation,-inc/market-cap
11. Serta Simmons Bedding. Completes Financial Restructuring and Emerges from Chapter 11. 2023. https://sertasimmons.com/news/serta-simmons-bedding-completes-financial-restructuring-emerges-chapter-11/
12. Business of Home. Casper's new owner (Carpenter Co.) is betting on a comeback. 2025. https://businessofhome.com/articles/casper-s-new-owner-is-betting-on-a-comeback-will-it-work
13. U.S. International Trade Commission. Mattresses from Cambodia, China, Indonesia, Malaysia, Serbia, Thailand, Turkey, and Vietnam Injure U.S. Industry. 2021. https://www.usitc.gov/press_room/news_release/2021/er0421ll1758.htm
14. U.S. Federal Register / International Trade Administration. Mattresses from Cambodia, Indonesia, Malaysia, Serbia, Thailand, Turkey, and Vietnam: Antidumping Duty Orders. 2021. https://www.federalregister.gov/documents/2021/05/14/2021-10238/
15. U.S. Census Bureau. 2022 NAICS Definitions — 337910 Mattress Manufacturing. 2022. https://www.census.gov/naics/
16. U.S. Consumer Product Safety Commission / eCFR. 16 CFR Part 1633 — Standard for the Flammability (Open Flame) of Mattress Sets. https://www.ecfr.gov/current/title-16/chapter-II/subchapter-D/part-1633
17. Mattress Recycling Council. Recycling Programs (California, Connecticut, Oregon, Rhode Island) / Bye Bye Mattress. 2026. https://mattressrecyclingcouncil.org/
18. BedTimes Magazine (ISPA). Mattress Industry Outlook: Navigating a Slow Climb Ahead. 2026. https://bedtimesmagazine.com/2026/01/mattress-industry-outlook-navigating-a-slow-climb-ahead/
19. ISPA (International Sleep Products Association). Mattress Industry Trends Report 2026 Overview — Final 2025 Data. 2026. https://sleepproducts.org/2026/07/mattress-industry-trends-report-2026-overview/
20. BedTimes Magazine (ISPA). The Mattress Industry Trends Report Sharpens the Industry Picture for 2025. 2026. https://bedtimesmagazine.com/2026/05/the-mattress-industry-trends-report-sharpens-the-industry-picture-for-2025/
21. Companies Market Cap / StockAnalysis. Somnigroup International (SGI) Market Capitalization. 2026. https://companiesmarketcap.com/somnigroup-international/marketcap/
22. Somnigroup International. Fourth Quarter and Full Year 2025 Results (SEC Form 8-K). 2026. https://www.sec.gov/Archives/edgar/data/1206264/000120626426000008/sgireports4q2025results.htm
23. Sleep Number Corporation. 2025 Form 10-K. 2026. https://www.sec.gov/Archives/edgar/data/827187/000082718726000014/snbr-20260103.htm
24. Purple Innovation, Inc. 2025 Form 10-K. 2026. https://www.sec.gov/Archives/edgar/data/1643953/000121390026036974/ea0274767-10k_purple.htm
25. Leggett & Platt, Inc. 2025 Form 10-K. 2026. https://www.sec.gov/Archives/edgar/data/58492/000005849226000107/leg-20251231.htm
26. Somnigroup International. First Quarter 2026 Form 10-Q. 2026. https://www.sec.gov/Archives/edgar/data/1206264/000120626426000067/sgi-20260331.htm
27. Polyurethane Foam Association / American Chemistry Council. Bedding case study; diisocyanates (TDI/MDI) in flexible foam. https://pfa.org/bedding-case-study/
28. Somnigroup International. 2025 Annual Report Filing (SEC). 2026. https://www.sec.gov/Archives/edgar/data/1206264/000120626426000035/sgi-20260330.htm
29. U.S. Department of Commerce, International Trade Administration. Final Determinations — AD/CVD Investigations of Mattresses from Multiple Trading Partners. 2024. https://www.trade.gov/final-determinations-adcvd-investigations-mattresses-multiple-trading-partners
30. Federal Trade Commission. Tempur Sealy International, Inc. / Mattress Firm Group Inc. Case Record. 2025. https://www.ftc.gov/legal-library/browse/cases-proceedings/231-0016-tempur-sealy-international-inc-mattress-firm-group-inc-matter