Increasing preference for luxury bedding such as light-weight blankets will push sales in the global plush blanket market. According to a recent report by Future Market Insights (FMI), the plush blanket market is expected to surpass a valuation of US$ 418.8 Mn in 2021 and at a CAGR of over 5.4% through 2031.
Demand for plush blankets grew at 5.5% CAGR between 2016 and 2020. The COVID-19 outbreak dampened sales prospects due to restrictions in movement and disrupted supply chains.
The temporary shutdown of stores and hypermarkets has resulted in a paradigm shift towards online retail. To comply with social distancing norms, customers resorted to making purchase online, rather than visiting brick and mortar stores.
Production of plush blankets was also hampered to an extent due to restricted supply of raw material. However, recovery of the plush blankets market is on cards as it has been predicted to grow year-over-year by 5.2% between 2020 and 2021, and the trend is projected to continue over the forecast period.
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High focus on home decoration and willingness to spend on interior décor items will emerge as chief growth drivers. Interior decoration and themed houses are turning trendy and for elegance and comfort, people are spending on fashionable and comfortable plush blankets.
To capitalize on this trend, some of the leading market players have been aggressively investing in promotional campaigns and advertisements. Some of focusing on innovative product launches such as the launch of non-toxic and sustainable plush blankets.
Customers are becoming eco-conscious and drawn to non-toxic and non-allergic blankets. The bedding quality and material used has gained popularity, especially among millennial consumers. To cater to this, leading companies have launched plush blanket made from biodegradable material, which can be recycled and reused.
Besides launching eco-friendly products, companies are partnering with environmental protection groups to promote cruelty-free and chemical-free manufacturing. Such efforts undertaken by various organizations such as Shades of Green, Boll & Branch, and Pottery Barn are likely to promote sustainable and eco-friendly bedding and help the market grow.
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Key Takeaways from the Plush Blanket Market Study
- Full-size blankets are expected to hold the leading revenue share of 21.4% in the market in 2021.
- The U.S. will hold a share 87.7% in North America in 2021, owing to the high penetration of key players in the country.
- India is a key market in South Asia, registering growth at above 10.3% CAGR owing to higher spending on premium products in the country and increasing development in the real estate category.
- Europe will continue showcasing lucrative opportunities for the plush blanket market. Demand in Germany and the U.K. will continue supporting growth in the region.
“Rising availability of plush blankets in attractive patterns, which include smooth, textured, dimple, cuddle soft, and velvet, with wonderful colours, is making them popular a inclusion to improve aesthetic of bedroom decor.” says an FMI analyst.
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Competitive Landscape
Some of the leading players in the market are Berkshire Blanket & Home Co., American Blanket Company, FleecePro, Sunbeam Products, Inc., ADORNit, Plush Addict Ltd., Robert Kaufman Co., Inc., Shannon Fabrics Inc., Venus Group, The Company Store, The Northwest Company, among others.
Market players are focusing on the expansion of their product portfolio. Some of them are increase their sales by expanding their business portfolio by collaborating with e-commerce supply channels.
For instance, in 2021, PIXERS launched a customized plush blanket that is soft and warm, suitable for the bedroom, kid’s room and the living room as a bedspread or additional cover. This factor helps the company to gain customer attention in the market.