According to a recent report by Future Market Insights (FMI), the blanket market is expected to surpass a valuation of US$ ~7 Bn in 2020 and at a CAGR of approximately ~5% through 2031.
The global blanket market has been surging at a significant rate in terms of value sales, which can be attributed to growth in the demand for blanket products, such as electric blankets and regular blankets. Over the years, the global market has witnessed an evolution in terms of product offerings and the quality of products. With the varying needs and demands of target customers in winter, the global blanket market has been witnessing the advent of new and innovative trends.
Factors, such as the growing population, improving living standards in developing countries, and an increase in the adoption of e-commerce for selling products globally, have led to the rapid growth of B2C business in various domains. Over the years, there has been a drastic change in consumer behavior, and consumers are increasingly seeking products online and purchasing various products, such as FMCG products, clothes, and others, through e-commerce, and this is contributing to the global growth of the blanket market.
The growth of online sales channels worldwide, along with an increase in the portfolio of blankets through new product launches, is also projected to accelerate the growth of the global market.
Furthermore, the colors and patterns of blankets play a pivotal role in impacting the buying behavior of consumers. Taking into account the preferences and perceptions of consumers, most of the major shareholding blanket companies are now introducing blankets with the colors and patterns that are most preferred by consumers, along with features such as stain resistance and machine washable. At present, bold and dark colors are considered catchy colors among the consumers of today. For instance, rich blue throws for a sofa or chair in living rooms instantly make them look trendy & catchy, which draws the attention of customers.
Similarly, when it comes to the patterns and designs implemented on blankets, traditional and exotic patterns have proven to create a lasting impression in the minds of consumers. Especially in Asian countries such as China, Japan, India etc., there is a higher preference for blankets with exotic patterns, which, according to consumers, bring a unique charm to modern interior decorating and designing.
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Key Takeaways from the Blanket Market Study
- Under the product type, an electric blanket is leading in terms of revenue. This is because of the fact that the electric blankets provide instant solutions and warmth in harsh low temperatures. Moreover, they consume less energy when compared to other room heating products.
- As per analysis, polyester-made blankets are likely to hold a notable share during the forecast period reporting a CAGR of over ~2%. This is because of the fact that polyester is lightweight, easy to clean, and are portable.
- The availability of luxury and premium bedding in the residential sector is ramping up sales of the blanket. Furthermore, good home decor helps individuals to improve their hospitality and increases motivation and interest while working.
- Online sales channels provide the customer with numerous options. In addition, such platforms allow the consumer to share their experience with other customers and create awareness regarding various products in the market that provide easy solutions to daily lifestyles.
Impact of COVID-19 on the Market
The COVID-19 pandemic had prompted a growing list of event cancellations and closures, as health officials urge the public to avoid large crowds. However, prior to the pandemic, when individuals travelled, participated in various outdoor events, the urge for a new and unique blanket was high. However, with the shutdown of stores, restrictions on commercial movements had led to the rise in demand for essential items and the rise in the adoption of various online platforms to make purchases.
However, blankets being a category of the bedding industry had observed a rise in demand as customers stayed at home and preferred to use comfortable and soft blankets that make them feel warm and comfortable while resting or sleeping. In addition, various development in technologies have helped in reducing the size of electronic equipment and further, they use less energy compared to other older products, therefore, the electric blanket is likely to contribute drastically to the blanket industry.
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Who is winning?
Leading manufacturers of the blanket are focused on aggressive promotional strategies and advertisements that have driven sales growth of blanket globally.
Major players present in the blanket market are Pendleton Woolen Mills, Urbanara, Faribault Woolen Mill Co., Biddeford Blankets, LLC, Hudson’s Bay Company, Boll & Branch Co., American Blanket Company, Shanghai Easun Group, Medline Industries, Inc., Kanata Blanket Company, Jarden Corporation, Beurer GmbH, New Zealand Wool Blankets Ltd., Barker Textiles, UAB Silkeborg, and Morphy Richards Ltd. among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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