The UK is securing a CAGR of 5.9% in the Blanket Market during the forecast period. The growing adoption of miniaturized technology to enhance the quality of blankets is increasing the UK market growth. The prominent players are innovating better technology-based products to attract consumers and are estimated to increase sales of the blanket during the forecast period.
Additionally, it’s expected that the inability of heaters to moderate temperature changes from cold to negative degrees will increase demand for blankets. The UK market size is expected to increase over the forecast period due to the increased demand for electric blankets to stay warm and comfortable.
The blanket market size is projected to be valued at US$ 8.3 Billion in 2023 and is expected to reach US$ 13.9 Billion by 2033, with a significant CAGR of 5.3% during the forecast period.
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As per newly released data by Future Market Insights (FMI), the demand in the blanket market grew at approximately 4.5% CAGR in the forecast year, reaching a market valuation of US$ ~7 Bn in 2020.
Customers in the US especially, the working class are highly keen on premium and luxury products in their residential areas, therefore, the blanket market is projected to grow with a CAGR of over ~4%. Also, with the rapidly evolving lifestyle patterns and urbanization, the possession of houses is growing in the US, which is likely to enable growth in terms of volume of sales of the blanket market.
Key Points Covered in Blanket Market Survey
- Market estimates and forecast 2013-2027
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
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.
Who is Winning?
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.
Global Blanket Market by Category
By Product Type:
- Electric Blanket
- Regular Blanket
By Material Type:
- Wool
- Cotton
- Polyester
- Others
By End-User:
- Residential
- Commercial
By Sales Channel:
- Wholesalers/ Distributors
- Hypermarkets/ Supermarkets
- Specialty Stores
- Multi-brand Stores
- Independent Small Retailers
- Online Retailers
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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