New York, US, March 06, 2023 (GLOBE NEWSWIRE) -- Blanket Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Blanket Market Information Product Type, Material Type, End-User, Sales Channel, and Region - Forecast till 2027"; the market will reach USD 9.7 Billion by 2027 at a 4.2% CAGR.
Market Synopsis
Through their R&D efforts, the producers create blankets of the highest caliber during the forecasted era. Season claims that the price of the blanket is moving from low to high. Also, using sleeping blankets in the winter to stay warm and cozy increased demand for these items. Innovative product innovations like cotton blankets in pastel colors are anticipated to stay in style. The need for items with superior stain resistance and washable qualities mostly influences color and pattern preferences. Also, the producers are creating wet absorbent blankets to promote better sleep, creating market prospects during the anticipated era. Due to its numerous advantages, electric blankets are becoming increasingly popular with consumers. The business is anticipated to expand due to the rising desire for comfort and luxury among the working-class population in emerging nations like China and India. Blankets' design, quality, and color significantly influence consumer purchasing behavior.
With the shift in purchasing behavior, customers have been seen to favor vibrant and striking hues. Blanket manufacturers have used these popular hues and designs in their newest creations. For instance, these producers offer high-comfort and multi-featured blankets to increase the demand for blankets over the projected period. During the projection period, market prospects are expected to grow due to the introduction of new, high-quality blanket products to raise consumer awareness. Traditional blankets typically contain additives and synthetic dyes or colors that can lead to rashes, itching, and allergic reactions on the skin. As a result, customers are switching to sustainable blankets made of organic materials. Also, customers are selecting premium materials to minimize negative environmental consequences and dangerous environments, which will increase the use of sustainable comforters during the projection period.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 9.7 Billion |
| CAGR | 4.2% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Material Type, End-User, Sales Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in demand for luxury & comfort by working population |
| Consumer preference for branded blankets |
Market Competitive Landscape:
The indispensable contenders in the blanket market are:
- Pendleton Woolen Mills,
- Urbanara,
- Barker Textiles,
- U.A.B. Silkeborg,
- American Blanket Company,
- Shanghai Easun Group,
- Medline Industries Inc.,
- Kanata Blanket Company,
- Jarden Corporation,
- Faribault Woolen Mill Co.,
- Biddeford Blankets L.L.C.,
- Hudson's Bay Company,
- Boll & Branch Co.,
- Beurer GmbH,
- New Zealand Wool Blankets Ltd.,
- Morphy Richards Ltd.,
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Market U.S.P. Covered:
Market Drivers:
The requirement for blankets, particularly electric blankets, is anticipated to decline due to the rapid urbanization and expanding hotel sector. Hotels and homestays have increased blanket usage by emphasizing dependable and friendly customer service. Rising investments in the infrastructure expansion of hotels and other lodging services boost the market for these products. The tourism and hospitality industry contributes significantly to the increase in sales of cozy goods for the convenience of consumers. The increasing use of blankets in the business areas of hospitality and tourism, military and security, and charitable organizations is anticipated to affect market growth positively. The market has also expanded due to innovation and the simplicity with which products are available at reasonable prices.
Globally changing weather patterns over recent years have been a major factor in increasing the usefulness of electric blankets. The blanket's capacity to warm provides advantages for temperature control and luxurious comfort. Increasing consumer awareness and the regular release of new, high-quality blankets are anticipated to increase industry size. Also, a rise in private consumer spending is projected to enhance the demand for luxury and adornment goods, particularly in developing nations like China and India. Electric blanket producers create waterproof technologies and the polyester microfiber fabric to lessen sweating, improve sleep quality, and keep the bedding clean.
Market Restraints:
One of the main obstacles preventing the market's growth is safety concerns. Electric blankets that are too hot could be dangerous for users, especially pregnant women. These gadgets produce low-frequency electromagnetic radiation that could harm the developing fetus. Two risks are connected with extremely low-frequency exposure: brain tumors and pediatric leukemia.
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COVID 19 Analysis
The COVID-19 crisis has had a big effect on the market and slowed the growth of blanket demand. The global market closures brought on by stringent government rules directly impact the rise in sales of textiles like blankets, which are unimportant under COVID-19 conditions. But as markets gradually enter the open phase following COVID-19, the blankets sector is expected to grow optimistically. Demand for these items is projected to increase as internet shopping increases gradually. Traditional brick-and-mortar shops are also anticipated to experience an increased need for blankets. Also, the factory labor shortage brought on by the lockdown limitation reduced the capacity to produce blankets, which would have a detrimental effect on blanket sales during the winter. The market's growth rate will gradually return once the infection has been eradicated.
Market Segmentation
By product type, the market includes electric blankets and regular blankets. By sales channel, the market includes specialty stores, multi-brand stores, hypermarkets/ supermarkets, small independent retailers, online retailers, and wholesalers/ distributors. By material type, the market includes wool, cotton, and polyester. By end-user, the market includes residential and commercial.
Regional Insights
The climate, many hotels, a sizable defense force, and corporate and individual charities in North America account for the region's largest market share. Due to the colder climate in Canada and other regions of North America, which has broadened the need for blankets of various kinds, the North American market is predicted to increase its share of the worldwide blankets market. Moreover, urbanization and changing lifestyle trends have increased the demand for numerous cutting-edge blankets. Also, the region is divided into important blanket-producing businesses that concentrate on developing effective thermal insulation techniques and raw materials to serve the global markets, increasing the region's prominence in the industry. The fastest CAGR is expected to be recorded in Asia-Pacific. Due to climatic variations in significant markets and their continued popularity among middle-class age groups, blankets are expected to become more useful. The sizeable militaries of China, India, and Pakistan are another element fueling the market's expansion.
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