Blanket Market To Hit Value $23.3 Billion By 2025 |Grand View Research, Inc.
The global blanket
market size is expected to reach USD 23.3 billion by 2025, according to
a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% over the forecast period. Significant growth of the
travel and hospitality industries at a global level as a result of reduced
airline fares and attractive value-added services provided by key hotel
industry participants is expected to remain a prominent factor. Furthermore,
rising national defense spending by the governments of countries including
U.S., China, Russia, Iran, Israel, India, and Pakistan is expected to promote
the use of blankets for military and air force over the next few years.
The clothing, footwear, & accessories
industry is anticipated to witness checkered growth throughout 2020, as a
result of the unprecedented supply chain disruptions caused by the COVID-19
outbreak worldwide. The expected decline in the global sales of clothing,
footwear, & accessories is attributable to massive supply chain disruptions
across significant export markets, including China and India. However, the industry
is likely to recover over the forecast timeframe, given the rising popularity
of online/e-commerce sales. From a manufacturing standpoint, the sustainable or
ethical fashion trend is expected to favor market growth throughout the
forecast timeframe. Luxury apparel is another lucrative space for prospective
manufacturers to target, given the mushrooming number of affluent and
fashion-conscious consumers across the globe. Our team is diligently working
towards accounting these factors in our report with the aim of providing you
with the up-to-date, actionable market information and projections.
Cotton-based products dominated the
market and generated a revenue of USD 4.6 billion in 2018. These product types
are expected to gain momentum as a result of their high visibility as durable
comfort characteristics. Furthermore, these textile products have the ability
to perform across a wide range of climate conditions.
Since the last few years, some of the
celebrities have been launching the products under their name. For instance, in
March 2019, Drew Barrymore launched Flower Home, a homeline at Walmart.com. The
brand, along with various home related décor and furniture, also offers
blankets that are richly layered and cozy. Similarly, in March 2019, the multinational
furniture company, Ikea launched the brand Overalt. The brand specifically
offers African design decors and furniture. Moreover, Sindhiso Kumhalo and
Renée Rossouw have been working on quilt and blanket projects for the launch of
products, which are based on African designs.
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In May, 2019, natural home goods brand
Buffy launched a new product, The Breeze. These temperature regulating
comforters are derived from eucalyptus fibers. Shell fabric and the fills are
the naturally more breathable as compared to other comforters derived from
polyester or animal-based materials. The breathability associated with these
product forms ultimately leads to a more regulated temperature during sleep.
Further key findings from the report suggest:
·
By product, cotton accounted
for more than 25.0% share in 2018. Polyester is expected to exceed 20.0% share
of the global revenue by the end of 2025
·
The commercial segment is
expected to expand at the fastest CAGR of 4.7% from 2019 to 2025
·
North America accounted for a
revenue share of over 30.0% in 2018
·
Online distribution channel is
expected to register the highest CAGR of 5.0% from 2019 to 2025.
The
global blanket market size was valued at USD 17.0 billion in 2018. Growing
application of blankets in the commercial sectors including travel and
hospitality, military and defense, and charity is expected to have a positive
impact on the market growth. Furthermore, the market has seen a boom as a
result of innovation and ease of product availability in affordable price
ranges.
The
industry is expected to witness further growth as a result of increasing demand
for luxury and comfort among the working-class population in the developing
countries such as India and China. The pattern, material, and color of blankets
play an essential role in influencing the buying behavior of consumers.
Considering the change in the buying patterns, preference for bold and dramatic
colors has been observed among consumers. Blanket manufacturing companies have
been incorporating these preferable colors and patterns in their new products.
New
product developments such as pastel colored cotton blankets are expected to
remain a recent trend. Preference for color and pattern is mostly based on the
requirements of products with excellent for stain resistance and machine
washable properties. Additionally, demand for exotic colors and patterns
related to flora and fauna has been observed in countries including India,
Vietnam, Myanmar, and Sri Lanka.
Over
the past few years, fluctuating weather patterns at a global level have played
a crucial role in promoting the utility of electric blankets. The ability of
the blanket to warm itself offers temperature control benefits and over the top
comfort. Growing consumer awareness, coupled with the frequent launch of the
new blankets with high quality, is expected to expand the industry size. In
addition, an increase in private consumption expenditure is likely to boost the
consumption of luxury and decorative products, especially in emerging countries
including China and India.
Browse Press
Release of this report:
Grand View Research has segmented the
global blanket market on the basis of product, application, distribution
channel:
Blanket Product Outlook (Revenue, USD Billion, 2015 - 2025)
·
Mink
·
Fleece
·
Cotton
·
Polyester
·
Others
Blanket Application Outlook (Revenue, USD Billion, 2015 -
2025)
·
Household
·
Commercial
Blanket Distribution Channel Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Hypermarkets & Supermarkets
·
Convenience Stores
·
Online
Cotton
accounted for a share of more than 25.0% in 2018. Durability and softness
associated with these products is expected to promote the demand in the near
future. These products are made by spinning cotton yarns available in a wide
range of sizes and weights to cater to different needs of domestic and
international markets. Strong foothold of cotton farming base in U.S., Brazil,
Pakistan, India, China, Australia, Turkey, and Uzbekistan is expected to drive
the industry participants to establish their strategic business units in close
proximity.
Polyester
is expected to expand at the fastest CAGR of 5.0% from 2019 to 2025. This
growth is attributed owing to easy availability and high affordability. The
price of the product is much lower than mink, cotton, and fleece. In addition,
its durability is longer than most of its counterparts. In recent times, it has
been replacing cotton, fleece, and mink. In developed countries of Europe,
airlines and railways have been preferring it over fleece owing to the strength
of polyester, which can survive frequent washing. Fitful replacement of
blankets for passengers helps the airlines to bring their operational cost
down. Similarly, buyers across the hospitality sector have been keenly
replacing their mink and fleece products with polyester blankets.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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