Global Blanket Market: From an estimated market size of US$ 6,676.4 Mn in 2018, the value sales of the market are expected to reach US$ 9,931.8 Mn by 2027, expanding at a CAGR of 4.6%
Nowadays, consumers are spending a significant amount of money to keep their houses warm as well as properly insulated during winter. One of the ways of ensuring warmth and comfort during winter is the usage of bedding blankets usually while resting or sleeping. A blanket is a piece of cloth designed to offer warmth and absorb moisture, especially while sleeping. These type of bedding blankets are also used for decorative purpose.
However, a new type of blanket has been introduced in the market, which is an electric blanket. Electric blankets are gaining popularity among consumers due to various benefits associated with them. For instance, they enable consumers to access multiple features and provide maximum comfort. Therefore, owing to increasing consumer awareness, coupled with the frequent launch of the new blankets with high quality, the global blanket market is expected to grow in the near future. In addition, a global increase in private consumption expenditure is likely to boost the consumption of luxury and decorative products, especially in emerging countries, which is also expected to boost the demand for blankets in the near future.
Inorganic growth, coupled with rising technological capabilities at the regional level, enables companies to enhance their market footprint and penetration as well as to attain higher economies of scale. Through mergers and acquisitions, key players have increased their production capacity and market share, thus increasing new entry-level barriers in the market. Moreover, through innovative technology and various promotional strategies, companies are also trying to penetrate the market by creating a brand image in the mind of customers
The blanket market in Europe is expected to witness growth during the forecast period in which developing countries are the major blanket suppliers for the European market. Moreover, Germany, France and the United Kingdom are the major importers of blankets in the European market.
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Global Blanket Market: Shifting Consumer Preference towards More Sustainable Choices
Consumers in the market are shifting towards more sustainable solutions to avoid adverse environmental impact as well as minimise landfills. On the other hand, the manufactures of blankets are focusing on reducing the effects of the production of blankets on the environment and are inclined towards the usage of sustainable raw materials, such as wool, bamboo and organic cotton, for the development of blankets. This shift in consumer behaviour towards sustainable products also increases the focus on consumer safety and health.
The material type segment of the global blanket market is sub-segmented into wool, cotton, polyester and others. Among all the material type segments, the wool segment is estimated to account for a relatively higher value share in the blanket market. This segment is expected to remain dominant during the forecast period. In the global blanket market, the wool segment is estimated to account for a 47.9% value share in 2018 and is expected to attain a CAGR of 4.6% during the forecast period.
The global blanket market is primarily considered by the essence of a large number of local and multinational companies. Detailed profiles of companies are also included in the global blanket market report to evaluate their strategies, key product offerings and recent developments.
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Some of the key players profiled in the global blanket market study include Pendleton Woolen Mills; Biddeford Blankets, LLC; Hudson’s Bay Company; Boll & Branch Co.; Urbanara; American Blanket Company; Shanghai Easun Group; Medline Industries, Inc.; Kanata Blanket Company; Jarden Corporation; The Bombay Dyeing and Manufacturing Company Limited; Faribault Woolen Mill Company; New Zealand Wool Blankets Ltd.; Barker Textiles; Klippan Textil AB; UAB Silkeborg; Morphy Richards Ltd.; Silentnight Group Ltd.; Shanghai Shenda Co. Ltd. and Beurer GmbH.