According to the market report published by Future Market Insights titled ‘Blanket Market: Global Industry Analysis and Opportunity Assessment 2018-2027,’ the revenue generated from blankets is estimated to be valued at over US$ 6,676.4 Mn in 2018, which is projected to increase at a CAGR of 4.5% during the forecast period (2018-2027).
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 the electric blankets and regular blankets. Over the years, the global market has witnessed 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.
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Factors, such as growing population, improving living standards in developing countries and an increase in the adoption of e-commerce for selling products globally, has led to the rapid growth of B2C business in various domains. Over the years, there has been a drastic change in consumer behaviour, 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. For instance, in 2014, Bombay Dyeing launched its own e-retail portal by developing mobile apps, which has made it convenient for customers to compare and buy varied types of blankets.
With technological advancements in every market, consumers are gradually inclined towards more convenient and technologically driven products available in the market. This is one of the critical factors that has helped drive the demand for electric blankets. The demand for electric blankets is being considered as one of the influential factors that are likely to help trigger the global demand for blankets over the forecast period.
The colours and patterns of blankets play a pivotal role in the buying behaviour of consumers. Taking into account the preferences and perceptions of consumers, most of the major shareholding blanket companies are now introducing blankets with the colours and patterns that are most preferred by consumers, along with features such as stain resistance and machine washable. At present, bold and dark colours being considered as the catchy colours among the consumers of today. For instance, rich blue throws for a sofa or chair in living rooms instantly makes 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 India, China, etc., there is a higher preference for blankets with exotic pattern, which, according to consumers, brings a unique charm to modern interior decorating and designing.
Among the product types of the global blanket market, the regular blanket sub-segment dominates the segment as compared to the electric blanket segment in 2017. Similarly, among the material type segments, wool segment accounts for a higher value share as compared to other material types, i.e. cotton, polyester and others.
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Key Players in the Blanket Market
The detailed profiles of companies are also included in the global blanket market report for readers to evaluate their performance, key product offerings and recent developments. Some of the key players profiled in the global blanket market study include Beurer GmbH; Shanghai Shenda Co. Ltd.; Boll & Branch Co.; Pendleton Woolen Mills; Biddeford Blankets, LLC; Kanata Blanket Company; Silentnight Group Ltd.; Shanghai Easun Group; The Bombay Dyeing and Manufacturing Company Limited; Morphy Richards Ltd.; Hudson’s Bay Company; Urbanara; American Blanket Company; Medline Industries, Inc.; Jarden Corporation; Barker Textiles; New Zealand Wool Blankets Ltd.; Klippan Textil AB and UAB Silkeborg.