Market Dynamics
Consumer preference for branded blankets is anticipated to fuel the global blanket market's growth over the forecast period. Another element contributing to the worldwide blanket market's rise is the growing demand for luxury and comfort among the working-class population. Soon, the softness and durability of a blanket are predicted to increase demand for blankets.
Consumers like cotton blankets because cotton is completely hypoallergenic, making them ideal for children and anybody with sensitive skin. The global blanket market is growing because of new product releases by leading competitors. To meet emerging customer expectations, market participants are focusing on the production of novel items that make bold promises, such as a modern blanket with superior ornamental accessories. Additionally, the increase in blanket sales through supermarkets and hypermarkets is likely to bolster the worldwide blanket market's growth during the forecast period, owing to the onset of a global pandemic. COVID-19.
Market Overview
Global Blanket Market size is projected to reach approximately USD 9.7 Billion by 2027, at a CAGR of 4.2% from 2020 to 2027.
Segmental Analysis
By Product Type, the Wool segment led the market in 2019 and is expected to continue to do so during the forecast period. Woolen blankets come in a variety of sizes and styles. They keep the body warm throughout the winter season, which contributes to their popularity with consumers.
By application, the household segment dominated the market in 2019 and is expected to continue dominating during the forecast period. The growing demand for blankets suitable for various seasons is propelling the market's expansion throughout the household segment.
By Distribution Channel, the market's growth is predicted to be led by the store-based sector. The majority of blankets are sold through brick-and-mortar businesses. This section is further subdivided into supermarkets and hypermarkets, as well as convenience stores and others. Supermarkets & hypermarkets dominated the market in 2019 and are expected to continue to do so during the projected period.
Regional Overview
In 2019, Europe held the highest proportion of the worldwide blanket market. The UK, Germany, France, and Spain are the primary country-level marketplaces. European blanket makers place a premium on classic designs and neutral hues while creating blankets.
North America was likewise a significant market in 2019, accounting for a significant portion of overall revenue. The region's sales are aided by favorable climatic circumstances, a significant number of hotels, a massive defense force, and charitable efforts by both individuals and corporations. North America's climate differs greatly.
Asia-Pacific is predicted to be the world's second-largest market by value. The growing population in emerging countries, together with an increase in per capita disposable income, is expected to support the Asia-Pacific blanket market's growth. Climate change in important markets, combined with the stronghold of middle-income age groups, is likely to increase the utility of blankets. China, India, and Pakistan all have large armed forces, which contributes to the market's growth. China alone has the world's largest military force and the second highest military budget, and a blanket is one of the allowances received by each member of the armed forces.
Competitive Dynamics
The notable players of the market are American Blanket Company (US), Pendleton Woolen Mills (US), Hudson's Bay Company (Canada), Boll & Branch (US), URBANARA GmbH (Germany), Shanghai Easun Group (China), Medline Industries, Inc. (US), Chellco Industries Limited (Nigeria), Biddeford Blankets, LLC (US), Youngman Woollen Mills Private Limited (India).
