Market Overview
Blanket Market size is projected to reach approximately USD 9.7 Billion by 2027, at a CAGR of 4.2% from 2020 to 2027. A blanket is a soft woolen fabric that is used to keep the body warm while sleeping or resting. Typically, blankets are made of polyester, fleece, or cotton. Additionally, an electric blanket is a recently designed blanket that is generally accessible worldwide. In the winter, both traditional and electric blankets are heavily utilized.
Market Dynamics
The global Blanket Market has shown rapid growth in recent years. The pandemic has created valuable new opportunities for blanket makers worldwide. The blanket has a variety of advantages. Innovative marketing efforts via internet media are proven their ability to accelerate market growth. The increasing use of blankets in commercial sectors such as travel and hospitality, military and defense, and charity is anticipated to boost market growth. Additionally, the industry has grown as a result of innovation and the simplicity with which products are available at low prices.
The sector is likely to expand further as the working-class population in developing nations such as India and China increase their demand for luxury and comfort. The pattern, substance, and color of blankets all have a significant impact on how consumers behave when it comes to purchasing. Consumers' affinity for vivid and dramatic colors has been recognized in light of changing purchasing patterns. Companies that produce blankets have begun adding these popular colors and patterns into their new goods.
To meet changing consumer expectations, market participants are focusing on innovative products, such as a cutting-edge blanket with stunning ornamental adornments. Additionally, the increase in blanket sales through general shops and hypermarkets is predicted to accelerate the growth of the worldwide blanket market during the hypothetical time period associated with the outbreak of a global pandemic.
The sleepwear sector is significantly impacted by the online retail stage. This is because a huge number of the comfortable wear manufacturing organizations now have an online retail presence via which customers can obtain ridiculous data about the most popular trend patterns and material/texture information. Additionally, the number of clients purchasing online is increasing rapidly, as evidenced by the accessibility of varied product choices and straightforward price correlation on internet shopping locales.
This is advantageous for merchants because it eliminates the need for physical shops or display areas. One of the primary reasons customers like online shopping is because they can read reviews from other customers, browse numerous stores and products, and compare item prices from multiple merchants. This slew of elements has aided in the growth of the worldwide blanket industry.
Segmental Analysis
The market is divided by Result Type into Cotton, Wool, Polyester, and others.
The market is split by application into Household and Commercial.
The market is categorized by Distribution Channel into Store-Based and Non-Store-Based.
Region Overview
The Blanket Market Outlook in the Asia Pacific region represented the largest revenue share in the global market, followed by the market in Europe, as evidenced by the availability of a sizable customer base and the growing penetration of the electric blanket in countries such as China, India, Germany, France, and the United Kingdom.
North America's blanket market is expected to grow rapidly in the global industry, owing to an increasing preference for electric blankets among residents of countries like as Canada and the United States.
The Middle East and Africa, as well as Latin America, are expected to experience moderate growth in terms of revenue, owing to the increasing penetration of various polyester, fleece, and cotton blankets in these regions.
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).
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