Blanket Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product Type (Wool, Cotton, Polyester, and Others); Application (Households, Hospitals, and Hotels); Distribution Channel (Hypermarkets/Supermarkets, E-Commerce, and Multi-Brand Stores); and Region/Country
Global Blanket Market is expected to grow at a significant rate of around 5% during 2022-2028F, reaching USD 11.9 billion by 2028. It is mainly owing to the increasing demand for luxury and comfort among the working-class population in developing countries such as India and China. In addition, changes in the buying patterns, and preference for bold and dramatic colors have been observed among consumers, and the pattern, material, and color of blankets play an essential role in influencing the buying behavior of consumers.
Additionally, demand for exotic colors and patterns related to flora and fauna is always the trend in the market. Also, preference for color and pattern is mostly based on the requirements of products with excellent stain resistance and machine washable properties are positively influencing the demand for the blanket market.
American Blanket Company, Pendleton Woolen Mills, Hudson’s Bay Company, Boll and Branch, URBANARA GmbH, Shanghai Easun Group, Medline Industries Inc., Chellco Industries Limited, Biddeford Blankets LLC, Youngman Woolen Mills Private Limited are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new products.
Insights Presented in the Report
“Amongst product type, wool blankets category to witness robust CAGR during the forecast period”
Based on product type, the market is classified into wool, cotton, polyester, and others. The wool segment is gaining extensive traction in the blanket market and is expected to witness influential growth in the forecasted period as well. The growth of this segment can be attributed to the extensive use of wool for the preparation of blankets as it is highly breathable and trap pockets of air, keeping the person warm. Further, if a person feels too hot, the material allows moisture to evaporate, helping them to regulate a comfortable body temperature, especially at night.
“Amongst application, households to hold a significant share in the market in 2020”
Based on application, the market is segmented into households, hospitals, and hotels. The household segment will grab the major market share of the blanket market in 2020 as it is one of the major consumers of blankets. Another significant reason contributing to the growth of the market can be an increase in the number of number families coupled with the rising number of houses across the globe. In addition, the growing urban population and increasing preference for luxury and comfort are also factors driving the market growth.
“Amongst distribution channel, hypermarket/supermarket category to witness robust CAGR during the forecast period”
Based on the distribution channel, the market is segmented into hypermarkets/supermarkets, e-commerce, and multi-brand stores. In 2020, the hypermarkets/supermarkets segment grabbed a significant market share. However, the e-commerce segment is expected to grow with the fastest CAGR during the forecast period. Globally, the trade or distribution channel mix is becoming more fragmented as consumers shift toward online shopping, smaller store formats, etc., owing to the opening of new stores, the launch of several e-commerce sites, the presence of retailers on online platforms, etc.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global blanket market. The major factors supporting the growth of the blanket market in the region include favorable climatic conditions in the United States and Canada, the presence of a huge number of hotels, and a rise in wool production in the region. For instance, the number of hotels in the United States is more than 91,000 and out of these over 52,000 of those are hotels. Other factors that are positively influencing the growth of the market are rapid urbanization and rising disposable income in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global blanket market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Blanket Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global blanket market were the three major steps undertaken to create and analyze the adoption of blankets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global blanket market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the blanket market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the blanket market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, application, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the blanket market. Further, we conducted factor analysis using dependent and independent variables such as product type, application, and distribution channels of blankets. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the blanket market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global blanket market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the blanket market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global blanket market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global blanket market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, and distribution channel in the global blanket market.
The main objective of the Global Blanket Market Study
The current & future market trends of the global blanket market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the blanket market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, application, and distribution channel.
- Define and analysis of the regulatory framework for the blanket
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the blanket market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the blanket market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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