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How Has the Blanket Industry Expanded in Terms of Market Size?
The blanket market size has shown steady expansion in recent years. It is anticipated to grow from $8.14 billion in 2024 to $8.54 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.9%.
Historically, this growth can be ascribed to a rising demand for home comfort products, the increasing appeal of weighted blankets, an increase in online retail transactions, a greater desire for luxury and premium blankets, and the development of e-commerce.
The blanket market size is projected to witness steady growth in the coming years. It is expected to expand to $10.36 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.0%.
This growth within the forecast period can be attributed to a rising awareness of eco-friendly products, an increasing global demand for decorative blankets, a growing inclination towards comfort, a surge in demand for personalized products, and increasing urbanization. Prominent trends for the forecast period include technological advancements, the integration of smart technology, the use of sustainable materials, sustainable packaging practices, and the development of travel-friendly blankets.
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What Are the Major Factors Driving Growth in the Blanket Market?
The increasing scope of the hospitality industry is anticipated to propel the growth of the blanket market going forward. This industry encompasses various services and businesses that provide travelers and guests with lodging, food and beverage, recreation, and entertainment.
The expansion of the hospitality industry is attributed to a surge in global travel, rising disposable incomes, and an increasing demand for diverse and unique accommodations.
Blankets are utilized in hotel rooms to offer comfort and warmth, enhance guest satisfaction, and contribute to a cozy and inviting atmosphere.
For instance, in January 2023, according to the American Hotel and Lodging Association, a US-based hotel association, hotel occupancy rates experienced a significant increase, rising to 62.7%, which is a 9% improvement from 2021. Further, the projections estimate this figure will climb to 63.8% in 2023.
Therefore, the continuous expansion of the hospitality industry is driving the blanket market.
What Are the Main Segment Classifications Within the Blanket Market?
The blanket market covered in this report is segmented -
1) By Product Type: Electric Blanket, Regular Blanket
2) By Material Type: Wool, Cotton, Polyester, Other Material Types
3) By Sales Channel: Hypermarkets Or Supermarkets, Specialty Stores, Multi Brand Stores, Independent Stores Retailers, Online Retailers, Other Sale Channels
4) By End User: Commercial, Residential
Subsegments:
1) By Electric Blanket: Heated Throw Blankets, Heated Mattress Pads, Heated Electric Blankets With Dual Control, Ultra-Thin Electric Blankets
2) By Regular Blanket: Wool Blankets, Cotton Blankets, Fleece Blankets, Down And Down Alternative Blankets, Microfiber Blankets, Knitted Blankets
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Which Emerging Trends Are Expected to Influence the Blanket Market During the Forecast Period?
Major companies operating in the blanket market are focusing on creating innovative products, such as smart electric blankets, to improve consumers' comfort, convenience, and energy efficiency. Smart electric blankets are advanced bedding products that incorporate technology for accurate temperature control, programmable options, and compatibility with smart home systems, all aimed at enhancing comfort and energy efficiency.
As an illustration, in October 2023, Xiaomi Inc., a China-based consumer electronics company, introduced the Mijia Smart Electric Blanket, offering advanced functionalities and smart home integration. This blanket allows for precise temperature management through a smartphone application, enabling users to personalize their comfort settings remotely.
It also features a rapid-heating function, providing quick warmth when needed.
Which Regional Markets Are Showing Strong Performance in the Blanket Industry?
North America was the largest region in the blanket market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the blanket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who Are the Prominent Players Defining Trends in the Blanket Market?
Major companies operating in the blanket market are Walmart Inc., Medline Industries Inc., Ralph Lauren Home, Hudson's Bay Company, Pottery Barn, Eddie Bauer LLC, Nautica Home, Beurer GmbH, Pendleton Woolen Mills, Silentnight Group Limited, WestPoint Home, Jarden Corporation, BUDDEMEYER S/A, Boll & Branch Co., Mellanni Fine Linens, American Blanket Company, URBANARA GmbH, Qbedding.com, Cuddledown Inc., Faribault Woolen Mill Co., Morphy Richards Ltd., Biddeford Blankets LLC, Chellco Industries Limited, Kanata Blanket Company
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