The blanket market has grown steadily, increasing from $7.77 billion in 2023 to $8.14 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.9%. This growth is driven by rising demand for home comfort products, the popularity of weighted blankets, growth in online retail sales, luxury and premium blanket demand, and e-commerce expansion. The market is expected to reach $10.01 billion by 2028, with a CAGR of 5.3%. Future growth will be driven by increasing awareness of eco-friendly products, global demand for decorative blankets, a shift towards comfort, rising demand for personalized products, and urbanization. Key trends include technological advancements, smart technology integration, sustainable materials and packaging, and travel-friendly blankets.
Major Driver In The Blanket Market
The expansion of the hospitality industry is expected to boost the blanket market. With increased global travel and higher disposable incomes, the demand for comfortable accommodations is rising. Blankets are essential in enhancing guest satisfaction and comfort in hotels. The American Hotel and Lodging Association reported a rise in hotel occupancy rates to 62.7% in January 2023, with projections to reach 63.8% in 2023. This growth in the hospitality sector is driving the blanket market.
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Blanket Market Competitive Landscape
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
Key Blanket Market Trend
Leading companies in the blanket market are innovating with smart electric blankets to enhance consumer comfort, convenience, and energy efficiency. These advanced bedding products feature technology that allows precise temperature control and programmable settings, along with integration into smart home systems. For instance, Xiaomi Inc. launched the Mijia Smart Electric Blanket in October 2023, offering smartphone app control for customized comfort and a quick-heating function to provide immediate warmth on demand.
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Blanket Market Segmentation
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: Hyper markets Or Super markets, Specialty Stores, Multi Brand Stores, Independent Stores Retailers, Online Retailers, Other Sale Channels
4) By End User: Commercial, Residential
By Geography:The regions covered in the blanket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the blanket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Blanket Global Market Report 2024 furnishes information about the global blanket market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
