Plush Blankets Market (2020 - 2027)

Report Overview

The global plush blankets market size was valued at USD 370.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027. Increasing preference for luxury based lustrous blankets as a result of higher adoption of less-weighted blankets among individuals has been driving the market. Growth of the hospitality sector, rapid urbanization, and changing lifestyles have inculcated penetration of fancy and soft fabric-based bedding products, thereby boosting the application of plush blankets in the commercial sector across the globe. Plush blanket refers to a blanket with rich fabric and a long, soft nap. Rising consumer spending on comfort and relaxation as a cause of lifestyle inflation, particularly among generation X, Y, and Z, is generating higher demand for softer and luxury appealing bedding products, such as plush blankets.

New advancements in fabric, along with product launches, are increasing consumers’ inclination towards these products. For instance, in June 2019, Decora Home introduced Decora Home Soft - Super Plush Pattern Block Throw, which makes a perfect soft throw blanket for snuggling on the couch, bed, theatre, or park.

Soft throws and blankets, which are convenient to store, wash, and are travel-friendly, are being advanced with various kinds of fabrics, which are soft as well as at the same time can help keep cozy. Originally, throws were used as shawls by women to wrap around themselves during winters, however, they are now used as various forms, including home décor, bedding, and lifestyle or fashion product. Thus, the emergence of a plush blanket as a form of the soft throw has been attracting demand from consumers as it also fulfills the purpose of a beautiful decorative piece, which is not only used for warmth but also adds value to the beauty of the room.

In addition, the presence of fluctuating weather patterns observed in recent times has been shifting the purpose of using blankets for specific winter months to all year round. Thus, increasing the incorporation of plush soft and lightweight material, providing exact warmth and heat, has driven the popularity of plush blankets.

Moreover, growing residential as well as commercial sectors, including travel and hospitality, military and defense, and charity, are expected to have a positive impact on market growth. Increasing the construction of residential houses is also ramping up the demand for plush blankets. As of July 2019, it was stated by the International Monetary Fund that the global housing market has been steadily climbing up. Another important factor is the housing index, which reflects the changing prices of residential properties.

Application Insights

The residential application segment held the largest share of 53.9% in 2019. Demand for plush blankets has been significantly growing in the residential sector owing to the increasing availability of premium and luxury based bedding products with numerous functional benefits. Increasing spending on bedding products that provide relaxed and rejuvenated sleeping experience is driving the segment. Some of the other factors aiding the growth of the segment are an innovation in fabrics such as a combination of mink, fleece, and faux fur plush fabrics, consumer preference for elegant home décor, increasing frequency of purchases, and product replacements, and high demand for specialty and premium material blankets.

The commercial segment is expected to register a CAGR of 6.0% from 2020 to 2027. Economic development and the growing tourism industry are likely to augment the demand for plush blankets in the commercial sector. A total of 1,500 new hotel construction projects in Europe were in pipeline, wherein by 2019, around 270 new hotels and resorts opened, having more than 38,000 new rooms. This development is expected to have a positive impact as the hospitality sector focusses on providing more luxurious bedding sets in order to provide the utmost comfort and warmth.

Distribution Channel Insights

Hypermarkets and supermarkets accounted for a share of 41.5% in 2019. This is attributed to the high prominence of retail store channels as they facilitate the consumers to have a first-hand look at the products, which helps in the easy inspection of the quality and specifications. The availability of a wide range of products offered by different brands and the ability to compare the prices and product attributes are some of the factors expected to have a positive impact on segment growth. In addition, discounted prices and budget-friendly offers provided by retailers increase the customer footfall in these stores. Moreover, the availability of varied quality plush blankets at a cheaper rate offered by local manufacturers is likely to attract a greater number of customers to supermarkets and hypermarkets. Strong localized positioning and increased focus on customer needs and experience are the major factors that are expected to foster the growth of this distribution channel segment.

The online distribution channel is expected to witness the fastest growth during forecast years with a CAGR of 6.7% from 2020 to 2027. The availability of a wide range of products from domestic as well as international players online is expected to boost the consumer preference for e-commerce platforms. The availability of exclusive products and their first pieces are some of the factors likely to propel the sales through company portals. Discount prices, festive sales, and a wide range of products on e-commerce websites are expected to result in a slow rate of sales through company portals.

An increasing number of third-party retailers has widened the scope of home bedding products, such as blankets, with respect to its visibility among the large customer base. Domestic and international players are targeting online platforms, such as Amazon.com and Alibaba, to reach out to the customers.

Regional Insights

North America held the largest share of 32.1% in 2019. High product demand in this region is majorly attributed to increasing spending on residential renovations and repairs by Americans, which is promoting the application of high-end quality bedding products. According to Improving America’s Housing 2019, a new report released by the Harvard Joint Center for Housing Studies (JCHS), the home remodeling market in the U.S. expanded by more than 50% post the end of the recession period.

Moreover, the emergence of weighted blankets with plush fabrics is contributing to the significant growth of the market in the region. According to a blog by The New Yorker, in 2018, 70% of Americans witnessed trouble sleeping at least once a week. Plush weighted blankets help increase serotonin and melatonin levels and decrease the stress hormone while putting the person in a deeper sleep. In addition, according to the blog, 40 million Americans suffer from prolonged anxiety as of February 2018.

Asia Pacific is expected to witness the fastest growth during forecast years with a CAGR of 6.8% from 2020 to 2027. China, India, Japan, South Korea, Hong Kong, and Singapore are the prominent markets that pose a wide opportunity for the product in the upcoming years. Robust growth in infrastructural development across the emerging economies of India and China is paving the way for increased investments in various sectors, particularly hospitality including hotels and hospitals, thereby widening the scope of plush blankets in the future.

Key Companies & Market Share Insights

The industry has been characterized by the presence of a large number of international and regional players. Players have been introducing new products in order to gain a competitive advantage in the market. Furthermore, key players are expanding their businesses in emerging markets to capture growth opportunities. Moreover, companies have been focusing on offering an innovative and customized collection of plush blankets through retailers to expand their consumer reach. For instance, PIXERS offers Space Shuttle Launch Rocket Plush Blanket with customizable options. In addition, Zulily, LLC offers Avengers based Plush Blankets by Jay Franco and Sons, Inc. Some of the prominent players in the plush blankets market include:

• Berkshire Blanket & Home Co.

• American Blanket Company

• FleecePro

• Sunbeam Products, Inc.

• ADORNit

• Plush Addict Ltd.

• Robert Kaufman Co., Inc.

• Shannon Fabrics Inc.

• Venus Group

• The Company Store

• The Northwest Company

Plush Blankets Market