Newark, NJ, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global plush blanket market is expected to grow from USD 392.20 million in 2020 to USD 625.11 million by 2028, at a CAGR of 6.0% during the forecast period 2021-2028.
The industry has been driven by increasing demand for luxury-based lustrous blankets due to the growing popularity of lighter-weighted blankets. The hospitality industry's growth accelerated urbanization and evolving lifestyles have all influenced the adoption of soft & fancy fabric-based bedding items, resulting in an increase in the use of plush blankets in the residential sector around the world. Increased demand for softer and more luxurious bedding items, such as fluffy blankets, is being driven by the consumer expenditure on relaxation and comfort as a result of lifestyle inflation, especially among generations X, Y, & Z.
Buyers are becoming more interested in new brands as a result of novel fabric developments and product releases. Soft blankets and throws that are easy to pack, wash, and travel with, are being developed with a variety of fabrics that are both soft and warm. The introduction of a plush blanket as a kind of soft throw has been drawing customer demand because it also serves as a stylish decorative item that not only provides comfort but also adds charm to the room's elegance.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the plush blanket market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Another restraining factor is that fleece material is highly inflammable.
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Key players operating in the global plush blanket market include American Blanket Company, The Northwest Company, Berkshire Blanket & Home Co., Sunbeam Products, Inc., FleecePro, Plush Addict Ltd., ADORNit, Shannon Fabrics Inc., Robert Kaufman Co., Inc., The Company Store, and Venus Group, among others. To gain a significant market share in the global plush blanket market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Berkshire Blanket & Home Co and American Blanket Company are some of the biggest manufacturers and suppliers of plush blankets in the global market.
The residential segment dominated the market and held the largest market share of 67.4% in the year 2020
Based on application, the global market has been divided into commercial and residential. Residential dominated the market and held the largest market share of 67.4% in the year 2020. The increasing availability of luxurious and quality-related bedding items with various functional benefits has resulted in a substantial increase in demand for plush blankets in the domestic sector. The segment is being driven by rising spending on bedding items that have a relaxing and rejuvenating sleeping experience. Some other key factors fuelling the growth of the residential segment are growing volume of sales, consumer desire for fashionable home décor, advancement in fabrics like a mixture of fleece, mink, and faux fur plush fibers, and strong demand for premium luxury material blankets.
Hypermarkets & supermarkets segment dominated the market and held the largest market share of 35.3% in the year 2020
On the basis of distribution channel, the plush blankets market has been segmented into online, convenience stores, hypermarkets & supermarkets, and others. The hypermarkets & supermarkets segment dominated the market and held the largest market share of 35.3% in the year 2020. This is due to the popularity of retail store outlets, which enable customers to have a thorough look at the goods, allowing for a visual inspection of specifications and quality. The option to compare prices and product features, as well as the availability of a wide variety of products sold by various brands, are among the factors estimated to bolster segment growth.
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Regional Segment Analysis of the Plush Blankets Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global plush blankets market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 40.6% in the year 2020 and is anticipated to grow throughout the projected period. The increased spending on residential upgrades and repairs by Americans is encouraging the use of high-end premium bedding items in this area, which is driving up product demand. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like rising disposable income & consumer spending, and growth in many industries such as hospitality (hotels). Emerging economies like India, Brazil, and China are especially lucrative, considering their growth potential.
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About the report:
The global plush blankets market is analyzed on the basis of value (USD Million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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