The global plush blankets market size was valued at USD 397.75 million in 2020 and is expected to reach USD 592 million by 2027 grow at a compound annual growth rate (CAGR) of 5.8% 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.
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.
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 plush blanket market is segmented on the basis of application, distribution channel and region. By application the market is divided into Residential, Commercial. By distribution channel the market is divided into Hypermarkets & Supermarkets, Convenience Stores, Online, Others.
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 Centre for Housing Studies (JCHS), the home re-modelling 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, Singapore, and India 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.
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.