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Plush Blankets Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global plush blankets market was valued at USD 5.6 billion in 2022 and is projected to expand at a CAGR of 5.0% from 2023 to 2030. Plush blankets are made of soft, knitted, and woven fabrics, and offer greater warmth than regular blankets. The increasing demand for plush blankets from the hospitality industry is a major factor driving the market, as such blankets are used for bedding and for decorative purposes. Furthermore, the rising popularity of home décor products is leading to an increase in the demand for plush blankets.
On the other hand, the rising popularity of technologically advanced blankets such as heated and cooling blankets is accounted for the growth of the market. The development of advanced materials, such as memory foam, latex, and bamboo fibers, is further contributing to the growth of the market. For instance, in March 2021, Cozy Blanket, a company based in the US, launched a collection of plush blankets made of bamboo-based fibers. The fibers are supposed to be softer than cotton and have a greater breathability than other materials.
Moreover, the increasing demand for organic and natural products is driving the market for plush blankets. Manufacturers are introducing organic and natural products to cater to the growing demand of customers. For instance, in May 2021, American Blanket Company, a US-based company, launched a collection of organic cotton blankets. The company also introduced blankets made from recycled cotton and new fabrics made from recycled plastic bottles.
The increasing popularity of online shopping is also driving the market. Online shopping platforms such as Amazon and eBay, have a wide variety of plush blankets that are easy to access and purchase. Furthermore, the availability of discounts and offers on these products is further driving the market. For instance, in February 2021, Nordstrom launched a new line of plush blankets with discounts of up to 40%.
Furthermore, the increasing number of collaborations and strategic partnerships between market players is expected to further drive the growth of the market. For instance, in May 2021, American Blanket Company and the National Park Foundation partnered to launch a collection of plush blankets featuring designs inspired by the US National Parks. The company is donating a portion of the proceeds from the sale of these blankets to the National Park Foundation.
Product Insights
The fluffy blankets segment led the market in 2020 and accounted for over 44% of the global market. Increasing demand for cozy and comfortable bedding products is driving the growth of the segment. Moreover, the availability of a wide range of colors and sizes of plush blankets is also stimulating the demand for these products. According to an article published by The Sleep Judge, in July 2020, almost 80% of people prefer to sleep with a plush blanket due to its comfort and warmth. Furthermore, rising disposable income and growing fashion trends among consumers are some of the other key factors driving the segment’s growth.
The faux fur blankets segment is anticipated to expand at the fastest CAGR of 7.3% over the forecast period. Faux fur blankets are gaining popularity among consumers due to their luxurious look and feel. Moreover, the availability of a wide range of colors and sizes is also driving the demand for these products. Furthermore, increasing awareness regarding the environmental benefits associated with faux fur blankets is also stimulating the demand for these products. According to an article published by The Spruce, in October 2020, faux fur blankets are made from 100% recycled materials, which makes them an eco-friendly option.
Distribution Channel Insights
The department stores segment accounted for the largest market share of the plush blankets market in 2022. Department stores are the most preferred form of promotional and retail outlets for plush blankets products, as they offer a wide variety of products. Department stores provide a one-stop shopping experience, which encourages customers to purchase multiple items in a single shopping trip. Additionally, the availability of multiple brands at department stores helps customers to compare products and make an informed decision.
The online segment is projected to expand at a CAGR of 8.6% during the forecast period. The increasing prevalence of e-commerce platforms such as Amazon, Flipkart, and Alibaba offers retailers an opportunity to reach out to a wider customer base. Additionally, e-commerce websites provide customers with the convenience to compare prices and read customer reviews of different products. Furthermore, attractive deals and discounts offered by e-commerce websites are expected to fuel the growth of the online segment during the forecast period.
Type Insights
The plush blankets segment held the largest market share of 48.0% in the year 2022. The growth of this segment is attributed to the increasing demand for luxury and comfortable bedding products in developed countries such as the U.K., Germany, and the U.S. In addition, the emergence of premium quality products and the increasing trend of home décor and interior designing are driving the market for plush blankets. Furthermore, the demand for these products is driven by the increasing popularity of online shopping among the younger generation.
The quilted blankets segment is expected to register the highest CAGR of 5.2% during the forecast period. The quilted blankets are made of two layers of fabric stitched together, with a layer of insulation material, such as cotton, wool, or polyester, in between. Quilted blankets are lightweight, soft, and provide warmth to the user. As such, they are gaining popularity among the youth, which is expected to drive the growth of this segment. Furthermore, the increasing demand for quilted blankets in North America and Europe is projected to drive the market over the forecast period.
Regional Insights
North America is expected to remain the dominant regional market for plush blankets over the forecast period. The primary factors driving the regional market growth are the increasing demand for luxury products and the surge in home décor trends. Moreover, the presence of major players like Biederlack, Cuddledown, and Berkshire Blanket & Home Co. is likely to boost the regional market growth.
Asia Pacific is expected to witness the fastest growth in the coming years. This is attributed to the increasing disposable incomes of consumers, rising awareness about premium products, and the growing hospitality sector in the region. Moreover, increasing demand for luxurious plush blankets in emerging countries, such as India and China, is expected to drive the regional market growth.
Financial Projections
In this part of the plush blankets business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your plush blankets products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a plush blankets products business comes from the sale of merchandise, online sales, and sponsorships. Here you will find a list with a description of each of them and other possible sources of profit such as fundraisers, the sale of gift cards, and leasing the place for special events.
Projecting Expenses
In this section, all the regular expenses related to keeping the plush blankets products business running will be described. The list of operating expenses includes wages, rent, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the plush blankets market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Soft Touch launched the Ultra-Soft Fleece Blanket, a lightweight and extra-soft blanket made from micro-fleece.
– In August 2022, Berkshire Blanket & Home Co. launched the Velvetloft Blanket, a luxurious, soft, and plush blanket made from 100% polyester.
– In October 2022, UGG launched the Buckingham Blanket, a cozy and plush 100% cotton blanket.
Some of the prominent players in the plush blankets market include:
– Berkshire Blanket & Home Co.
– Soft Touch
– UGG
– Pendleton Woolen Mills
– Eddie Bauer
– Havertys
– L.L. Bean
– Pottery Barn
– WestPoint Home
– Charisma Brands
Global Plush Blankets Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global plush blankets products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Traditional Plush
– Specialty Plush
– Faux Fur Plush
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Factors Driving the Plush Blankets Market?
[A]: Increasing disposable income, the rising trend of using plush blankets for gifting, and the growing demand for luxury home décor products are expected to drive the plush blankets market during the forecast period. The increasing popularity of custom plush blankets, along with the rising trend for online shopping, is likely to create opportunities for the market in the coming years.
[Q]: Who are the Key Players Operating in the Plush Blankets Market?
[A]: Key players operating in the plush blankets market include IKEA, Berkshire Blanket, Inc., John Hanly & Co. Ltd., American Blanket Company, WestPoint Home, Inc., Faribault Woolen Mill Co., Pacific Coast Feather Company, Paul & Smith, LLC, Cuddledown, Inc., and King Koil.
[Q]: Which Regions Offer the Largest Opportunity for Sales of Plush Blankets?
[A]: North America is expected to be the largest market for plush blankets, with an absolute dollar opportunity of $4.4B (USD). The region is witnessing a growing demand for plush blankets from the residential sector.
[Q]: How are Plush Blankets Used in the Residential Sector?
[A]: Plush blankets are used for bedding, sofa covers, and decorative purposes in the residential sector. Increasing disposable income and the growing trend of home décor products are expected to drive the plush blankets market during the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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