NEW YORK, March 12, 2021 /PRNewswire/ -- Polyester is a good insulating material, cheap, and highly durable, especially when compared with feather filling or cotton duvets. Another major reason behind the popularity of polyester duvets is that these are low maintenance products. However, polyester duvets are not very popular at the residential front, because polyester fiber is hydrophobic and a chemical textile fiber that is non-renewable in nature. In order to compensate for this, micro denier polyester fibers and hollow fibers are being introduced into the market. Microfiber duvets are similar to the natural feel of feather and down duvets, yet, not as dense as them. Another important factor promoting the sales of microfiber duvets is their affordability.
Growth of the travel & tourism sector growth is expected to drive sales of duvets. According to the Authority of World Travel & Tourism, the global travel & tourism industry experienced significant growth in the year 2019. The industry generated revenue of US$ 5,634 billion in the year. Growing tourism will attract significant foreign direct investments in tourism-driven countries, which will subsequently lead to the launching of several hospitality-related activities. Moreover, regional government spending is expected to increase in support of general tourism activities in these countries. It will further drive the growth of the luxury beddings segment, globally, and subsequently increase demand for duvets over the forecast period.
On the back of these factors, global sales of duvets are expected to top US$ 2 Bn in 2031. According to the report by Persistence Market Research, the duvet market is estimated to register a steady CAGR of more than 3% over the forecast period of 2021-2031.
Key Takeaways from the Study
The market is moderately fragmented, resulting in moderate bargaining power of customers, due to a large number of unorganized players in this space. Key market players are involved in marking their direct presence in local markets through mergers and collaborations with regional players.
Persistence Market Research identifies Europe as the largest market for duvets, with a share of around 43% by 2031, followed by North America, attributable to the fact that, customers across these regions have a higher spending index, and give prime importance to convenience and comfort.
Natural duvets dominate the market, mainly because of consumer preference for down and feather filling duvets. Synthetic duvets, especially microfiber and polyfiber duvets, are being preferred by consumers, and are likely to experience hike in demand over the forecast period.
By bed type, the queen size category accounts for a larger share as compared to the rest of the bed types, primarily because of the popularity of queen size beds.
Recording a CAGR of more than 4%, online retailing is becoming a well-liked channel for sales. Online shopping is trending due to the convenience it offers consumers and sellers. Time to market, cost-savings, and scale being the major advantages of online sales; daily used appliances have gained increased demand.
After initial logistic hiccups due to the onset of COVID-19, demand for essential consumer goods is soaring. A prime reason for dip in sales of duvets was due to lockdowns that affected the hospitality sector.
Sales of duvets across China are slated to expand, in value, at a CAGR of close to 5% from 2021 to 2031.
"Waterproof duvets, and also smart functioning duvets, are anticipated to emerge as lucrative options for customers, thereby experiencing a surge in demand over the forecast period," says an analyst at Persistence Market Research.
COVID-19 Impact on Market
The COVID-19 pandemic resulted in a supply-demand gap. Complete lockdowns, total shutdown of all industries, and havoc in the industrial space resulted in a dip in production during the pandemic. Online retailing bracketed the sales of duvets, without resulting in any dip in the demand for the same. Apart from lockdowns that led to a short-term halt in production, sales and demand have severely dropped owing to shutdowns in the hospitality sector. With the re-opening of the hospitality sector, duvet sales are expected to regain traction over the coming months.
The report underlines groundbreaking insights into the competitive scenario of the duvet market, along with highlights of the differential strategies used by manufacturers. Some of the key players identified across the value chain include Sheela Foam Ltd., Hanesbrands Inc., Ohn Cotton Group Ltd., DYKON A/S, Hollander Sleep Products, The White Company, Slumberdown, Duvet Pillow & Linen Co., Old Europe Duvet Company, and Brooke + Wilde Limited, among others.
Know More about Report Inclusions
Persistence Market Research published a new market report on the duvet market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of material, bed, end use, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
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