The global duvet market value size in the base year 2018 was US$ 1,736.8 million. The global duvet market is anticipated to witness a steady growth rate of 3.0% over 2019-2029, and is projected to reach a market value size of around US$ 2,500 million by the end of 2029.
Rising per capita disposable income is increasing the purchasing power of people, which is allowing them to make huge investments for living luxurious lifestyles. Owing to this, the demand for luxurious products is increasing, which, in turn, is also increasing the demand for luxury beddings to feel rich and live a comfortable life. Increasing luxury bedding demand is also expected to propel the demand for duvets over the forecast period. From a regional perspective, Europe is estimated to account for a significant share in the global duvet market. This is because of the need for duvets across various end users such as hotels and residential, among others. This factor is expected to lay a strong platform for the healthy growth of the global duvet market.
In terms of global duvet market growth opportunities, the duvet demand in Oceania, with the growing demand for luxury beddings, owing to increasing travel and tourism activities, are expected to generate high demand for duvets. On the basis of material type, the cotton segment is expected to be a very lucrative segment throughout the forecast period in the global duvet market, with an expected market size of over 50.0% in 2019. The growing hospitality and service sector is projected to accelerate the growth of the duvet market in the coming years.
Rising Per Capita Disposable Income Strengthening Purchasing Power
Rising per capita disposable income is expected to predominantly drive the demand for duvets during the forecast period, owing to changing lifestyles and habits, and people moving towards living luxurious lives. This increasing demand for luxury products, is, in turn, increasing the demand for luxury beddings across the globe. According to the World Bank, per capita disposable income in the year 2010 was US$ 7,793.6, which is growing significantly, and accounted for US$ 8,730.0 in 2017. Thus, in the European region, especially in northern Europe, including the United Kingdom, Germany, and France, the demand for duvets is growing significantly, owing to high per capita disposable income, and growing awareness regarding duvets and their benefits as compared to comforters and blankets.
Growing Demand for Luxury Bedding Supporting Market Growth
Duvets are also known as continental quits, Doona, and ralli quilts. Duvets are the most common form of bed coverings. Duvets have reduced the complexity of making a bed, unlike blankets and comforters. Duvets are associated with luxury bedding and changing lifestyles, and the increasing demand for luxury beddings that come with certain benefits such as easy to maintain and clean, and suitable for different climatic conditions, such as they can be made warmer than a blanket without becoming heavy. These factors make them a preferred choice across the globe. Additionally, growing hospitality related activities and travel tourism activities are increasing the demand for hotels, and have fueled the demand for beddings in this sector. Such factors are expected to lead to the growth of the duvet market across the globe in the coming years.
Growing Travel and Tourism Activity Supporting Duvet Market Growth
Increasing travel and tourism is projected to be key factor driving the global of the duvet market during the forecast period. According to the World Travel and Tourism Authority, the total contribution of the travel and tourism industry to the global GDP was US$ 11 thousand billion in 2017, which accounted for ~14.2% of total global GDP. With increasing travel and tourism, the hospitality and service sector has been growing significantly in the past few years. Growing travel and tourism will attract substantial foreign direct investments in tourism-driven countries, which will successively lead to the launching of numerous hospitality and service-related activities across countries. This factor is also expected to drive the growth of the luxury beddings market, globally, and consequently increase the demand for duvets over the forecast period.
Global Duvet Market: Competition Analysis
The global duvet market is a moderately fragmented market, in which, tier 1 companies hold around 28-33% of the revenue share of the global market. Key market participants in the global duvet market include Hanes Australasia Limited, John Cotton Group Ltd., Hollander Sleep Products, Sheela Foam Limited, and Comfy Quilts, among others.
As a part of their overall strategy, key market players have been focusing on expanding their production capacities in the emerging duvet markets of Europe, as this region accounts for a prominent share in terms of volume for cotton and polyester duvets, for residential and commercial end-use, and is thus observing a rise in the demand for duvets. Some of the key market duvet players are focusing on expanding their geographical footprints in North America and East Asia, with increasing travel and tourism activities, and hospitality sector, which is projected to create significant growth opportunities for duvet manufacturers. As a differentiating strategy, duvet market participants are focusing on cost reduction in their product offerings, and the development of new techniques for the production of duvets.