Urbanization has played a vital role in the development of the hospitality sector across the globe. Steady growth in developing economies is expected to drive activities in the hospitality and service sector. Across the globe, a positive outlook of the hospitality and service sector is expected to significantly create growth opportunities for the global duvet market during the forecast period. In emerging economies, the hospitality sector is growing, not only in terms of development of hotels or places to visit, but also as a potential of source market of new guests.
According to the Office of National Statics, the total turnover of the U.K. hospitality industry reached US$ 117.3 Bn in 2017, up from US$ 93.9 Bn in 2015. The growing hospitality and service sector caters to the expansion of the travel and tourism industry, increasing the demand for hotels, thereby leading to huge investments in the field of hotel development, as such, raising the demand for a luxurious feel in hotels. Additionally, the growing tourism industry in emerging economies is increasing the number of hotels to cater to the needs of travellers. Such factors are projected to create significant growth opportunities in emerging economies across the globe.
Duvet Market: Segmentation Analysis
Duvet Market Analysis by Material Type
According to Persistence Market Research, based on material type, the global duvet market is segmented into cotton, silk, linen, and polyester. Polyester and cotton are widely used in the manufacturing of the duvet bag. These segments are projected to hold prominent market shares in the global duvet market throughout the forecast period. In terms of value, the cotton segment is expected to be a very lucrative segment throughout the forecast period, whereas, in terms of volume, the polyester segment is projected to hold a prominent share in the global duvet market during the forecast period.
Duvet Market Analysis by Bed Type
Based on ##, the global duvet market is segmented into single bed, double bed, queen size, and king size. In terms of bed type, double bed and queen size duvets are projected to hold a significant share in the global duvet market during the forecast period.
Globally, the duvet market is predominantly driven by the growth of travel and tourism activity as well as the hospitality sector. The travel and tourism industry significantly contributes to global GDP. Governments of major economies are continuously working on the development of hospitality services and tourist places in their regions to increase tourism.
Duvet Market Analysis by Sales Channel
Based on sales channel, the global duvet market is segmented into online and offline. The offline segment is further divided into supermarkets, hypermarkets, and retail. Under the offline sales channel, the retail sales segment is expected to hold a prominent share in the global duvet market during the forecast period. The online sales channel is projected to experience high growth during the forecast period, owing to high traction of the e-Commerce industry across the globe.
Duvet Market Analysis by Region
From a regional perspective, the global duvet market is segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa. Europe is estimated to account for a significant share in the global duvet market, owing to the positive outlook for travel and tourism activities and rising per capita disposable income. In the year 2019, Europe is estimated to hold nearly 50% share in the global duvet market. Emerging duvet markets such as the UK, US, and Germany are projected to experience high value growth during the forecast period. Oceania is projected to register healthy growth in the global duvet market during the forecast period. The duvet market in Europe is expected to be lucrative, and is expected to grow at a value CAGR of nearly 4% between 2019 and 2029.
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