A year or so back I made a whole stack of bowl cozies for holiday gifts. I searched out fabrics that reflected the recipient's interests (my best find was a yoga print!) And then I had to look for the correct materials -- the only trick to this project (if you plan to use them in the microwave) is making sure you're using only 100% cotton fabric, thread and batting. Nobody wants a microwave fire for Christmas.
I kept my eye on sales and finally got a package of Pellon's Wrap N Zap for 40% off, which made 7 bowl cozies. I could probably squeeze one more out of the batting scraps if I piece them together.
I used this perfectly sized pattern, a well-known one by this time, from this tutorial by Lindsay at Happy Hour Stitches. It's a great tutorial, and a free pattern.
This is what we ended up with.
I ended up going with a fat quarter that my sister bought me in New Zealand (fabric is such a great gift) covered in their national bird. My husband liked a red marbled print I've had for ages, and then I found a green cotton that coordinated perfectly with both. I had a bit more Wrap & Zap in my stash so I whipped these two together. Not sure why I waited so long to make us our own bowl cozies!