The global Bean Bag Chairs Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global bean bag chairs market is projected to reach USD 4.3 billion by 2025 with a CAGR of 4.0%, during the forecast period 2019 to 2025, as per the new report published by Million Insights. The rising number of construction activities in developed nations such as Germany, France, and the U.K and changing lifestyle of the consumers are anticipated to be the key driving factors for the market growth. Additionally, the rising applications of bean bags in various commercial sectors such as hotels, cafes, lounges, restaurants, food joints, and various other commercial places are anticipated to create a huge opportunity for the market during the forecast period, 2019 to 2025.
Key Players:
- Lovesac
- Yogibo LLC
- MUJI
- Fatboy
- Sumo Lounge International Corp.
- AFA
- Luvu Brands
- CordaRoy's
- Comfy Sacks
- Lumaland
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Growth Drivers:
Rising development of new residential areas is expected to create demand for bean bags chairs with traditional chairs. This chairs are portable, cheaper, easy to carry and in fashion. Therefore consumers are looking to add them with their regular set of furniture. Additionally, increasing demand for indoor and outdoor bean bag chairs, due to high product visibility and availability is anticipated to aid the market growth. Moreover, rising use of bean bag chairs for gaming, eating, watching television and reading purpose is a key factor providing traction to the market growth.
Rising adoption of bean bag chairs in furnishing the living room, bedrooms and dorms are expected to drive the product demand in the upcoming years. Further, we can see the rising adoption of bean bag chairs on pool sides both in hotels and private properties across the world. It can be also be used as a radiant heating pad, which is filled with natural materials such as corn, oats barley, wheat, rice, flax seeds, and cherry pits, provides warm temperature. This is further expected to fuel the growth of bean bag chair market over the forecast period.
Distribution Channel Outlook:
- Offline
- Online
Regional Outlook:
Europe held the largest market share, in 2018. Rising demand for branded and premium quality furniture products and shifting preferences of consumers towards modernized, innovative, and luxurious products has resulted in the high revenue share in this region. Furthermore, the presence of well-established players in the region is projected to augment the market growth in the next few years.
Asia Pacific market is expected to grow with the fastest CAGR during the forecast period, 2019 to 2025. Key players are expanding their product range in emerging countries such as China, Indonesia, and India. The rising population of middle-class consumers and increasing product penetration in urban as well as rural areas are anticipated to propel the product demand in the upcoming years. Furthermore, increasing numbers of distribution channels and growing demand for home décor products are projected to propel the market demand in the forthcoming years.
COVID-19 Impact Insights:
The bean bag chair market has been negativelyimpacted by the COVID-19 outbreak, as the demand for home décor products has significantly declined while the demand for office furniture is increasing. Furthermore, with the growing number of coronavirus cases, the companies are encouraging employees to work from home. Asa result, propelling the demand for study tables & chairs and reducing the adoption of bean bag chairs. Thus, expected to hamper the market growth in the forthcoming years. However, the top MNCs like Google, Flipkart, and Salesforce, where providing allowances to their employees for setting up home offices. These initiatives are prompting employees to buy comfortable furniture like ergonomic chairs and bean bag chairs. Thus, projected to boost the market growth in the forthcoming years.
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