Bean Bag Chairs Market is Expected to Amplify $4.3 Billion Value by 2025: Grand View Research Inc.

The global bean bag chairs market size is anticipated to reach USD 4.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. Rising construction activities in developed countries including U.S., Germany, U.K., and France are expected to assist in the growth of this market. In addition, supportive government initiatives such as homes for all will promote growth of the market.

For instance, in 2018, the German government tried to speed up the construction of housing and limit rent rises as it seeks to tackle a drastic shortage of affordable housing. The government plans to build around 1.5 million new houses by 2021. Furthermore, they are planning to invest over 5 billion euros for social housing and expected to build around 100,000 new social flats by 2021.

The indoor segment held a leading share of 78.4% in 2018. Gradually, rooms in modern house are losing their traditional use and becoming spaces with numerous possible functions. Beanbags can cater to that need by being portable and functioning as a seat, side table, footstool or floor cushion. The outdoor segment is anticipated to expand at the fastest CAGR of 5.2% over the forecast period owing to growing popularity of these chairs in offices and restaurants.

The online segment is anticipated to expand at the fastest CAGR of 6.4% over the forecast period. Increasing penetration of smartphone and exposure to digital media, especially in developing countries such as India and China, is expected to assist in sale of these products through the online channel. In addition, online retailers such as Wayfair.com and Brookstone.com are focusing on making this product a main category in modern furniture, thereby boosting the growth of bean bag chairs market.

Europe held a leading share of 37.4% in 2018. The market is driven by rise in the construction of houses in the region. Asia Pacific is projected to witness the fastest growth over the forecast period due to rising popularity of luxury and branded furniture including bean bag chairs, especially in countries like India and China. Moreover, increasing penetration of players such as MUJI and IKEA, coupled with surge in number of retail outlets, is expected to promote growth of the market in upcoming years.

Key players operating in the market include Lovesac; Yogibo LLC; Fatboy; SUMO LOUNGE INTERNATIONAL; AFA Inc.; LUVU BRANDS; CordaRoy's; Comfy Sacks; Lumaland Inc.; and MUJI.

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https://www.grandviewresearch.com/industry-analysis/bean-bag-chairs-market

Further key findings from the report suggest:

·       North America is anticipated to witness significant growth from 2019 to 2025 owing to shifting consumer preference from conventional to modern and luxury furniture

·       The bean bag chairs market in Europe was valued at USD 1.2 billion in 2018

·       Asia Pacific is anticipated to expand at the highest CAGR of 5.8% from 2019 to 2025 due to rise in product availability

·       The global market is highly competitive in nature due to presence of key players such as Lovesac and Yogibo LLC.

Grand View Research has segmented the global bean bag chairs market by product, distribution channel, and region:

Bean Bag Chairs Product Outlook (Revenue, USD Million, 2015 - 2025)

·         Indoor

·         Outdoor

Bean Bag Chairs Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

·         Offline Channel

·         Online Channel

Bean Bag Chairs Regional Outlook (Revenue, USD Million, 2015 - 2025)

·         North America

·         Europe

·         Asia Pacific

·         Central & South America

·         Middle East & Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com