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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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/bean-bag-chairs-market
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.
