Bean Bag Chairs Market Size, Global Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Bean Bag Chairs Market


The global Bean Bag Chairs market size is projected to reach US$ 4.52 billion by 2026, from US$ 3.57 billion in 2020, at a CAGR of 4% during 2021-2026. Growth of the construction sector is a key factor driving the demand for bean bag chairs. Construction of residential and commercial buildings is increasing in countries like U.S., Germany, and U.K.
Moreover, surge in demand for luxury home furniture is expected to boost the sale of bean bag chairs in upcoming years. In addition, supportive government initiatives for the construction of residential buildings, coupled with growing middle class population, is expected to boost the growth of market.

Increasing penetration, coupled with product visibility, will drive market for indoor and outdoor bean bag chairs. Growing consumer need for a flexible space in home is a key trend in the home decor market. Apart from cooking and eating, kitchen is used for studying, watching television, gaming, and lazing about in most of the developed countries including Germany, U.K, and U.S. Rooms in the house are gradually losing their customary use and are used as space with numerous possible functionality.

Bean bag chairs can cater to this need by being portable and can be used as chair, table, floor cushion, or foot table, resulting in increasing popularity among consumers. Moreover, modern metropolitan homes are small and space is a valuable commodity, therefore, bean bag can be used as an alternative to traditional furniture such table and chair.
The first bean bag chair was launch in 1969. Since then, the product has gained immerse popularity among children and adults for watching television, playing video games, and reading books and comics. These chairs are widely used for relaxing and hangouts. However, these chairs can be used for academics. The school furniture is an integral part of the learning process.

Appropriate seating allows students to be confident to learn the things they need. Every day, kids spend around six hours seated at desk. Inappropriate furniture can affect seating and make it hard for kids to focus. Apart from this, kids may start to develop spinal problems and other health issues due to poor seating posture. Bean bag chairs can make learning environment better as well as they are cost effective alternative to conventional desk chairs.

Market Segmentation, Outlook & Viewpoint: Global Bean Bag Chairs Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Indoor
  
Outdoor

Distribution Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Offline
  
Online

Key Players, Recent Developments & Regional Insights: Global Bean Bag Chairs Market

The indoor segment held a leading share of 78.4% in 2018. These chairs are lightweight, easy to cean, and portable, thereby gaining popularity among consumers. Growing demand for luxury and branded furniture, coupled with increasing spending on home decor, is a key factor driving the demand for indoor bean bag chairs over the forecast period. In addition, government initiatives such as homes for all are expected assist in the growth of the bean bag chairs market.

The outdoor segment is anticipated to expand at the fastest CAGR of 5.2% over the forecast period. Apart from the residential sector, bean bag chairs are also gaining popularity in the commercial sector, especially in offices, restaurants, cafes, hotels, lounges, and all other commercial places that are set in a casual way. This is expected to promote market growth from 2019 to 2025.

Distribution Channel Insights

The offline segment held a leading share of 84.4% in 2018. Most of the people still prefer buying products in bricks and mortar store over offline channel. According to statistics, around 49% Americans prefer buying products in stores. In store buying offers people to see the product before buying, avoid paying shipping costs, and talk to a sales representative. Increasing number of furniture retail stores, especially in emerging countries such as India, China, and Brazil, is expected to fuel the growth of the market from 2019 to 2025.

For instance, MUJI, one of the prominent players in the market, plans to add 2 stores every year in India and expected to open about 1,200 stores globally by 2020. In addition, rise in product visibility, coupled with penetration of luxury home decor manufacturers such as IKEA, especially in India and Southeast Asia, is expected drive the sale of this product through the offline channel.

The online segment is anticipated to expand at the fastest CAGR of 6.4% from 2019 to 2025. This channel is relatively smaller as compared to offline channel, but is witnessing significant growth owing to increasing penetration of internet and smartphone. 24*7 operational, availability of a wide variety of options, and price comparison are the key factors for the growth of online shopping.

The global market is highly fragmented, wherein many small vendors operate in the market without having bricks and mortar stores. In addition, most vendors have their own online sites from where consumers can order product as per their requirements. Moreover, increasing number of dedicated online retailers such as Bean Bag City and Overstock.com is expected to fuel growth of the market.

Regional Insights

Europe emerged as the largest regional market in 2018 owing to growing demand for branded and luxury home decorative furniture including bean bag chairs. In addition, modern urban homes are small, therefore bean bag chairs can be a better alternative to conventional chair and tables. Moreover, these products are lightweight, easy to clean, and cost effective as compared to chairs, thus gaining popularity among children and adults for leisure time.
Asia Pacific is the fastest growing regional market, expanding at a CAGR of 5.8% over the forecast period on account of increasing product penetration and rising double income households. In addition, surge in the number of branded retail outlets, especially in India and China, is anticipated to assist in growth of the market. Moreover, rising construction activities, coupled with adoption of modern furniture including bean bag chairs, will promote the market growth in the region.

Bean Bag Chairs Market Share Insights

The global market is highly competitive in nature due to presence of top players operating in the market including Lovesac and Yogibo LLC. Some of the key players operating in the market are Fatboy; SUMO LOUNGE INTERNATIONAL; AFA Inc.; LUVU BRANDS; CordaRoys; Comfy Sacks; Lumaland Inc.; and MUJI.  Increasing popularity of luxury and modern furniture is a main factor driving demand for bean bag chairs over the forecast period. The market is identified by several strategic activities such as expansions, mergers and acquisitions, and product and technological innovations, attempted by key manufacturers in the industry. For instance, in 2018, Lovesac, one of the prominent vendors in the market, raised USD 56 million in public offering to increase retail count.

Key Insights Covered: Global Bean Bag Chairs Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Bean Bag Chairs industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Bean Bag Chairs industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Bean Bag Chairs industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Bean Bag Chairs industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Bean Bag Chairs industry.

Research Methodology: Global Bean Bag Chairs Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other