Global Market Study on Bean Bag Chairs: Growing Need for Attractive Décor Suitable for Small Spaces Key Growth Driver


Bean Bag Chairs  Market
  • Published On : Jun-2020 |
  • Pages : 300 Pages |
  • Format : Bean Bag Chairs  Market Bean Bag Chairs  Market Bean Bag Chairs  Market Bean Bag Chairs  Market

Millennials are currently the most popular generation across different regions, and significantly impact market growth. This is based on the fact that, the millennial generation has completed its education and is well settled when it comes to career, planning a family, and a house to stay. Millennials prefer larger living spaces, and also perceive the importance of buying necessary, innovative, and decorative furniture for their living spaces comparatively more than that of baby boomers and other generations.

The millennial generation has also played a significant role in driving the e-Commerce sales of décor and home furnishings. According to various studies, more than 75% of millennials, worldwide, search for products on online platforms using smartphones while they are present in shops. This generation habit is one of the major reasons that is compelling décor and furniture companies to increase their online penetration. As a result, the bean bag chairs market is anticipated to expand at a CAGR of 5% during the forecast period of 2020 to 2030.

Bean Bag Chairs Market Trends

Increasing Preference for Modern Furniture for Beautification Purposes: Décor has always been an important part of living. It creates an emotional attachment with the people living in the dwelling. The look and decoration of the place plays a major part in influencing individual psychology. Besides this, commercial businesses, especially restaurants and the hospitality sector, are investing heavily in décor, as ambiance is an important and highly considered factor by consumers. This rising importance for décor for homes and commercial spaces will drive the growth of the bean bag chairs market in the coming years.

Growing Preferences for Bean Bag Chairs with Personalized Touch: Nowadays, companies are more engaged in providing bean bag chairs with a personalized touch. Prominent players operating in the bean bag chairs market are more focused on providing customized bean bag furnishings to customers that match their requirements, needs, and also the space décor. Bean bag chairs with a personalized touch bring design and style to the functionality of the space. Hence, companies are offering customized bean bags with different fabrics, fillings, colors, and styles that can best match the décor or space.

Regional Overview of Bean Bag Chairs Market

Global sales of the bean bag chairs market are projected to reach US$ 5 Bn in 2020. North America dominates the market in terms of market presence, followed by the European region with a significant market share due to the increasing demand for furnishings and décor products that require minimum space. Considering the product, round-shaped bean bag chairs hold a significant share. Increasing sales of gaming chairs, square chairs, and other novelty or fancy chairs are likely to contribute to the growth of the bean bag chairs market.

Bean Bag Chairs Market: Competition Landscape

The bean bag chairs market is anticipated to be highly fragmented, where a large number of local players are actively operating in the market space. Players are seeking opportunities to increase their physical presence as well as e-Commerce presence to fulfill the rising demand. Apart from this, players in the bean bag chairs market are also focused on reducing their production and transportation costs by setting up manufacturing units in emerging markets in East Asia and South Asia. Companies are focused on creating a brand image in the market. Opting for intellectual property rights is one such strategy that companies are eyeing to secure their brands and products.

  • For instance, Lovesac Company owns 24 federal trademark registrations and 80 foreign trademark registrations, as of 2019.

Covid-19 Pandemic Impact on Bean Bag Chairs Market

The impact of the covid-19 pandemic has been comparatively more on the retail industry than others. The spread of coronavirus has significantly impacted consumer buying behavior, product demand, and logistic operations in the market. The demand for discretionary products, including décor and furniture products, is low at present. The pandemic outbreak has created panic among consumers, which is reflected in their buying behaviors. Currently, consumer spending is directed more toward buying essential items. Discretionary consumer spending is comparatively low, which has resulted in reduced sales in the bean bag chairs market. This has compelled players in the market to adopt new strategies to engage those customers who are shopping from their home. These changing behaviors of retailers in the industry to adapt to dynamic consumer buying trends is considered as the new-normal.

Analysts’ Viewpoint

A brief overview of the changing landscape of the bean bag chairs market has led our analysts to conclude that, the market is significantly gaining popularity in developing regions. The market will register significant expansion and growth opportunities for players in the coming years in developing economies such as East Asia and South Asia. However, the pandemic outbreak has resulted in disruptions in operations such as production and supply chain. All of this is the result of actions undertaken by governments to restrict the movement of people in order to curb the spread of the novel coronavirus. 

Bean Bag Chairs Market - Scope of the Report

Persistence Market Research (PMR) recently published a new report on the bean bag chairs market for the assessment period 2020-2030. The report offers a close look at the evolving aspects of the bean bag chairs market, and insights into the dynamics impacting market growth. It also focuses on key developments in the bean bag chairs market. The report includes various macro-and micro-economic factors responsible for a significant impact on the bean bag chairs market.

The report on the bean bag chairs market extensively focuses on the key trends shaping its growth. Additionally, the included opportunity analysis on the bean bag chairs market underlines untapped corners for aspiring players. The report on the bean bag chairs market also offers a holistic view of the incremental opportunity, which can further help readers make effective decisions for the growth of their businesses.

All the stakeholders in the bean bag chairs market can rely on the data offered in this report to make critical decisions. Moreover, the information offered in this report also can help new market entrants expand their bases in the bean bag chairs market.

The report elaborates on both, historical and current trends shaping the market. The performance journey of the bean bag chairs market has been drawn and analyzed to make lucrative opportunities in the market evident to readers. The competitive landscape presented in the bean bag chairs market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.

Bean Bag Chairs Market: Segmentation

PMR’s research study on the global bean bag chairs market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The bean bag chairs market is segmented on the basis of product, material, application, price range, end user, sales channel, size, and region. Every segment is analyzed in detail, and data pertaining to the growth of each segment has been included in the study.

Product

  • Round Chairs
  • Square Chairs
  • Gaming Chairs
  • Others

Material

  • Velvet
  • Leather
  • Cotton
  • Vinyl
  • Polyester
  • Others

Application

  • Households
  • Restaurants
  • Hospitality
  • Commercial Places
  • Others

Price Range

  • High
  • Medium
  • Low

End User

  • Adults
  • Kids

Sales Channel

  • Multi-brand Stores
  • Specialty Stores
  • Online Retail Stores
  • Supermarkets/Hypermarkets
  • Convenient Stores

Size

  • Small
  • Medium
  • Large

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa (MEA)

The bean bag chairs market research report includes a competitive landscape that provides a dashboard view of the key competitors operating in the market. Some of the market players included in this section are Williams-Sanoma Inc Restoration Hardware Inc., The Lovesac Company, Ultimate Sack LLC, Fatboy The Original B.V, LUVU Brands Inc., Sumo Lounge International Corporation, Yogibo LLC, American Furniture Alliance Inc., CordaRoy Company, Comfy Sacks Company, Ryohin Keikaku Co., Ltd, Intex Recreation Corporation, Ace Bayou Corporation, and others.

Bean Bag Chairs Market: Key Questions Answered in the Report

The research study on the bean bag chairs market offers inclusive insights about the growth of the market in the most comprehensive manner. Key insights offered in the bean bag chairs market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.

  • How is the coronavirus pandemic impacting the growth of the bean bag chairs market?
  • What are the key trends that are constantly shaping the growth of the bean bag chairs market?
  • Which are the prominent regions that offer plentiful opportunities for players in the bean bag chairs market?
  • What are the differential strategies adopted by key players to hold a significant share in the global bean bag chairs market?

Bean Bag Chairs Market: Research Methodology

A unique and promising research methodology forms the base of the bean bag chairs market report for the forecast period. This report has been prepared after a comprehensive analysis of market events, and riveting insights have been compiled meticulously. The research methodology for the bean bag chairs market is a two-step process comprising primary and secondary research. Key stakeholders such as suppliers, service providers, and experts of several designations, including executive vice presidents, directors, technical advisors, GM marketing professionals, and sales professionalshave been interviewed. Secondary sources referred to obtain information include investor presentations of manufacturers, World Bank, IMF, and other credible sources.

Companies covered in Bean Bag Chairs Market Report

  • Williams-Sanoma Inc.
  • Restoration Hardware Inc.
  • The Lovesac Company
  • Fatboy The Original B.V.
  • Sumo Lounge International Corporation
  • American Furniture Alliance Inc.
  • LUVU Brands Inc.
  • CordaRoy Company
  • Comfy Sacks Company
  • Ryohin Keikaku Co., Ltd.
  • Ace Bayou Corporation
  • Yogibo LLC
  • Ultimate Sack LLC
  • Intex Recreation Corporation
  • Other Players (As Requested)
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