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.
The indoor segment has captured the largest market share of 78.4% in 2018, owing to the rising number of commercial and residential spaces with reduced carpet area. Moreover, bean bags are portable and available in various sizes, patterns, and colors. Additionally, it occupies less space and can be used for relaxation and hangout purposes. These factors are projected to fuel market growth in the next few years. The outdoor segment is projected to see the fastest growth with a CAGR of 5.2%, owing to the rising demand for premium quality furniture’s in offices and hospitality sectors.
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Bean bags are mostly used in schools and daycare centers, owing to its comfort, lightweight, and portable features. Moreover, it also reduces health problems like lower back pain, headaches, and tight shoulders, which, in turn, is projected to fuel growth of bean bag chairs market in the next few years. Additionally, with the rising availability of the products at retail stores are projected to propel the market growth in the forthcoming years. For instance, according to a study, about 49% of Americans choose to buy products from retail stores. Furthermore, rising use of bean bags while gaming, eating, watching television, and reading are anticipated to aid the market growth in upcoming years.
Europe has captured the largest market share in 2018, owing to shifting preferences of consumers towards modernized, innovative and luxurious products. Additionally, the rising number of government initiatives are anticipated to boost the market growth. For example, the German government has increased the construction of housing to reduce the number of rented houses. Additionally, the German government is planning to build 1.5 million new houses by spending more than EUR 5 billion until 2021. Thus, growing residential construction is likely to bolster the product demand.
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Further key findings from the report suggest:
• The outdoor segment is anticipated to grow with a CAGR of 5.2%, during the forecast period, 2019 to 2025, owing to rising demand for premium quality furniture’s in hospitality sectors, corporate offices and lounges.
• The online channels are expected to see significant growth during the forecast period, 2019 to 2025, owing to the growing number of e-commerce channels, rising internet penetration and growing adoption of smartphones among the young generation.
• Europe bean bag chair market size was worth USD 1.2 billion, in 2018.
• Asia Pacific region is anticipated to see the fastest growth with a CAGR of 5.8%, during the forecast period, 2019 to 2025.
Million Insights has segmented the global bean bag chairs market on the basis of product, distribution channel and region:
Product Outlook (Revenue, USD Million, 2015 – 2025)
Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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