(MENAFN- Ameliorate Digital Consultancy) The global bean bag chairs market is estimated to be valued at US$ 6 Bn by the end of 2030, expanding at a decent CAGR of 5% during the forecast period (2020–2030).
Maximizing the use of small spaces with smart solutions is a popular trend in the designing industry. Bean bag chairs are one of the best furnishing options that support this popular trend, as these chairs are handy, flexible, and also help maintain the attractiveness of the décor. This is one of the most important product properties that stimulate their demand in the market. These chairs are more likely to be preferred while designing small spaces. These chairs are also more comfortable and have multiple uses as compared to other products available in the market. Their attractive style and design add to the décor quotient without consuming a lot of physical space.
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Key Takeaways from Bean Bag Chairs Market Study
North America, followed by Europe, will continue to dominate the market due to significant demand for outdoor comfortable and fancy chairs, along with rise in the demand for latest designs in home theater seating solutions in these regions. Prominent players in the bean bag chairs market are offering gift vouchers and special discounts to maintain customer loyalty and increase the consumer repurchase rate. Companies are also making investments in promoting their brands, which will indirectly help them increase their sales. Moreover, expanding product portfolio by introducing bean bag chairs made for specific uses is also likely to increase sales in the market over the following years. Companies are marketing their products based on their specific uses, such as gaming and binge-watching chairs.
“The current covid-19 outbreak has led to a market slowdown, as major business operations have been adversely impacted. Sales are anticipated to be low temporarily due to supply chain problems as well as low demand, as people are more into priority purchasing during these difficult times,” says a PMR analyst.
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Product Premiumization – The Key to Branding
Product premiumization has always been a core strategy of companies. This trend continues to remain prominent in the bean bag chairs market as well. Companies are focused on providing premium products under the bean bag seating chairs segment. They are marketing their products as made from high-quality materials and fillings that are also appealing in terms of aesthetics. They are further opting for marketing strategies such as celebrity endorsements, and are highly active on social media platforms to promote and spread brand awareness.
Key Players in Global Bean Bag Chairs Market
PMR's report underlines groundbreaking insights into the competitive scenario of the bean bag chairs market, along with the highlights of differential strategies used by manufacturers. Some of the prominent players in the global bean bag chairs market include Restoration Hardware Inc., Williams-Sanoma 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, and others.
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More Valuable Insights on Bean Bag Chairs Market
Persistence Market Research released a new market research on the bean bag chairs market, covering global industry analysis of 2015 – 2019 and forecasts for 2020 – 2030 . The bean bag chairs market study reveals compelling insights on the basis of product (round chairs, square chairs, gaming chairs, and others), material (leather, polyester, cotton, vinyl, velvet, and others), application (households, restaurants, hospitality, commercial places, and others), price range (high, medium, and low), end user (kids and adults), size (small, medium, and large), and sales channel (multi-brand stores, specialty stores, convenient stores, hypermarkets/supermarkets, and online retail stores), across seven major regions.
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