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A bean bag chair is a large fabric bag jam-packed with expanded polystyrene beans. Some of the positive attributes of bean bags include decrease tension of headache, act as decorative furniture, and is highly customizable. The growing popularity of the usage of the product for creation comfy home theatre is acting as a positive factor for the rising demand. Moreover, the growing trend among psychiatrists of the usage of the product to clam their patients is assisting to generate traction. Additionally, pregnant women around the world increasingly aware of the benefits of bean bags such as belly support, assist to sleep upright, relieve pain and others are likely to fuel the consumption rate.
The increasing number of people worldwide using bean bags chair for various health issues including easing muscle, back, and joint pain act as a driving factor for the market growth. For instance, according to the data issued by the World Health Organisation, November 2019, there is an estimation of 20%–33% of people around the world living with a painful musculoskeletal condition. Furthermore, the rising inclination of the use of the product in social gathering places such as pubs, bars, and clubs has resulted in the growing demand for bean bags. Additionally, escalating usage of the product in the library of educational institutions in schools and colleges has played a vital role in generating more needs for the product.
Nevertheless, bean bag chairs not being durable as compared to other furniture types such as steel, wood, and others is repelling a large number of people to consume the product and thus acts as a hampering factor for the market growth.
Key Market Driver -
The rising usage of the product due to health issues among the global population act as a driving factor for the market growth.
Key Market Restraint -
Its less durability than a regular furniure acts as a restraining factor for the market growth.
Lumaland Inc., Muji, Comfy Sacks, Fatboy, Sumo Lounge International, Luvu Brands, AFA Inc, CordaRoy's, and others are the key players functioning in the bean bags market.
The bean bag chairs market is segmented into product type, application, size, and geography.
On the basis of product type, the market is bifurcated into indoor and outdoor. The indoor segment is projected to be the larger segment due to the high spending made on indoor furniture as compared to outdoor furniture. Likewise, manufacturers producing a larger number of indoor bean bag chairs than outdoor is also assisting to upsurge the demand of this segment.
Based on the application, the market is divided into residential and commercial. Residential is anticipated to be the dominant owing to assisting people to stay relaxed, comfortable, and help to relieve their stress of work there is a higher demand rate as compared to the commercial segment. Similarly, the increasing popularity of the usage of the product in residential places for meditation, reading, and others escalate the consumption.
By size, the market is fragmented into small, medium, and large. The medium size is estimated to be the leading segment on an account of not occupying too much space while still being comfortable to sit on it makes the product often chosen by a large number of consumers.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Europe is estimated to be the prominent market shareholder and is estimated to continue throughout the forecast period of 2020-2027. The high cost of renting and purchasing homes especially in urban places of this region leads to the rising number of small apartments that needed easily movable furniture including bean bags chairs is helping to upsurge the demand for the product. For instance, according to the International Service for Remunerations and Pensions ‘2019 Current Market Rent’, Austria Vienna is projected to be the have the highest house rent in Europe with 1 bedroom of USD 1142.53, 2 bedrooms of USD 1428.17, and 3 bedrooms of USD 1963.73. Furthermore, the rising popularity of the establishment of a wellness room for employees in workplaces in this region upsurge the consumption of bean bags.
The Asia Pacific is assessed to display extensive growth in the bean bags chair market owing to the low cost of the product as compared to other types of comfy furniture such as sofa. The rising spending made on household products owing to the escalating number of middle-income earners has a significant contribution to the growing demand. For instance according to the Hindu data issued, May 2020, there is an assessment of 140 million Indian households to be shifting towards the middle class. Additionally, the increasing number of domestic brands such as Zichen, Godrej, Nilkamal Furniture, and others increasing their presence at the market place has a significant contribution to market growth.
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