Bean Bag Chairs Market Sale Valuation to Reach Comfortably at $6.21 Billion by 2028 | SkyQuest Recommend Players to Diversify Their Portfolio to Survive
Global bean bag chairs market size was valued at USD 4.88 billion in 2021, and it is expected to reach a value of USD 6.21 billion by 2028, at a CAGR of 3.5% over the forecast period (2022–2028).
Westford, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the bean bag chairs market provides valuable insights. The industry is currently in a growth phase, with sales increasing at a rate of 3.5% per year. However, there is potential for further growth, particularly in the premium segment of the market. One of the key drivers is the increasing popularity of bean bag chairs among young adults. This demographic is increasingly looking for furniture that is both stylish and comfortable, and bean bag chairs fit this bill perfectly. In addition, bean bag chairs are relatively affordable, which makes them a great option for budget-conscious consumers.
Another growth is the growing trend of casualization in workplaces around the world. More and more companies are embracing casual dress codes and policies, which has led to an increase in demand for casual furniture like bean bag chairs market. Finally, SkyQuest believes that there is potential for further growth in the Bean Bag Chairs industry through geographic expansion. Currently, the majority of Bean Bag Chair sales come from North America and Europe. However, there is significant potential for growth in Asia and other emerging markets.
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SkyQuest Recommend Players in Bean Bag Chairs Market to Diversify Their Portfolio
The main thing to watch out for, according to SkyQuest, is the threat of commoditization. As more companies enter the market and competition increases, there is a risk that bean bag chairs will become seen as a commodity product, with little differentiation between different brands. This would put pressure on margins and make it difficult for companies to grow.
To avoid this, we advise companies to focus on creating a strong brand identity and building up a loyal customer base. They also recommend diversifying into complementary products, such as bean bag chairs with built-in speakers or LED lights, to create additional revenue streams. In short, the analysis of the bean bag chairs market suggests that there are plenty of opportunities for growth and expansion, but companies need to be aware of the threat of commoditization and take steps to avoid it.
Our industry analyst notes that the competitive environment is characterized by fragmented production, with no one manufacturer having a significant market share. In addition, there are no barriers to entry in this industry. As a result, we recommend that companies focus on cost reduction strategies in order to be more competitive. In terms of marketing, companies in the global bean bag chairs market should focus on differentiation in order to stand out in the market. This can be done through unique product offerings, branding, and marketing campaigns. Finally, in terms of distribution, the industry is quite fragmented, with no one distributor having a significant market share. As a result, companies need to focus on developing strong relationships with retailers in order to be successful.
Top Trends in Global Bean Bag Chairs Market
- The rise of the “casual home: The “casual home” trend refers to the trend of people spending more time at home and wanting their homes to be comfortable and relaxing. This trend has driven the growth of the bean bag chairs industry because bean bag chairs are seen as comfortable and casual furniture pieces.
- The popularity of memory foam bean bag chairs: The popularity of memory foam bean bag chairs has also driven the growth of the bean bag chairs market. Memory foam bean bag chairs are seen as more comfortable and supportive than traditional bean bag chairs. They are also often more expensive, which has helped to increase average prices in the industry.
- The increasing popularity of outdoors bean bag chairs: The increasing popularity of outdoors bean bag chairs has also helped to drive industry growth. Outdoors bean bag chairs are becoming increasingly popular for use in patios, decks, and other outdoor spaces. They are seen as a more stylish and comfortable alternative to traditional lawn furniture.
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SkyQuest Survey Reveals Comfort, Style and Price are major Trigger Points for Purchasing Bean Bag Chain Among Young Adults
SkyQuest’s survey of bean bag chairs market is one of the most thorough and comprehensive surveys of its kind. We surveyed over 1,200 bean bag chair users in order to get an accurate representation of the market. The results of their survey are extremely detailed, and provide valuable insights into the world of bean bag chairs. Some of the key findings from the survey include:
Bean bag chairs are most popular with younger people aged 18-24.-The majority of bean bag chair users are female. Most people use their bean bag chairs for relaxation and watching TV. The average price paid for a bean bag chair is $50. The results revealed that bean bag chairs are becoming increasingly popular, with 58% of respondents saying they would consider purchasing one in the next 12 months.
What’s driving this increase in popularity in the global bean bag chairs market? It’s due to the fact that bean bag chairs are “comfortable, stylish and affordable.” In addition, bean bag chairs are also seen as a good way to relax and unwind after a long day.
The most popular reasons given for wanting to purchase a bean bag chair were comfort (64%), style (61%), and price (54%). Of those who said they would not be likely to purchase a bean bag chair, the most common reasons given were that they were too expensive (38%), that they were too big or bulky (32%), or that they did not like the style (30%). Gartner also asked respondents about their willingness to pay for a bean bag chair. The average price willingness was $75 with 38% of respondents saying they would be willing to pay up to $125 for a bean bag chair.
The full results of SkyQuest’s survey of bean bag chairs are available in the report consumer preferences for bean bag chairs section.
Global Bean Bag Chairs Market is Flooded With Numerous Local and Regional Players
SkyQuest analysis of the market reveals that it is flooded with numerous local and regional players. While the top two manufacturers, US-based companies Cornerstone and Sumo Lounge, hold a dominant position in the market, there are many other companies competing for market share. Local and regional players account for a significant portion of the bean bag chairs market, and many of these companies are able to compete effectively by offering lower prices or unique product offerings. In addition, some of these companies have established strong relationships with retailers, which gives them an advantage in terms of distribution.
While the market is crowded, there is still room for growth. The market is expected to continue to grow in popularity, especially in North America and Europe. Our analysis shows that the bean bag chairs market presents an attractive opportunity for companies looking to enter the market or expand their current product offerings.
The Asia-Pacific region is the fastest growing market for bean bag chairs, and Europe is the largest market accounting for approximately 46% of global sales. The study highlights that the competitive landscape in the bean bag chairs market is constantly changing, with new players entering the market and existing players expanding their product offerings.
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Major Players in Global Bean Bag Chairs Market
- MUJI (Japan)
- IKEA (Sweden)
- Yogibo (US)
- Sumo Lounge (US)
- Bean Bag City (US)
- Ambient Lounge (UK)
- Comfort Research (US)
- Ultimate Sack (US)
- Lovesac (US)
- Comfy Sacks (US)
- CordaRoy’s (US)
- Jaxx Bean Bags (US)
- KingBeany (US)
- Crate & Barrel (US)
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