Rising at a consistent 7.7% CAGR, Soars is predicted to grow from US$ 896.5 million in 2023 to a significant US$ 1.9 billion by 2033. Air fryers are revolutionising kitchen space and cooking efficiency thanks to their multipurpose features, increased health consciousness, and technological improvements.
Throughout the course of the forecast period, the air fryer market is anticipated to expand at a steady CAGR of 7.7%. The market is anticipated to hold a share of US$ 896.5 million in 2023, with a projected revenue of US$ 1.9 billion by 2033. Growing consumer worries about their health and fitness will be a driving force. Goods with multiple cooking modes will be more popular.
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Because of improved product features and rising consumer interest in cutting-edge technology, the market for small appliances has changed. Because of this, manufacturers have produced air fryers that work in a manner akin to that of conventional ovens. This improves accessibility, expands the kitchen’s capacity, and promotes cooking efficiency.
The e-commerce sector’s explosive growth, rising consumer income, and developments in clever cooking technologies are propelling market expansion. The growing popularity of air fryers in both the residential and commercial sectors is another factor driving market expansion.
Cooking appliance manufacturers have been impacted by frantic lifestyles and the resulting desire for healthier diets. Modern air fryers are made to shorten cooking times without sacrificing nutrition as a result. Additionally, market players for air fryers have made significant investments in R&D projects to increase cooking operations’ versatility.
Opportunities for growth are anticipated to arise from consumers’ growing preference for products with eco-friendly and energy-efficient characteristics. The creation of ENERGY STAR criteria to minimise GHG (greenhouse gas) emissions as a result of strict safety regulations created by environmental regulatory organisations like the EPA would have a positive long-term impact on developments.
Key Takeaways
- The United States is expected to remain a prominent regional market due to high preference for oil-free food amongst health-conscious consumers.
- Strong growth is emerging from emerging economies of India, China, Saudi Arabia, and Russia, driven by changes in urban lifestyles.
- In terms of product type, digital air fryer held notable share in the global air fryer industry owing to consistency in food quality.
- Residential sector is expected to experience steady growth within the global air fryer industry space over the forecast period.
Impact of COVID-19 & 2020 Market Analysis
During the COVID-19 outbreak, air fryer manufacturing companies have been severely impacted owing to disrupted supply chains in terms of raw materials and components. Lockdown restrictions led to short-term halt in production, while sales are bouncing back in 2021. Air fryers are emerging as essential equipment in kitchens with the increasing focus on a healthy lifestyle.
The outbreak has also resulted in substantial growth of categories including cleaning and hygiene products. The growth of the e-commerce sector is also a positive influence as companies focus on expanding their distribution networks to online channels to cater to surging consumer demand. However, brick and mortar retail stores suffered through the Covid-19 lockdown period. The change in buying patterns bolstered sales through e-commerce platforms, which will continue in the long-term.
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Who is winning?
The report highlights some prominent players in the global air fryer industry, which include Koninklijke Philips N.V, Newell Brands, Inc., Stanley Black & Decker, Inc., Breville Group Limited, Groupe SEB, SharkNinja Operating LLC (CDH Private Equity), Cuisinart Corporation (Conair Corporation, Meyer Manufacturing Company Limited, GoWISE USA (Ming’s Mark Inc.), among others. Market players are primarily focused on marketing campaigns to promote their products and create brand awareness among consumers, with social media campaigns gaining notable traction.
In July 2020, SharkNinja Operating LLC introduced the new Ninja Foodi 2-Basket Air Fryer. The fryer has a two-basket cooking system feature for additional versatility compared with traditional air fryers. The air fryer’s 8-quart capacity and Dual Zone technology helps the user cook two foods in two ways, and finish at the same time.
In 2019, Koninklijke Philips N.V introduced Airfryer XXL with smart sensing technology. The technology simplifies the cooking process with a unique fat removal technology, with the fat being captured in the bottom tray of the fryer for easy disposal. Additionally, the air fryer can bake, grill and roast.
Product launches will remain a key strategy adopted by market players to gain competitive advantage. Leaders in the air fryer industry are introducing products which fulfil the needs of customers.
Air Fryer Market by Category
Device Type
- Manual
- Digital
Wattage
- Below 1200 Watt
- 1200-1500 Watt
- 1500-1800 Watt
- 1800-2200 Wattage
- 2200 Wattage & Above
End Use
- Commercial
- Residential
Price Range
- Below US$ 25
- US$ 25 – US$ 100
- US$ 100 – US$ 200
- US$ 200- US$ 300
- US$ 300 & Above
Sales Channel
- Direct Sales
- Supermarket/Hypermarket
- Department Stores
- Specialty Stores
- Online Retailers
- Other Sales Channel
Frequently Asked Questions
- What is the air fryer industry size?
- Which end-user segment witnesses most lucrative growth opportunities?
- Which sales channel will be the most lucrative in future?
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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