According to Future Market Insights (FMI), the air fryer market will reach US$ 1,861.4 million by the end of 2031, with a CAGR of over 7% between 2021 and 2031. Consumers’ growing health and fitness concerns will continue to be a driving force. Multi-functional cooking features will see an increase in demand.
The small appliance sector has transformed due to advancements in product features and increased consumer interest in technology-driven devices. As a result, air fryers with standard oven functionality have been produced. This provides accessibility, saves kitchen space, and allows for greater cooking capacity.
Market expansion is being fueled by the rapid rise of the e-commerce business, rising consumer affluence, and advancements in intelligent cooking technologies. Air fryer adoption in the residential and commercial sectors is also a factor driving market expansion.
Cooking appliance manufacturers have been affected by busy lifestyles and the resulting desire for healthier diets. As a result, contemporary air fryers are built to shorten cooking time while maintaining nutritional quality. In addition, air fryer manufacturers have spent a lot of money on R&D to improve the flexibility of their frying processes.
Consumer preferences for energy efficiency and environmentally friendly product features are likely to expand, creating growth potential. Stringent safety requirements created by environmental regulatory agencies such as the EPA (Environmental Protection Agency) have resulted in ENERGY STAR criteria to reduce GHG (Greenhouse gas) emissions, which will have a long-term good impact on developments.
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Due to the increasing preference for oil-free cuisine among health-conscious customers, the United States is anticipated to remain a significant regional market.
India, China, Saudi Arabia, and Russia are all experiencing strong growth, owing to changes in urban lifestyles.
Because of the consistency in food quality, the digital air fryer had a significant position in the worldwide air fryer market.
Over the projected period, the residential sector is expected to rise steadily in the worldwide air fryer market.
Impact of COVID-19 & 2020 Market Analysis
Due to disrupted supply chains in terms of raw materials and components during the COVID-19 epidemic, air fryer manufacturers were badly hit. Production was temporarily halted due to lockdown limitations, but sales are expected to resume in 2021. With the growing emphasis on living a healthy lifestyle, air fryers are becoming indispensable kitchen appliances.
Cleaning and hygiene goods, for example, have seen significant development as a result of the outbreak. The expansion of the e-commerce sector is also having a favourable impact, as businesses focus on expanding their distribution networks to online platforms to meet rising customer demand. During the Covid-19 lockdown, however, brick and mortar retail establishments suffered. Sales through e-commerce platforms have increased as a result of the shift in buying patterns, and this trend is expected to continue in the future.
Who is winning?
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.), and others are among the prominent players in the global air fryer market mentioned in the report. Market participants are concentrating their efforts on marketing initiatives to promote their products and raise customer awareness, with social media campaigns gaining traction.
SharkNinja Operating LLC unveiled the new Ninja Foodi 2-Basket Air Fryer in July 2020. In comparison to standard air fryers, the fryer incorporates a two-basket cooking mechanism for more adaptability. The 8-quart capacity and Dual Zone technology of the air fryer allow the operator to cook two items in two different ways and complete them both.
Airfryer XXL with smart sensing technology was released by Koninklijke Philips N.V in 2019. With a revolutionary fat removal technology, the technology simplifies the cooking process by capturing the fat in the fryer’s bottom tray for simple disposal. The air fryer can also bake, broil, and roast.
Market participants will continue to use product launches as a key tactic for gaining a competitive edge. Customers’ needs are being met by market leaders who are offering new air fryer goods.
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In a new report, Future Market Insights presents an unbiased study of the global air fryer market, including demand data from 2016 to 2020 and forecast analysis for 2021-2031. The study provides compelling insights into the air fryer market based on device type (manual and digital), wattage (below 1200 watt, 1200-1500 watt, 1500-1800 watt, 1800-2200 watt, and 2200 & above), end-use (commercial and residential), price range (below US$ 25, US$ 25-US$ 100, US$ 100-200, US$ 200-US$ 300, US$ 300 & above), and sales channel (direct sales, supermarket/