Air Fryer Market Segmentation By Product Type (Digital Air Fryer and Manual Air Fryer); By Distributional Channel (Online and Offline); By End Users (Commercial and Residential) - Global Demand Analysis & Opportunity Outlook 2028
Buy Now Report ID: 2759 | Published Date: Feb 15, 2023
Our in-depth analysis of air fryer market includes the following segments:
By Product Type
By Distribution Channel
By End Users
By Region
On the basis of regional analysis, the air fryer market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific for air fryer is estimated to dominate the region on the back of increasing customer base along with rising health consciousness. Further, presence of leading manufacturers of air fryers is leading to high product demand in the region. Additionally, surge in the residential use of air fryer owing to the availability of low priced products in China along with the rising disposable incomes of consumers will drive the growth of the market. The North America region is anticipated to foresee highest growth rate owing to the rising demand for smart air fryers among consumers and availability of affordable & high quality kitchen appliances. The regions in Europe are estimated to witness lucrative growth on the account of rising investments in technological solutions and surge in consumer requirements.
The air fryer market is further classified on the basis of region as follows:
The market for air fryer is anticipated to record a notable CAGR of around 6.5% during the forecast period. The rising innovation in new product performance along with better design is driving the demand for air fryer. Further, expansion of gastronomy industry and availability of wide number of air fryers on various online platforms such as social media is estimated to boost the market growth. Additionally, increasing number of nuclear families leading to healthy food consumption and changes in lifestyle & consumer preference is fostering the product demand. Moreover, rising demand from people who prefer new innovative and technologically advanced products along with the increasing preference for less oily and healthier food will accelerate the growth of the market over the forecast. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of product type, air fryer market is segmented into digital air fryer and manual air fryer, out of which, digital air fryer is anticipated to witness largest market share on the back of increased adoption of automatic air fryers along with the research & development activities for smart air fryers. In addition, digital air fryer offers latest features such as temperature sensor, touch screen panel, LCD display and adjustable thermostat control. Further, focus of most of the manufacturers on digital air fryer and rapid urbanization resulting into the adoption of multiple cooking modes is anticipated to drive the growth of the market.
Growth Drivers
Rising Health Consciousness
The increase in the awareness related to healthy diet and energy efficient products is projected to boost the demand for the product. Further, rising concerns over fat intake and cholesterol level in human body is resulting into healthy food consumption, which in turn, is driving the demand for air fryer. The increasing number of health conscious people, mainly in urban areas with the increase in their disposable incomes significantly depends on the adoption of air fryers. In addition, increased consumer knowledge for fitness and better quality food is leading to increased demand for already fried and frozen foods, resulting into rising demand for air fryers. Moreover, air fryer uses less oil and do not compromise with texture & flavour which results into positive effect on human health. Hence, these factors are estimated to account for the growth of the market during the forecast period.
Restraints
High Cost of Product and Slow Cooking Time
The continuous innovation in the product performance is leading to increased cost of final product and availability of substitute products at low cost are expected to operate as restraints into the growth of the market. Further, slower cooking time of air fryers resulting into increased consumption of electricity and energy is hampering the growth of the market. Moreover, air fryer takes minimum of 20-25 minutes whereas traditional fryer takes around 10-12 minutes. Hence, these factors are predicted to hamper the growth of the market over the forecast period.
On February 27, 2017: NuWave expanded its kitchen electrics with the introduction of new 6-quart digital air fryer. The new digital air fryer offers efficient cooking to the consumers without use of oil. The product has LED touch pad control panel, a digital timer, reheat functions and a removable divider.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash
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