Air Fryer Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Product (Manual, Digital); End-User (Commercial, Residential); Distribution Channel (Online, Offline); and Region/Country
The air fryer market is expected to register a CAGR of approx. 7% over the period of 2022-2028. Air fryers are kitchen appliances that use convection to cook food by circulating hot air. It is accessible in manual and digital formats. A manual air fryer is a type of analog air fryer with two dials for time and temperature, as well as indicator lights to show when the unit is turned on and preheated. A digital air fryer is a type of automatic air fryer that has a digital control panel with an LCD screen and a touchpad. The digital model allows the user to program timers without having to reset them. The growing demand for air fryers can be attributed to the increasing health consciousness and awareness about following a healthy diet globally. In addition, the rising demand for low-oil-cooking appliances makes it necessary for a key player to offer novel functional features. For instance, in July 2020, Shark Ninja introduced the new Ninja Foodi 2-Basket Air Fryer. The fryer features a two-basket cooking system for additional versatility compared with traditional air fryers. The air fryer’s 8-quart capacity and DualZone technology help the user cook two foods in two ways, and finish at the same time. Owing to this, healthy food and convenience food are leading to the growing demand for air fryer and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the air fryer market is anticipated to grow on account of the growing health awareness among the young demographic, along with the rising awareness regarding the negative effects of the consumption of oily food. However, some of the restraints in the market including the long cooking hours required to cook the food properly due to which high electricity is consumed are impeding the growth of this market all over the world.
Koninklijke Philips N.V, Stanley Black & Decker, Inc., Breville Group Limited, GoWISE USA, SharkNinja Operating LLC, Bajaj Electricals Ltd, DOMU Brands Ltd, TAURUS GROUP, Newell Brands, Inc, De’ Longhi Appliances S.r.l.. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst products, the digital category accounted for the majority share in the market in 2020”
Based on the product, the air fryer market is segmented into manual and digital. The digital segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe owing to increased demand for automatic cooking appliances in developed countries. Digital air fryers are equipped with new features such as LCD displays, temperature sensors, flexible thermostat controls, and multiple cooking modes such as max crisp, air fry, air roast, air broil, bake, reheat, and dehydrate. Such features facilitate convenience, driving demand.
“Among end-users, the residential category is expected to witness considerable growth during the forecast period”
Based on the end-users, the market is fragmented into commercial and residential. the residential segment grabbed a considerable market share, and it is expected to grow at a significant growth during the forecast period. There is an increase in the demand for air fryers among residential end users due to lifestyle changes and increased disposable incomes. he market is witnessing an increase in the availability of electronic/digital offerings for domestic consumers
“Among distribution channels, the online category is expected to witness a considerable growth during the forecast period”
Based on the distribution channel, the market is bifurcated into online and offline. The online segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The growing popularity of e-commerce vendors is an important factor aiding product sales. In addition, prominent companies have their own websites, which contributes to the growth of the segment.
“North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the air fryer market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the air fryer industry owing to the rising adoption of air fryers for domestic and commercial purposes owing to the rising health consciousness or awareness regarding the benefits of maintaining good health.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Air Fryer Market|
|2.2.||Research Methodology of the Air Fryer Market|
|5||IMPACT OF COVID-19 ON THE AIR FRYER MARKET|
|6||GLOBAL AIR FRYER MARKET REVENUE (USD BN), 2020-2028F|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||AIR FRYER MARKET OPPORTUNITIES|
|13||AIR FRYER MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porter’s Five Forces Analysis|
|17.1.||Koninklijke Philips N.V|
|17.2.||Stanley Black & Decker, Inc.|
|17.3.||Breville Group Limited|
|17.5.||SharkNinja Operating LLC|
|17.6.||Bajaj Electricals Ltd|
|17.7.||DOMU Brands Ltd|
|17.9.||Newell Brands, Inc|
|17.10.||De’ Longhi Appliances S.r.l.|
Research Methodology for the Global Air Fryer Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global air fryer market were the three major steps undertaken to create and analyze the adoption of air fryers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global air fryer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments to the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the air fryer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the air fryer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, end-user, and distribution channels. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the air fryer market. Further, we conducted factor analysis using dependent and independent variables such as rising consumer health awareness and consciousness globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the air fryer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global air fryer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the air fryer market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global air fryer market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global air fryer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, end-users, and distribution channels in the global air fryer market.
The main objective of the Global Air fryer Market Study
The current & future market trends of the global air fryer market were pinpointed in the study. Investors can gain strategic insights to base their discretion on investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the air fryer market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, end-user, and distribution channel.
- Define and analysis of the regulatory framework for the air fryer market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the air fryer market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the air fryer market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry