According to Future Market Insights (FMI), the market for air fryers is expected to reach US$ 1,861.4 Mn by the end of 2031, rising at a CAGR of over 7% between 2021 and 2031. Rising health & fitness concerns among consumers will remain a driving influence. Offerings with multi-functional cooking features will reflect higher demand.
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Advancements in product features, and growing consumer interest towards technology-led products have changed the small appliances industry. Consequently, manufacturers have introduced air fryers with traditional oven functionalities. This enables benefits of accessibility, saves kitchen space, and offers a larger cooking capacities.
The rapid rise of the e-commerce industry, higher consumer incomes, and advances in intelligent cooking technologies are spurring market growth. Adoption of air fryers in residential and commercial sectors is also a contributory factor driving market growth.
Hectic lifestyles and the resultant demand for healthy diets has influenced cooking appliance manufacturers. As a result, modern air fryers are designed to reduce cooking time without compromising on nutrition. Also, air fryer market participants have invested heavily in research and development activities to improve flexibility in cooking operations.
Increasing consumer inclination towards energy efficiency and eco-friendly product features is expected to generate growth opportunities. Stringent safety standards drafted by environment regulatory bodies such as the EPA (Environmental Protection Agency) have given rise to ENERGY STAR specifications to reduce GHG (Greenhouse gas) emissions, which will positively influence developments in the long-term.
- 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 market owing to consistency in food quality.
- Residential sector is expected to experience steady growth within the global air fryer market space over the forecast period.
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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 lifestyles.
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.
Who is winning?
The report highlights some prominent players in the global air fryer market, 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 market are introducing products which fulfil the needs of customers.