The global air fryer market is set to witness growth at a CAGR of 7.4% and top a valuation of USD 1430.8 million by 2027. With the rising trends of modular kitchens and appliances, people are opting for convenient products like air fryers. Hence, the Air Fryer Market trends are likely to expand, and the market is expected to grow at a Significant CAGR rate during the forecast period.
An air fryer is ab electric appliance and a major part of modular kitchens. The functioning of the air fryer is easy as it cooks food with the help of hot air circulation in the basket with the help of a fan that draws the working from the convection mechanism. All the people who love fried food but have to ignore it due to health concerns and weight issues. Air Fryer Market are gaining excellent momentum as a healthy replacement for the traditional methods of eating fried things. Apart from baking the fried food items, air fryers have a wide application and also helps in baking, roasting, and grilling various food items. Because of the pandemic, the lifestyle changes of people and hence, the demand for air fryers is increasing many folds during the ongoing forecast period.
COVID 19 Analysis
The novel coronavirus is a public emergency that is targeting healthcare services and departments of various economies across the globe. Being communicable, this disease has a very high transmission rate and the continuous waves of the pandemic with deadlier versions are harming the global markets. The air fryer market has also been negatively impacted by the pandemic. The decreased demand and unawareness are the major factors due to which, the market is witnessing slow growth. The government has imposed restrictions and lockdown due to which, people are stepping out for the bare minimum. Also, this has affected the purchasing power of people which is pushing them to cut down the modern expenses.
However, the advancements of Air Fryer Market are pushing the market’s demand and the prominent market players are producing and manufacturing these on a large scale. Also, the lifestyle changes and preferences of people will help the market cover the losses and stagnant demand during the pandemic. Also, the government is coming up with initiatives to help the market grow. The rise in investment in the research and development sector also has positive attributes for the global growth of the market during the forecast period that ends.
Air Fryer Market are gaining a lot of momentum for commercial use. The growth of the population is excellent for business as it will initiate demand and hence, push for a large-scale supply. The Census Bureau of the US Department of Commerce predicts a higher rise that will vouch for the demand for air fryers owing to the convenient use, ease, and health benefits. Hence, the produces are investing in the production of larger fryers to serve the audience’s needs.
One of the major restraints that are challenging the global growth of the Air Fryer Market as per the prediction is that is available for a considerable price in the market. Also, lack of consumer awareness about the advantages and application are major restraints for the market on the path of its growth during the period.
The air fryers present many kinds of beneficial features and advantage. The most prominent one of them is that these fryers go low on oil utilization. Hence, health-conscious customers are also investing their money in buying this kitchen appliance. The air fryers are being used for both residential and commercial use. People are witnessing an increase in their disposable income post covid and hence, they can comfortably invest in modular kitchen appliances. Residential use of Air Fryer Market is witnessing a major hike owing to the ease of operation and quality being offered without compromising on the food quality. Also, the restaurants and cafes are increasing, and to fulfill the orders to multiple clients in a single gay, the hospitality sector is also largely investing in buying air fryers.
The report helps in understanding the market functioning through its segments across major locations of the world. Also, the Air Fryer Market segment performance is likely to affect the investment decisions and hence, for the same, it is important to have an idea about the revenue potential and production demand which each of these segments holds. The segments are as follows:
Based on the market end-users
The air fryer market has its target end-users in the form of the residential and commercial markets.
Based on distribution channels
The Air Fryer Market players use various distribution channels like store-based and non-store-based vertices. The store-based market has further been segmented into specialty stores, hypermarkets, and supermarkets to reach consumers.
Based on the global regions
Based on the demand for air fryers across various industry vertices, the market is rendering its services in 4 major geographies of the world namely the APAC region, the North American market, the European nations, alongside the rest of the world (RoW).
Based on the demand of customers spread across the various global locations, the trends reflect that the North American region is likely to have domination over the global market operations. The main reason which is acting as a driving force for the market is the rising adoption of the product for both commercial and domestic purposes. People are taking their health more seriously and the rise in awareness related to the convenience offered by air fryers will help the market trends soar high during the forecast period. The APAC region is also expected to undergo substantial gains and is expected to grow at the highest CAGR rate by the end of the forecast period.
The key market players that help in the Air Fryer Market competitive analysis are as follows:
Traders of the air fryers in the domestic market
The report discusses the Air Fryer Market scope during the forecast period by analyzing the performance of the segments and the key market players in 4 major economies of the world. The market report focuses on studying the competitive degree amongst the key market players and hence, the report includes the recent developments undertaken, as well.
|Market Size||USD 1430.8 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By End User, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Meyer Corporation (US), Bajaj Electricals Ltd (India), NuWave LLC (US), Avalon Bay (US), GoWISE USA (US), Breville (Australia), Groupe SEB (France), Conair Corporation (US)|
|Key Market Opportunities||Growth of the population|
|Key Market Drivers||Air fryers owing to the convenient use ease and health benefits|
Changes in lifestyle and hike in disposable income would inspire air fryer market growth in the residential sector.
The top players in this air fryer market are Meyer Corporation (US), NuWave, LLC (US), Bajaj Electricals Ltd (India), Koninklijke Philips N.V. (Netherlands), Conair Corporation (US), GoWISE USA (US), Groupe SEB (France), Avalon Bay (US), Breville (Australia), and Rosewill, Inc. (US).
Residential and commercial are end users included in the air fryer market.
The distribution channels involved in the air fryer market are store-based and non-store-based.
North America has the opportunity to show the way for the air fryer market.