Research Nester published a report titled “Air fryer market– Global Demand Analysis and Opportunity Outlook 2020-2028″ which delivers detailed overview of the air fryer market in terms of market segmentation by product type, by distribution channel, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for air fryer is anticipated to record a notable CAGR of around 6.5% over the forecast period 2020-2028. The major key factors driving the growth of the market include expansion in the gastronomy industry along with the rising innovations in new product performance. Further, aesthetic designs of the product and rising number of nuclear families are leading to the increased demand for air fryers. The availability of air fryers on several online platforms and rising consumer preferences for less oily & healthier food on the back of healthy food consumption is accelerating the growth of the market during the forecast period. Based on product type, the market is segmented into digital air fryer and manual air fryer. The market for digital air fryer is estimated to account for largest market share owing to the rising research & development activities for smart air fryers along with the adoption of multiple cooking modes as a result of rapid urbanization. Additionally, the enhanced features related to digital air fryers such as touch screen panel, LCD display and adjustable thermostat control are driving the demand for product.
Based on the regional analysis, the market for air fryer is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific is anticipated to dominate the market owing to the presence of leading manufacturers in the region along with the rising residential use of air fryer. Further, rising concerns related to health is leading to surge in the consumer base. Moreover, rising per capita income of consumers along with the availability of cost effective products in China will foster the market growth. The market in North America is anticipated to account for highest growth rate owing to the availability of high quality kitchen appliances and rising demand for air fryers in the region. The market in Europe is estimated to foresee lucrative growth on the back of rising technological investments to meet the consumer requirements.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Increasing Concerns Related to Health
The rising health awareness along with the increased consumer knowledge regarding fitness and healthy diet is fostering the demand for air fryers. Further, increase in the healthy food consumption owing to the rising consciousness related to fat intake and cholesterol level in human body is leading to the increased adoption of air fryers. The surge in the urban population with their increased disposable incomes is rising demand for already fried and frozen foods in the market. In addition, positive effect of using air fryer on human health owing to the less oil usage and unharmed texture & flavor of food is driving the growth of the market. Therefore, these factors are anticipated to fuel the market growth over the forecast period.
However, higher cost of air fryer along with the slower cooking time as compared to traditional fryer is expected to operate as key restraint into the growth of air fryer market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the air fryer market which includes company profiling of Ming’s Mark Inc., American Micronic Instruments, De’Longhi Appliances S.r.l. (BIT:DLG), Koninklijke Philips N.V. (AMS:PHIA), Mayer Marketing Pte Ltd., GoWISE USA, NuWave LLC, Havells India Ltd. (NSE:HAVELLS), TATUNGUSA.COM and Bajaj Electricals Ltd (NSE:BAJAJELEC).
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the air fryer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.