New York, NY 22 Sep 2020: The global air fryer market size is expected to reach USD 1.3 billion by 2027 according to a new study by Polaris Market Research. The report “Air Fryer Market Share, Size, Trends, Industry Analysis Report By Product Type (Manual and Digital); By Distribution Channel (Online and Offline); By Regions, Segments & Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is anticipated to register a moderate CAGR of 7.6% over the forecast period. The introduction of product innovation with upgraded designs is the key factor that drives the growth of this market. Air fryers are one of the kitchen appliances that can fry food by flowing hot air applying the convection mechanism. This appliance is available both digitally and manually. A manual air fryer is an analog air fryer that generally has two dials, time and temperature, and indicator lights that are used to indicate when the unit is on and preheated. Whereas, a digital air fryer is a type of automatic air fryer that has a digital control panel that comprises an LCD and a touch panel, which allows programmable timers without the need to reset the timer.
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The global market is driven primarily by an increase in the number of health-conscious people who opt for food without oil, to restrict cholesterol levels. Besides, an increasing disposable income of customers, research & development, and technological innovations in the industry are key factors that drive the growth of the market. The biggest challenge that impacts the growth of the market is the slow cooking time as compared to conventional frying. Air fryers take more than twice as long as conventional frying. An air fryer requires a minimum of 15-20 minutes, while conventional frying requires approximately 8-10 minutes. Like a conventional pan, a fryer should be heated for several minutes before using it. Longer cooking time is the reason to consume more energy, therefore, high electricity consumption is another factor that can hinder the growth of the fryer market.
Depending on the type of product, the digital air fryer segment had the largest market share in 2019 and is expected to maintain its dominant position throughout the forecast period. It is also estimated that the segment will record the fastest CAGR from 2020 to 2027 due to the growing demand for high quality low oil consuming kitchen appliances. Additionally, the availability of superior products with various features including fast preheating, touch screen panel, and temperature control knob, is propels the demand for digital fryers.
The offline segment had a leading market share in 2019. High product visibility and a growing number of retail stores, such as Walmart, in developing countries such as India and China, is the main factor driving the growth of this segment. The online distribution channel segment is expected to expand at the fastest CAGR during the forecast period. The growing popularity of e-commerce retailers, such as Amazon, Alibaba among others, is the key factor in boosting product sales through online channels. Furthermore, most prominent companies have their websites, which also contributes to the growth of the online segment. Europe contributed the major share in the global market in 2019 and will maintain its dominant position during the forecast period. This is due to increasing health awareness, which is resulting in the increase in demand for air fryers.
The key players in the market include Breville Inc.; Cuisinart; DASH (StoreBound LLC); Havells India Ltd.; Koninklijke Philips N.V.; KRUPS; NuWave, LLC; SharkNinja Operating LLC; TTK Prestige Ltd.; Cuisinart; Farberware; and Wonderchef among others.
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