According to a new market research report published by Credence Research “Air Fryer Market ((By Product Type – Digital and Manual), (By Application- Residential & Commercial), (By Distribution Channel- Offline and Online), (By Geography (North America, Europe, Asia Pacific and Rest of World (RoW)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall air fryer market worldwide was valued at US$ 666.6 Mn in 2018 and is set to grow with 6.7% CAGR during the forecast period.
Growing health consciousness worldwide and rising global kitchen appliances market are driving the air fryer market growth. The global kitchen appliances market was estimated around US$ 235.0 Bn in 2018 and is expected to continue growing at CAGR of approximately 6.0% in years to come. Growing awareness of eating healthy food worldwide are major growth driving factors for the market. Air fryers have various benefits such as healthier cooking, versatility, quick meals, easy use, energy efficiency, and others, which are also helping the market to grow. Growing disposable income and technology innovations are some of the key factors driving the growth of the market. As a consequence of above-mentioned factors, we are expecting significant growth in the global air fryer market during the forecast period 2019- 2027.
Based on product type, the global air fryer market is segmented into digital and manual. Digital air fryer segment was the largest in 2018, contributing for over 55% of the market revenue share in the same year. Innovative design, advanced software integration coupled with improved technical features in the air fryer are some of the major growth factors for the segment. Digital segment is estimated to grow with the fastest CAGR during the forecast period. Digital air fryer have various features such as fast preheating, temperature control knob, touch screen panel and others. Further, the aforementioned features will boost the demand for digital air fryer in years to come. Therefore, we expect that the digital segment will continue its dominance throughout the forecast period.
Based on the geography, in 2018, Europe was the market leader in the air fryer market backed by North America and Asia Pacific. Europe contributes for around 35% of the market revenue share in the same year. High product demand and growing health consciousness are the major factors for the dominance of the region. On the other hand, Asia Pacific will be the fastest growing region throughout the forecast period. Growing disposable income along with rising urbanization and increasing health consciousness among consumers are the major factors for the fastest growth of the region. Moreover, deeper penetration of prominent air fryer brands in the developing economies are also helping the market to grow. Therefore, we expect that Asia Pacific will be the fastest growing region throughout the forecast period from 2019-2027.
Major market companies are emerging new strategies such as product introduction to surge their market presence. For instance, in September 2019, Koninklijke Philips N.V. launched air fryer XXL. They introduced the air fryer with smart sensing technology which removes the uncertainty and simplifies the cooking process. Air fryer XXL comes with a unique fat elimination technology, which uses a tornado of hot air to eliminate extra fat. Some of the major companies profiled in the report include, Koninklijke Philips N.V., Cuisinart, SharkNinja Operating LLC, Dash Appliances, Breville, Inc., Havells India Limited, TTK Prestige Ltd., Krups, NuWave, LLC, Bajaj Electricals Ltd, Mayer, Wonderchef, and others.
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