Fairfield Market Research, a leading market intelligence and consulting firm, has released a comprehensive report forecasting a promising rise in the global air fryer market. According to the report, the market is set to expand from US$983.5 million recorded in 2023 to an estimated US$1,707.4 million by the year 2030, reflecting a compound annual growth rate (CAGR) of 8.2% between 2023 and 2030.
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Key Trends Driving Market Growth
Launching Innovative Products with Enhanced Designs: The key trend anticipated to fuel the air fryer market growth is the introduction of novel items with enhanced designs. This trend is expected to cater to the growing health consciousness among consumers, as well as their desire for a healthy diet.
Strong Demand from Various Sectors: The report highlights another major trend driving market growth – strong demand from lodging facilities, dining establishments, and medical facilities. Additionally, the market is expected to benefit from the rising demand for energy-efficient products.
Market Insights and Segment Dominance
Dominance of Digital Category: In 2023, the digital category dominated the industry, particularly in wealthy nations like Germany, Canada, and the US. This segment is projected to witness the fastest growth throughout the forecast period.
1200-1500 Watt Segment Dominance: The 1200-1500 Watt segment is anticipated to dominate the market share globally, aligning with the power requirements of most air fryers.
Residential Sector Leading Market Control: The residential category controlled the market in 2023, driven by changes in lifestyle and increasing disposable incomes, particularly among residential end users.
Consumer Preferences and Market Dynamics
Preference for Higher Price Categories: The US$100 - US$200 category is highly prevalent in the market, offering premium features such as higher capacity and sophisticated functionalities.
North America Leading Market Share: North America, particularly the US, is expected to account for the largest share of the global air fryer market, driven by consumer acceptance of modular aesthetics and smart kitchen appliances.
Key Growth Determinants
Growing Health Consciousness: Air fryers offer a healthier alternative to traditional cooking methods, aligning with consumers' increasing focus on healthier dietary habits.
Consumer Urge for Convenience: The convenience offered by air fryers, along with their user-friendly design and time-saving features, is driving market growth.
Integration of AI and IoT: The convergence of artificial intelligence and the Internet of Things is expected to revolutionize the air fryer market, with the potential for smart, personalized cooking experiences.
Major Growth Barriers
High Initial Prices: The relatively high starting prices of air fryers may deter budget-conscious consumers from purchasing them, potentially hindering market growth.
Variable Cooking Outcomes: The possibility of different culinary results due to the learning curve associated with air fryers could discourage some consumers from adopting the technology.
Key Trends and Opportunities
Increasing Penetration Across Emerging Markets: Developing economies in Asia Pacific and Latin America present significant growth opportunities for the air fryer market, driven by rising incomes and the swift uptake of new technology.
Multipurpose Air Fryer Devices: Multipurpose air fryers, offering functionalities beyond air frying, are gaining popularity among consumers seeking convenience and value.
Smart and Networked Technologies: Smart features such as voice control and WiFi connectivity are becoming standard on air fryers, enhancing convenience and driving market growth.
Regional Frontrunners
North America Leads in Adoption: North America is expected to dominate the air fryer market, fueled by increasing demand for healthier substitutes for fried dishes.
Asia Pacific Offers Growth Potential: The region presents fertile ground for market expansion, driven by factors such as fast industrialization and rising consumer spending on home appliances.
Leaders in Global Air Fryer Space
Prominent players in the global air fryer market include Koninklijke Philips N.V., Breville Group Limited, Groupe SEB, SharkNinja Operating LLC, Cuisinart Corporation, Meyer Manufacturing Company Limited, GoWISE USA, NuWave LLC, and De’ Longhi Appliances S.r.l.