Air Fryer Market
The global air fryer market is poised for substantial growth, projected to expand from US$983.5 million in 2023 to US$1,707.4 million by 2030, at a robust CAGR of 8.2% during the forecast period.
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Trend Towards Enhanced Designs Driving Market Growth
The market for air fryers is witnessing a surge driven by the introduction of novel products featuring enhanced designs. This trend is significantly bolstering consumer interest, particularly among health-conscious individuals seeking healthier cooking alternatives.
Strong Demand Across Various Sectors
The market is also benefiting from robust demand across diverse sectors including lodging facilities, dining establishments, and medical facilities. This widespread adoption is further amplifying market expansion, supported by the increasing preference for energy-efficient appliances.
Digital Category Dominance and Wattage Preferences
In 2023, the digital category emerged as the dominant segment in the air fryer market, particularly in affluent regions like Germany, Canada, and the US. This segment is expected to maintain its leadership position throughout the forecast period, driven by the rising demand for automated cooking solutions.
Among the wattage segments, air fryers ranging from 1200 to 1500 watts are anticipated to hold the largest market share. This preference is attributed to their versatility and efficiency in cooking a wide array of foods efficiently.
Residential Sector Leads Market Adoption
The residential sector constituted the largest market share in 2023, fueled by evolving lifestyles and increasing disposable incomes. Consumers are increasingly opting for air fryers in their homes, drawn by the devices' convenience and health benefits.
Regional Insights: North America and Asia Pacific
North America, led by the US, is expected to dominate the global air fryer market owing to widespread adoption of modular aesthetics and smart kitchen appliances. Meanwhile, the Asia Pacific region is witnessing rapid market growth due to industrialization in countries such as China and India, coupled with rising consumer spending on home appliances.
Challenges and Opportunities
Despite its promising growth trajectory, the air fryer market faces challenges such as high initial costs compared to conventional fryers and variability in cooking outcomes. However, opportunities abound with increasing penetration in Asia Pacific and Latin America, coupled with advancements in multipurpose and smart technologies.
Regulatory Landscape
Regulatory oversight varies by region, with stringent safety and performance standards enforced by agencies such as the US FDA and the European CE label. These regulations are crucial in ensuring product safety and environmental compliance.
Competitive Landscape
The global air fryer market remains consolidated with key players including Koninklijke Philips N.V., Breville Group Limited, Groupe SEB, and others actively introducing innovative products and expanding their global footprint.