Air Fryer Market Growing At A CAGR Of 6.1% And To Target $1.42

Air Fryer Market Growing At A CAGR Of 6.1% And To Target $1.42

According to a new report published by Allied Market Research, titled, “Global Air Fryer Market by End User and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global air fryer market size was $894.3 million in 2018, and is projected to reach $1,425.7 million by 2026, registering a CAGR of 6.1% from 2019 to 2026.

Air fryers are largely used as an alternative to deep fryers. Air fryers use a minimal amount of oil as compared to traditional deep fryers. The air fryers maintain flavors and textures of food as traditional fryers. Air fryers use heated air enriched with very fine droplets of oil used for removing the moisture out of the food. Air fryer consists of two major components fan and heating coil. The heating coils are used for heating surrounding air and then circulated with the help of fan.

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Rapid growth of the hospitality industry is expected to be the major driver of the global air fryer market. Busy lifestyles have led to changes in the eating habits of the majority of the global population. Changes in eating habits have led to increasing demand for ready-to-eat-food products, which lead to a rise in the number of QSR hotels and restaurants. The end user from the HORECA industry are actively seeking for more advanced, compact and effective equipment to increase their efficiency. This increasing demand for such advanced cooking equipment which includes air fryers is anticipated to propel the revenue growth in near future.

Deep frying of food items in traditional fryer often led to formation of toxic compounds such as acrylamide in certain foods such as meat. International Agency for Research on Cancer states that, the acrylamide may have links to the development of cancers such as ovarian, endometrial, breast, pancreatic, and oesophageal cancer. Furthermore, studies suggest that intake of acrylamide have detrimental cancer-causing effects on the kidney and it also damages the nervous system as well. As a result, by switching to air frying from deep fryers, people can lower the risk of having acrylamide in their food. The growing awareness towards hazardous effect of deep fried food and availability of effective alternatives are expected to increase the revenue growth of air fryer market during the forecast period.

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The global air fryer market is segmented into end user, sales channel and region. Depending on end user, the air fryer market is bifurcated into residential and commercial. Based on sales channel the global market is studied across hypermarket & supermarket, specialty store and online sales channel. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA

Key Finding of The Air Fryer Market:

North America leads in terms of air fryer market revenue share and is expected to retain its dominance during the forecast period.
The US was highest contributor to the North America air fryer market, with $323.4 million in 2018 revenue, and is estimated to reach $476.7 million by 2026, growing at a CAGR of 5.0% during the forecast period.
In 2018, based on sales channel, the hypermarket & supermarket segment accounted for about half of the global air fryer market share in 2018, and is expected to grow at the CAGR of 5.2% from 2019 to 2026. However, this segment is expected to lose market share to online sales channel
The online sales channel and specialty store segments are expected to witness significant growth rates at a CAGR of 6.6% and 7.9% respectively, during the forecast period.
The residential end user segments accounted for about 57.8% share of the air fryer market in 2018, and is poised to grow at significant CAGR during the forecast period.
In 2018, based on region, Asia-Pacific is anticipated to grow with robust CAGR of 7.1% during the forecast period.

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Some of the key players in the air fryer market analysis include Koninklijke Philips NV, BLACK+DECKER Inc., Conair Corporation, Avalon Bay, Breville Group Ltd, Meyer Manufacturing Company Limited, GoWISE USA, NuWave LLC, Groupe SEB, Newell Brands.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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