Wilmington, Delaware, United States, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global air fryer market is projected to flourish at a CAGR of 7.6% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.7 billion is anticipated for the market in 2031. As of 2023, the market for air fryers is expected to close at US$ 940 million.
Growing awareness and emphasis on health and wellness. Consumers are increasingly seeking healthier alternatives to traditional deep-fried foods. Air fryers use hot air to cook food with little to no oil, resulting in lower fat content and reduced calorie intake. As obesity and lifestyle-related diseases become more prevalent, consumers are opting for healthier cooking methods, propelling the demand for air fryers.
With rising health concerns, there has been a shift in consumer eating habits toward more nutritious and balanced diets. Air fryers provide a way to enjoy crispy and flavorful food without compromising on taste while reducing the intake of unhealthy fats and oils.
Rising disposable income levels in many regions have enabled consumers to invest in kitchen appliances that enhance their cooking experiences. Air fryers, though considered a premium appliance, have become more accessible to a broader consumer base.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 827.2 Mn | |
| Estimated Value | US$ 1.7 Bn | |
| Growth Rate - CAGR | 7.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 150 Pages | |
| Market Segmentation | By Type, Wattage, Price, End-use, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Koninklijke Philips N.V., SharkNinja, COSORI, Instant Brands Inc., GoWISE USA, Mayer Collection, Tatung Co., American Micronic Instruments, De’Longhi Appliances, Longbank, Other Key Players | |
Key Takeaways from the Market Study
- As of 2022, the air fryer market was valued at US$ 0.8 billion
- By type, the digital air fryer segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on the end-user, the residential segment accounts for the highest market share
- Based on the distribution channel, the online segment is expected to generate high revenue during the forecast period, due to the increased use of e-commerce.
Air Fryer Market: Key Trends and Opportunistic Frontiers
- With the shift in consumer eating habits towards more nutritious and balanced diets and increased awareness reading health & wellness to drive the market demand.
- Air fryers are now widely available through various retail channels, including online platforms, specialty stores, and supermarkets, contributing to their increasing market penetration
- Ongoing research and development efforts have led to technological advancements in continuous innovation and improvements in air fryer technology have led to better performance, enhanced features, and improved cooking results.
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Air Fryer Market – Regional Analysis
- North America is one of the largest markets for air fryers. The region's growing health-conscious population and increasing adoption of healthier cooking methods have driven the demand for air fryers. The convenience and time-saving benefits of air fryers have also appealed to busy households in North America. The rising trend of home-cooked meals has further boosted the sales of air fryers in the region.
- the Asia Pacific region is experiencing rapid growth in the air fryer market. increasing disposable incomes and urbanization, leading to rising demand for convenient and time-saving cooking solutions. The popularity of fried food in the region has prompted consumers to opt for air fryers to reduce oil consumption while retaining the taste and texture of their favorite dishes.
Competitive Landscape
The air fryer is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global air fryers market report:
- Koninklijke Philips N.V.
- SharkNinja
- COSORI
- Instant Brands Inc.
- GoWISE USA
- Mayer Collection
- Tatung Co.
- American Micronic Instruments
- De’Longhi Appliances
- Longbank
- Other Key Players
Key Developments in Global Air Fryer Market
- Instant Brands is known for its multi-cookers; Instant Brands has expanded its product line to include air fryers. Their recent developments include air fryers with customizable cooking presents and options for baking, roasting, and dehydrating.
- GoWISE USA offers a diverse range of air fryers with different sizes and designs. Their recent models include air fryers with modern touchscreens, sleek designs, and accessories for more cooking versatility.
- Philips is a prominent player in the air fryer market and has been consistently introducing new models with improved features. Recently, they launched air fryers with larger cooking capacities, faster cooking times, and advanced digital controls for precise temperature and time settings. Some models also feature smart connectivity for remote control and recipe suggestions.
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Air Fryer Market – Key Segments
Type
- Manual
- Digital
Wattage
- 1,000 to 1,400 Watts
- 1,400 to 1,800 Watts
- 1,800 to 2,200 Watts
- Above 2,200 Watts
Price
- Low
- medium
- High
End-use
- Residential
- Commercial
Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Hypermarkets / Supermarkets
- Specialty Stores
- Other Retail Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
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