Jan 21, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Air Fryer Market.
It was estimated prior to this unanticipated outbreak that the Air Fryer Market is expected to grow from USD 753.02 million in 2020 to USD 1,150.9 million by 2026 at a CAGR of 7.39%. An Air Fryer can be stated as similar to a Microwave Oven which allows it to bake and roast as the important differentiation being its heating elements which are located on the upper side with a large fan by making the food super crunchy & crispy in no time and most importantly with less oil and deep-fried. Air fryers heat up quickly and they cook food evenly and quickly, appreciating the dual combination of the concentrated heating and the placement of the particular sized fan.
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The introduction of different innovative products including some improved designs is the most key factor boosting the growth of this market.
- Also, the rising health consciousness and awareness in the market about following a particularly healthy diet are estimated to enhance the product demand, thereby supporting the market growth.
- A tragic demand from hotels, restaurants, and hospitals, is also estimated to have increased the market growth.
- Moreover, the demand for some energy-efficient products is also assumed to have a positive outlook on market growth.
- Based on type, the digital air fryer segment accounted for the largest market share in 2020 and is expected to continue its dominance throughout the forecast period.
- The availability of some advanced featured products, like a touch screen panel, temperature control knob, and quick preheating, is anticipated to boost the demand for air fryers.
- The increasing popularity of the e-commerce retailers, such as Amazon, is an important factor in increasing product sales within the online channels.
- In 2020, Europe stayed the leading regional market.
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The digital product segment accounted for the largest market share in 2020, which is also anticipated to witness the maximum growth rate during the forecast period.
- This is attributed to the growing demand for automatic cooking appliances especially in the emerging as well as developed economies such as China, Brazil, U.S., Canada, and Germany.
- The segment is also anticipated to rise further at the fastest CAGR during the forecast period.
The European region accounted for the largest market share which is projected to continue its dominance during the forecast period. Asia Pacific region is projected to witness the fastest CAGR during the forecast period. The growing disposable income levels especially in the emerging economies such as India and China further boosted the growth of the market.
Key players operating in the global Air Fryer market are-
- TTK Prestige Ltd., Ltd.,
- SharkNinja Operating LLC,
- Breville, Inc.,
- KRUPS; and
- NuWave, Havells India Ltd.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Air Fryer analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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