Wednesday, 08 March 2023 05:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / March 8, 2023 / The global air fryer market is estimated to advance at a CAGR of 6.8% during the forecast period from 2022 to 2031.
Air fryer is a device that uses hot air instead of oil to fry food products. It helps cook food with less usage of oil, while functioning at high temperatures. Consequently, the calorie content is reduced by 70% to 80%. Additionally, the fat content is lowered by 75%.
New product launches are helping leading air fryer market players in gaining an edge over other players. For example, in August 2022, Xiaomi Co. announced the launch of new Internet of Things (IoT) product suitable for use in kitchens with new smart air fryers.
Prominent air fryer market players are also signing collaborative agreements with other players to expand global market presence and increase revenue. Leading players could look to expand their production capacities if there is a rise in customer demand for healthy food products, in the coming years.
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Key Findings of Market Study
- Rise in Customer Demand for Healthy Food Products to Augment Industry Growth: Increase in consumer demand for healthy food products, especially among the working population, is a key trend in the market. Customers are looking to eat food products that contain reduced oil content and are looking to purchase new air fryer products which help them make food products with low oil content, which would help expand the market size
- Increase in Demand for Digital Air Fryers Likely to Boost Market Development: In terms of type, the global market has been bifurcated into digital air fryers and manual air fryers. The digital air fryer segment is anticipated to account for dominant market share during the forecast period. Technological advancements in digital air fryers, such as IoT, are projected to fuel product demand in the near future.
Air Fryer Market - Key Drivers
- Technological advancements in smart kitchen appliances globally are anticipated to be augment the global air fryer market during the forecast period
- Increase in number of health-related disorders in both young and adult populations is projected to bolster market growth during the forecast period
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Air Fryer Market - Regional Insights
- Asia Pacific is anticipated to emerge as the leading region during the forecast period due to rise in demand for household electrical appliances and presence of leading market players in both developed and developing countries such as China and India
- The market in North America is expected to grow at a rapid pace during the forecast period owing to growing urbanization and early adoption of advanced technologies in countries such as the U.S. and Canada
Air Fryer Market - Key Players
The global market is competitive, with the presence of large number of international and local players. New players entering the market are likely to intensify the competition during the forecast period.
Leading players are investing in research & development activities to manufacture improved air fryers that meet customer requirements. This is expected to boost market demand during the forecast period.
Prominent companies in the market are Xiaomi Company, Bajaj Electricals Limited, Whirlpool Corporation, Mayer, Gorenje, and Koninklijke Philips.
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The global air fryer market is segmented as follows:
Product Type
- Digital
- Manual
Application
- Residential
- Commercial
Distribution Channel
- Online
- Offline
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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