Pulp and paper in education and stationery, trends in emerging markets and traditional sectors suggest that the market is anticipated to cross USD 395 Billion by 2029.
Consumer Goods & Services
Revolutionary Cooking Technology: Air Fryers Take the World by Storm.
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. Air fryers market outlook explains that the rising number of heart diseases due to unhealthy eating habits is making people more aware of their health practices. This involves a change of diet and the use of healthy food items. The concept of an air fryer lets one eat fried food while limiting oil consumption. The air fryers work on the concept of convection heat that cooks food to a level where it becomes brown and crispy on the outside while keeping the food moist from the inside. The major factors responsible for the growth of air fryers are less cooking time, no mess, and the use of minimal oil. The oil used in frying a food item in the air fryer is mostly brushed over.
According to the research report, "Global Air Fryer Market Outlook, 2028," published by Bonafide Research, the market is anticipated to reach USD 4.9 Billion, increasing from USD 2.7 Billion in 2022 and registering a CAGR of more than 10%. The health-conscious generation looks for equipment that helps them eat their favourite snack without thinking twice. Air fryer helps in this case and provides fried snacks with minimal oil used. Furthermore, the advanced and efficient heating system works efficiently, making it easy for the end users to adopt as it saves money. Conventional frying consumes a lot of oil, fuel, and effort, while air fryer uses electricity and minimum oil to deliver almost the same taste. Thus, the higher adoption of air fryers in common households is expected during the forecast period. Modern air fryers use only around one tablespoon of oil while circulating air at high temperatures to cook food. This is promoted and perceived as a guilt-free, healthy way to cook and consume popular fried foods. Also, an unhealthy build-up of compounds, such as acrylamide, is known to cause cancer and pancreatic diseases. Thus, consumers around the world prefer low-oil-based food or air-fried food, which accelerates sales.
According to the World Customs Organization (WCO), 7-9 per cent of global trade consists of counterfeit products. The inability of procurement networks to combat this problem has emerged as a challenge to market players. The impact of counterfeiting is felt in trade and the health and safety of consumers. The issue is especially prominent in e-sales, where orders are picked up by e-sellers and delivered directly by suppliers to consumers without an appropriate verification process. Also, with the development of sophistication in counterfeiting processes, it is difficult for consumers to distinguish between a genuine and a counterfeit product. This contributes to reduced product sales and revenue with unrestricted online access.
According to the report, the global market is majorly segmented into five regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among them, Europe is dominating the market with around 35% share, because of the increasing adoption of air fryers for commercial and domestic purposes due to the increasing health awareness or consciousness regarding benefits of maintaining good health. Also, increasing demand for frozen food has boosted the demand for air fryers in this region. Asia Pacific is anticipated to expand at the fastest CAGR of more than 12% from 2023 to 2028. Increasing consumer disposable income levels in emerging countries along with rising health consciousness is the key growth-driving factor. Moreover, the presence of prominent companies, such as Philips, Prestige, and Ninja, is expected to have a positive impact on the region’s growth.
Based on end user the global market is segmented into residential and commercial. Residential segment constitutes the major market share and is poised to grow at highest CAGR during the forecast period. Surge in popularity of air fryers owing to preparation of food items with up to 80% less fat than food cooked with other types of traditional fryers have resulted in increased demand for air fryers. Moreover, rise in consumer awareness toward the product, extensive marketing & advertising by leading brands and shift in consumer preference toward air fryers augment the demand from the residential segment. Based on Distribution channel, the global market is classified into Offline & Online. Online channel will continue to grow with robust CAGR during the forecast period. The convenience offered by e-commerce is a key reason behind the success of online portals in the air fryer market. Not only ease of convenience and comfort, e-commerce enables customers to deep dive for product information, prices and benefits comparison and comprehensive value evaluation before committing purchase.
Based on Product Type, The market is segmented into Basket and Paddle type air fryer. Basket type air fryer is dominating the market with 66% in 2022 due to Basket-type are gentler with battered and coated foods such as onion rings and home-battered foods and also they have fewer moving parts so may prove to have a longer life span. Paddle type air fryer is anticipated to grow more during forecast period because Paddle-type can do liquid dishes such as risotto and curries, also they do not require attention of people while cooking as they the turn the fries themselves.
Based on the Device Type, the market is segmented into Digital Air Fryers, and Manual Air Fryers. Digital Air Fryers segment is expected to hold the largest market shares of 73% by 2028. This is due to rising usage of the digital equipment’s, increasing demand of automation, and raise awareness regarding health. Air frying is often healthier than frying in oil. It reduces calories by 70% to 80% and contains a lot less fat. This cooking method may help reduce some of the other negative consequences of oil frying. LCD screens, temperature sensors, adjustable thermostat settings, and several cooking modes such as max crisp, air fry, air roast, air broil, bake, reheat, and dehydrate are all available on digital air fryers. Convenience is enhanced by such features, which increases demand. On the other hand, the manual air fryer just has grills and basic frying settings. As a result, most manufacturers are focused on digital air fryers in order to ensure product innovation and global market sales.
Based on Price Range, the market is segmented into categories like below US$ 70, US$ 70 – US$120, US$120 – US $180 & More than US$180. The air fryer range between US$70 – US$120 is leading the market with share of around 37% because availability of good quality air fryer within the budget of a consumer. Further, Based on Wattage, Air fryer can be bifurcated into below 1200 watt, 1200 watt- 1500 watt and more than 1500 watt. The category of 1200 watt- 1500 watt is dominating the market with the share of 47% in 2022 due to its low electricity consumption with economical price and this segment is expected to grow more during the forecast period.
Covid-19 Impacts:
The outbreak of covid-19 pandemic had a huge impact on the global air fryer market. The air fryers at venues such as restaurants and hotels witness for a considerable portion of air fryer revenue. In comparison to the last few years, lockdowns have resulted in enormous income losses. The poor growth of the market is attributable to a combination of reasons comprising lower demand and consumer awareness regarding these products. This has also impacted people's purchasing power, forcing them to cut back on current expenditures. On the brighter side, the demand for the air fryer is being pushed by numerous improvements in the industry, and key players are manufacturing and creating them on a huge scale. Furthermore, as people's preferences and lifestyles evolve, the market will be capable to cover the market's losses throughout the epidemic. Furthermore, the government is evolving programs to help the market's growth. The rise in investment in the R&D industry also well for the market's global expansion during the forecast period.
Recent Developments:
• Xiaomi launched the MIJIA Smart Air Fryer 3.5 L at a price of 399 Yuan, which can also function as an oven, microwave, yoghurt maker, and fruit presser.
• Chef man launched an 8-quart Turbo Fry Touch Air Fryer at a price of US$ 67.49 with a viewing window capacitive touch controls and an LED shake reminder feature.
• In 2022, Whirlpool Corporation has launched new Air Fry Mode with connected features in the air fryer segment. Whirlpool brand's Smarter over Time feature advancements include a new Air Fry mode. This is available on connectivity and selects models with the Yummly Smart Thermometer.
• INALSA released their air fryer with dual baskets for the first time in India in September 2022. Customers who purchase a Dual Zone, Air Fryer will receive excellent savings from the product. The first air fryer with two independent baskets, the XL air fryer, avoids back-to-back cooking like a traditional single-basket air fryer and allows you to cook two dishes in two different ways at the same time.
According to the research report, "Global Air Fryer Market Outlook, 2028," published by Bonafide Research, the market is anticipated to reach USD 4.9 Billion, increasing from USD 2.7 Billion in 2022 and registering a CAGR of more than 10%. The health-conscious generation looks for equipment that helps them eat their favourite snack without thinking twice. Air fryer helps in this case and provides fried snacks with minimal oil used. Furthermore, the advanced and efficient heating system works efficiently, making it easy for the end users to adopt as it saves money. Conventional frying consumes a lot of oil, fuel, and effort, while air fryer uses electricity and minimum oil to deliver almost the same taste. Thus, the higher adoption of air fryers in common households is expected during the forecast period. Modern air fryers use only around one tablespoon of oil while circulating air at high temperatures to cook food. This is promoted and perceived as a guilt-free, healthy way to cook and consume popular fried foods. Also, an unhealthy build-up of compounds, such as acrylamide, is known to cause cancer and pancreatic diseases. Thus, consumers around the world prefer low-oil-based food or air-fried food, which accelerates sales.
According to the World Customs Organization (WCO), 7-9 per cent of global trade consists of counterfeit products. The inability of procurement networks to combat this problem has emerged as a challenge to market players. The impact of counterfeiting is felt in trade and the health and safety of consumers. The issue is especially prominent in e-sales, where orders are picked up by e-sellers and delivered directly by suppliers to consumers without an appropriate verification process. Also, with the development of sophistication in counterfeiting processes, it is difficult for consumers to distinguish between a genuine and a counterfeit product. This contributes to reduced product sales and revenue with unrestricted online access.
According to the report, the global market is majorly segmented into five regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among them, Europe is dominating the market with around 35% share, because of the increasing adoption of air fryers for commercial and domestic purposes due to the increasing health awareness or consciousness regarding benefits of maintaining good health. Also, increasing demand for frozen food has boosted the demand for air fryers in this region. Asia Pacific is anticipated to expand at the fastest CAGR of more than 12% from 2023 to 2028. Increasing consumer disposable income levels in emerging countries along with rising health consciousness is the key growth-driving factor. Moreover, the presence of prominent companies, such as Philips, Prestige, and Ninja, is expected to have a positive impact on the region’s growth.
Based on end user the global market is segmented into residential and commercial. Residential segment constitutes the major market share and is poised to grow at highest CAGR during the forecast period. Surge in popularity of air fryers owing to preparation of food items with up to 80% less fat than food cooked with other types of traditional fryers have resulted in increased demand for air fryers. Moreover, rise in consumer awareness toward the product, extensive marketing & advertising by leading brands and shift in consumer preference toward air fryers augment the demand from the residential segment. Based on Distribution channel, the global market is classified into Offline & Online. Online channel will continue to grow with robust CAGR during the forecast period. The convenience offered by e-commerce is a key reason behind the success of online portals in the air fryer market. Not only ease of convenience and comfort, e-commerce enables customers to deep dive for product information, prices and benefits comparison and comprehensive value evaluation before committing purchase.
Based on Product Type, The market is segmented into Basket and Paddle type air fryer. Basket type air fryer is dominating the market with 66% in 2022 due to Basket-type are gentler with battered and coated foods such as onion rings and home-battered foods and also they have fewer moving parts so may prove to have a longer life span. Paddle type air fryer is anticipated to grow more during forecast period because Paddle-type can do liquid dishes such as risotto and curries, also they do not require attention of people while cooking as they the turn the fries themselves.
Based on the Device Type, the market is segmented into Digital Air Fryers, and Manual Air Fryers. Digital Air Fryers segment is expected to hold the largest market shares of 73% by 2028. This is due to rising usage of the digital equipment’s, increasing demand of automation, and raise awareness regarding health. Air frying is often healthier than frying in oil. It reduces calories by 70% to 80% and contains a lot less fat. This cooking method may help reduce some of the other negative consequences of oil frying. LCD screens, temperature sensors, adjustable thermostat settings, and several cooking modes such as max crisp, air fry, air roast, air broil, bake, reheat, and dehydrate are all available on digital air fryers. Convenience is enhanced by such features, which increases demand. On the other hand, the manual air fryer just has grills and basic frying settings. As a result, most manufacturers are focused on digital air fryers in order to ensure product innovation and global market sales.
Based on Price Range, the market is segmented into categories like below US$ 70, US$ 70 – US$120, US$120 – US $180 & More than US$180. The air fryer range between US$70 – US$120 is leading the market with share of around 37% because availability of good quality air fryer within the budget of a consumer. Further, Based on Wattage, Air fryer can be bifurcated into below 1200 watt, 1200 watt- 1500 watt and more than 1500 watt. The category of 1200 watt- 1500 watt is dominating the market with the share of 47% in 2022 due to its low electricity consumption with economical price and this segment is expected to grow more during the forecast period.
Covid-19 Impacts:
The outbreak of covid-19 pandemic had a huge impact on the global air fryer market. The air fryers at venues such as restaurants and hotels witness for a considerable portion of air fryer revenue. In comparison to the last few years, lockdowns have resulted in enormous income losses. The poor growth of the market is attributable to a combination of reasons comprising lower demand and consumer awareness regarding these products. This has also impacted people's purchasing power, forcing them to cut back on current expenditures. On the brighter side, the demand for the air fryer is being pushed by numerous improvements in the industry, and key players are manufacturing and creating them on a huge scale. Furthermore, as people's preferences and lifestyles evolve, the market will be capable to cover the market's losses throughout the epidemic. Furthermore, the government is evolving programs to help the market's growth. The rise in investment in the R&D industry also well for the market's global expansion during the forecast period.
Recent Developments:
• Xiaomi launched the MIJIA Smart Air Fryer 3.5 L at a price of 399 Yuan, which can also function as an oven, microwave, yoghurt maker, and fruit presser.
• Chef man launched an 8-quart Turbo Fry Touch Air Fryer at a price of US$ 67.49 with a viewing window capacitive touch controls and an LED shake reminder feature.
• In 2022, Whirlpool Corporation has launched new Air Fry Mode with connected features in the air fryer segment. Whirlpool brand's Smarter over Time feature advancements include a new Air Fry mode. This is available on connectivity and selects models with the Yummly Smart Thermometer.
• INALSA released their air fryer with dual baskets for the first time in India in September 2022. Customers who purchase a Dual Zone, Air Fryer will receive excellent savings from the product. The first air fryer with two independent baskets, the XL air fryer, avoids back-to-back cooking like a traditional single-basket air fryer and allows you to cook two dishes in two different ways at the same time.
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