Air Fryer Market Players to Open Facilities Globally

The global air fryer market is projected to experience significant growth from a valuation of USD 983.5 million in 2023 to USD 1,707.4 million by 2030. This represents a robust compound annual growth rate (CAGR) of 8.2% during the forecast period.

Know more :https://www.fairfieldmarketresearch.com/report/air-fryer-market

Key Trends Driving Growth

1. Innovative Product Launches: The market is witnessing an influx of new air fryer models featuring advanced designs and enhanced functionalities. This trend is driven by rising health consciousness and increasing awareness about healthy eating habits.
2. Demand from Various Sectors: There is a growing demand for air fryers across lodging facilities, dining establishments, and medical facilities. Additionally, the trend towards energy-efficient appliances is expected to boost market expansion.
3. Digital Segment Dominance: The digital air fryer category led the market in 2023, particularly in affluent regions like Germany, Canada, and the US. This segment is anticipated to maintain the highest growth rate due to the increasing preference for automatic cooking solutions.
4. Power Requirements: Air fryers in the 1200-1500 watt range are anticipated to dominate the market. With air fryers typically operating at around 1425 watts, this range is expected to see continued demand.
5. Residential Market Lead: The residential segment led the market in 2023 and is expected to continue its dominance due to changing lifestyles and higher disposable incomes among consumers.
6. Price Range Trends: Air fryers priced between USD 100 and USD 200 are highly prevalent, offering advanced features and higher capacities. Premium models, ranging from USD 200 to USD 300, are also growing rapidly due to their advanced features and larger capacities.
7. Regional Insights:
   • North America: The US is expected to hold the largest share of the air fryer market, driven by a shift towards modular aesthetics and smart kitchen appliances.
   • Asia Pacific: Rapid industrialization and increasing consumer spending in emerging economies like China and India are fueling market growth in this region.

Comparative Analysis

The air fryer market has seen varied growth trends between 2018 and 2023. The residential segment led the market, with consumers increasingly opting for home cooking solutions and healthier eating options. The shift towards smart and portable gadgets has driven the preference for advanced air fryers, offering time-saving features and energy efficiency.

Key Growth Determinants

1. Health Consciousness: Air fryers offer a healthier alternative to traditional frying methods, reducing oil usage and calorie intake. This aligns with the increasing consumer preference for health-conscious cooking solutions.
2. Convenience: Air fryers are praised for their ease of use and convenience. Features like digital displays and adjustable settings make them attractive to urban consumers and those with limited kitchen space.
3. Technological Integration: The integration of AI and IoT is revolutionizing the air fryer market. Smart features such as voice control and WiFi connectivity are enhancing user experience and customization.

Major Growth Barriers

1. High Initial Cost: Air fryers generally have a higher upfront cost compared to traditional fryers, which may deter budget-conscious consumers.
2. Inconsistent Cooking Results: Variability in cooking outcomes due to differences in models and types may affect consumer confidence in air fryers.

Trends and Opportunities

1. Expanding Markets: Asia Pacific and Latin America present significant growth opportunities due to increasing incomes and technology adoption.
2. Multipurpose Devices: The trend towards multipurpose air fryers that offer additional functions like toasting and grilling is gaining traction.
3. Smart Technologies: The adoption of smart features is expected to continue, with innovations like app controls and advanced cooking presets driving market expansion.

Regulatory Landscape

The regulatory environment for air fryers varies by region. In the US, the FDA oversees safety standards, while the CPSC and EPA handle additional regulations. In Europe, air fryers are subject to CE labeling to meet environmental and safety standards.

Competitive Landscape

The global air fryer market is characterized by a few major players:

1. Koninklijke Philips N.V.
2. Breville Group Limited
3. Groupe SEB
4. SharkNinja Operating LLC
5. Cuisinart Corporation
6. Meyer Manufacturing Company Limited
7. GoWISE USA
8. NuWave, LLC
9. De’ Longhi Appliances S.r.l

Recent Developments:

• Xiaomi launched the Smart Air Fryer 3.5L in August 2023, featuring IoT integration and advanced cooking presets.
• COSORI introduced the Mini Air Fryer in May 2023, offering versatile cooking modes for small households.
• Philips released the Airfryer HD9257/80 in India, catering to health-conscious consumers with its digital features and multiple cooking options.

Distribution Initiatives:

• CIXI GSTAR ELECTRIC APPLIANCE CO., LTD. is set to participate in the 2024 Consumer Electronics and Home Appliances Exhibition in São Paulo.
• Taurus Group is building a new operations center in Oliana to enhance its logistics capabilities for the European market.