Surge in demand for small kitchen appliances for smart cooking by global consumers, along with the development of IOT enabled features is fueling the growth of the air fryer market.
WILMINGTON, Del., Jan. 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Air Fryer Market by End User (Residential and Commercial) and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, and Online Channel), Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global air fryer market size was valued at $1 billion in 2022, and is projected to reach $1.9 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
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Prime determinants of growth
The air fryer market is driven by factors such as increase in health consciousness among consumers, advancements in technology, and convenient & time-saving features. However, high prices of air fryers restrict the market growth. Conversely, the integration of smart technological air fryers is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$1 billion |
Market Size in 2032 |
$1.9 billion |
CAGR |
6.5 % |
No. of Pages in Report |
200 |
Segments covered |
End User, Distribution Channel, and Region |
Drivers |
Rise in awareness about health Convenient and time-saving features Increase in obesity concerns |
Opportunities |
Integration of smart technological air fryers |
Restraints |
High prices of air fryers Limited cooking capacity |
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The residential segment to maintain its leadership status throughout the forecast period
Depending on end user, the residential segment dominated the market in 2022 accounting for less than three-fifths of the market share and is expected to register the highest CAGR of 6.2% from 2023 to 2032, owing to increase in demand for air fryers in the residential sector due to the increased requirement for smart and low-oil cooking
The hypermarkets/supermarkets segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the hypermarkets/supermarkets segment dominated the market in 2022 accounting for less than half of the market share and is expected to maintain its dominance during the forecast period. This is attributed to surge in demand for ecologically friendly & sustainable air fryers and the exhaustive product offerings of air fryer in the hypermarkets.
North America to maintain its dominance by 2032
Region wise, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the market share and is expected to maintain its dominance during the forecast period. The growing popularity in smart cooking technology in the air fryer for low-oil cooking with higher efficiency is among the primary factors driving the growth of the North America air fryer market.
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Leading Market Players: -
- Kent RO Systems Ltd.
- Newell Brands (Oster)
- Koninklijke Phillips N.V.
- Bajaj Electricals Ltd
- TTK Prestige Limited
- Havells India Ltd
- Taurus Group
- Nuwave LLC
- Arovast Corporation (Cosori)
- Wonderchef Home Appliances PVT Ltd
The report provides a detailed analysis of these key players in the air fryer market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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