Air Fryer Market to Reach $1.9 Billion, by 2032 at 6.5% CAGR: Allied Market Research

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:

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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

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