The global market for air fryers is experiencing an upsurge, owing to multiple factors. Conspicuous factors include increasing awareness about the ill effects of consumption of high oil foods and fats on cardiovascular health and cholesterol levels. Other factors that are aiding the growth of the market include the rising discretionary income, availability of low-cost EMI, rising urbanization, changing lifestyles, and fast-growing middle-class groups.
Cardiovascular disease (CVDs) are the number one reason for deaths worldwide. As per the World Health Organization(WHO), around 17.9 million people globally lose lives due to cardiovascular diseases. It is estimated that four out of five CVD deaths are because of heart attacks. Governments globally are increasing investments to improve medical facilities and fundamental health technologies, coupled with increasing awareness among the population to fight cardiovascular disease. Initiatives such as World Hearth Day inform and motivate people to change behaviors that lead to CVDs. This has nudged people to shift toward healthy cooking methods such as using air fryers over conventional frying of foods since air fryers use 90% less oil in cooking foods. All these factors are likely to boost the demand for the air fryer market in the coming years.
These days, innovative advertisements on various online platforms such as Facebook, Instagram, and others are helping in creating higher brand and company awareness among end-users when it is endorsed by a celebrity. Endorsement by a celebrity increases the acceptance of goods and services. Hence, companies are spending significantly and joining forces with celebrities to endorse their products since it has been proven as an effective manufacturing strategy in recent years. All these factors are likely to increase the demand for air fryer market during the forecast period.
The residential sector is predicted to emerge as a remunerative segment during the forecasted period. There has been cascading interest in home appliances among working-class families globally, which is expected to foster the growth of the air fryer market in the coming years. This market is mainly driven by a rise in the preference of consuming oil-free food low on cholesterol. As per data provided by the World Bank, per capita income increased from USD 15,802 in 2015 to USD 17,900 in 2018. This has given more purchasing power to people who are investing in consumer products such as air fryers and are likely to boost the demand for the market. Besides, there is a surging demand for household appliances globally.
The rising population is leading the rapid urbanization globally, especially in developing economies such as India and China, and is coupled with the improving lifestyle and disposable income, aiding the growth of the residential sector for the air fryer market. Furthermore, as per the International Yearbook of Industrial Statistics 2019 published by the United Nations Industrial Development Organization (UNIDO), global manufacturing sector growth declined to 3.6% in 2018 as compared to 3.8% in the previous year. This decline will compel governments to introduce incentives and subsidies for manufacturers to reduce the prices of consumer electronics and home appliances systems such as air fryers, ultimately boosting the growth of the market.
The Asia-Pacific is driving the global air fryer market; the rising economic development, increasing FDI investments, rapid industrialization, government initiatives such as Make in India and increasing consumer spending on home appliances in the developing economies of the region are the likely to be the key factors driving the growth of the markets during the forecast period. As per IBEF, the Indian appliance and consumer electronics (ACE) market reached USD 31.49 billion in 2017. It is further estimated to increase at a 9% CAGR to reach USD 48.37 billion in 2022.
Additionally, the increase in e-commerce penetration in the region is providing an impetus to market growth during the forecast period. As per the Indian Brand Equity Foundation (IBEF), the Indian e-commerce market is expected to grow to USD 200 billion by 2026 from USD 38.5 billion as of 2017. Furthermore, the increase in the internal migration from rural areas to urban areas is another factor likely to add to the growth of the market in the coming years.
Moreover, the governments in this region are forming various favorable policies, entrenching a favorable investment climate for foreign players in the consumer durables and home appliances sector to aid its growth. For instance, the Government of India has allowed 100% foreign direct investment (FDI) in the electronics hardware manufacturing sector under the automatic route, which has led to the increase in the investment by the foreign players in the Asia-Pacific region. Furthermore, as per the Department for Promotion of Industry and Internal Trade (DPIIT), during the years from April 2000 to June 2019, FDI inflows into the electronics sector were valued at around USD 2.45 billion. This creates favorable growth conditions for the air fryer market in this region.
Asia-Pacific, on the other hand, is the world’s largest regional travel and tourism market. The travel opportunities in this region are on peak due to the rapid infrastructure development across the seaports, airports, railroads, hotels, and highways, along with the rise of the disposable income of the consumers. India, China, Indonesia, and Malaysia add to the revenue due to the burgeoning demand for domestic travel, placing the region way ahead of both the U.S. and Europe. The rise in the hospitality sector is key to the growth of the air fryer market in this region during the assessment period.
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