Air Fryer Market

Market Overview

The global air fryer market was valued at USD 1.05 billion in 2023. It is estimated to reach USD 1.89 billion by 2032, growing at a CAGR of 6.75% during the forecast period (2024–2032).

In recent years, there has been a rise in the number of health-conscious individuals around the world, which has led to increasing demand for air fryers as they can help to minimize oil consumption, thereby enhancing the nutritional benefits of the food. Moreover, there has been an increase in the release of multipurpose and intelligent air fryers to increase air fryer efficiency, which is expected to open new market opportunities.

Highlights

• Digital air fryer dominates the product type segment
• Residential dominates the end-user segment
• Hypermarkets/supermarkets dominate the distribution channel segment
• North America held the largest share in the global market

An air fryer is a kitchen appliance that utilizes the circulation of heated air to cook food. This gadget is small and effective, utilizing convection to imitate the results of deep frying without immersing the food in oil. Unlike traditional frying methods, which call for large amounts of oil, an air fryer typically requires only a small amount—or none—for frying. The fundamental process entails a heating element and fan swiftly circulating heated air within the cooking chamber. This process generates a crunchy outer layer on the meal, similar to the outcomes obtained from deep frying.

Air fryers have been increasingly popular as a more health-conscious substitute for deep frying, as they may substantially decrease the quantity of oil utilized in cooking while still achieving a crispy and delectable texture. Air fryers are versatile appliances that may prepare an extensive range of dishes, such as fries, chicken wings, veggies, and desserts. They are renowned for their adaptability and proficiency in rapidly preparing cuisine.

Market Dynamics

Global Air Fryer Market Drivers

Rising Health Consciousness

An increasing factor contributing to the growth of the air fryer market is growing consumer awareness, health concerns, and awareness of the benefits of low-oil or oil-free cooking methods. With increasing awareness of health and wellness, people are seeking methods to decrease the intake of harmful fats and oils that can contribute to obesity, heart disease, and other health issues. In recent years, there has been an increasing incidence of these health issues. As per the WHO, cardiovascular diseases are the primary cause of death worldwide, resulting in approximately 17.9 million fatalities annually.

Furthermore, the WHO estimates that over 1 billion individuals globally are afflicted with obesity, comprising 650.0 million adults, 39.0 million children, and 340.0 million adolescents. This number is still increasing. According to WHO, it is projected that almost 167 million people will experience a decline in their health due to being obese or overweight by the year 2025. Air fryers solve this issue by utilizing hot air circulation and convection technology to produce delicious and crispy food with little to no oil. Air fryers enable people to indulge in their preferred fried cuisine while maintaining their health and dietary goals.

Global Air Fryer Market Restraint

Potential Drawbacks Associated with Air Fryer

A significant limitation in the market is the high cost of air fryers compared to traditional frying techniques. Air fryers are rather costly kitchen appliances that demand a substantial initial expenditure from users. Several consumers may need help transitioning from their conventional frying techniques due to their perception of air fryers as less authentic or tasty.

In addition, the cooking capacity of numerous air fryers may be more limited when compared to conventional ovens or deep fryers. This constraint may pose a disadvantage for homes with greater cooking requirements. Moreover, certain users may need to be made aware of the benefits and characteristics of air fryers and may need more expertise and proficiency to utilize them efficiently. These factors are expected to limit the market's growth.

Global Air Fryer Market Opportunities

Development of Multi-Functional and Smart Air Fryers

An important market opportunity lies in the advancement of multi-functional and smart air fryers, which can provide enhanced value and versatility to consumers. Air fryers can be equipped with other functionalities and attributes, such as baking, roasting, grilling, dehydrating, and steaming, to offer various cooking alternatives and opportunities. Moreover, air fryers can be equipped with advanced technology, including voice control, artificial intelligence, and cloud computing, to improve the user experience and convenience. 
Furthermore, these technologies allow air fryers to acquire information from user actions and preferences, offering personalized and customized cooking solutions. Similarly, there has been an increase in the launch of these air fryers in the market. For instance, in June 2023, INALSA introduced the Versatile Air Fryer Oven, an innovative device that enhances the convenience, adaptability, and health benefits of cooking at home. The INALSA Air Fryer Oven is a compact and attractive appliance that combines air frying, roasting, convection baking, and other features. It is designed to meet the needs of busy individuals and health-conscious families.

Regional Analysis

Based on region, the global air fryer market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global air fryer market shareholder and is expected to expand substantially during the forecast period. This is due to its large size and well-established position, characterized by a high consumer adoption rate and awareness of air fryers. American cuisine contains very unhealthy and fried food, and its consumption has expanded in the past few years. According to a publication in PubMed, approximately 25-36% of individuals in North America consume food, mostly fried, from fast food outlets daily. This has resulted in a significant increase in various health issues among the American population. Since 1960-1962, the prevalence of obesity has consistently risen, with almost 13% of American people being classified as obese.

Furthermore, according to data from the CDC, it was determined that in 2014, over one-third (about 36.5% based on a rough estimate) of adults in the United States and 17% of children were classified as obese. According to the latest data from the National Center for Health Statistics at the CDC, 42.4% of people in the United States were classified as obese in 2017–2018. Moreover, heart disease has a leading position as the primary cause of mortality in the United States. Cardiovascular disease claims the life of one individual in the United States every 33 seconds. In 2021, the number of deaths caused by heart disease in the United States was approximately 695,000. Thus, a growing trend of health consciousness and consumer awareness supports the use of air fryers.

The Asia-Pacific market growth is expected to be driven by factors such as growing economic development, rising FDI investments, rapid industrialization, government initiatives like Make in India, and increasing consumer spending on home appliances in the region's developing economies. Moreover, the introduction of novel products in the market is fostering the expansion of the market in the region. For instance, in May 2023, Versuni, formerly known as Philips Domestic Appliances, unveiled its latest innovation - the Philips air fryer, with a clear cooking window. The Philips AirFryer HD9257/80 is priced at Rs 15,995 and is available at both existing trade shops and the Philips Domestic Appliances e-store.
Furthermore, the government and prominent stakeholders in the market are implementing various measures to promote understanding and awareness about the use and advantages of air fryers. For instance, in August 2023, Philips Airfryer launched its new campaign, 'What's fresh on the menu'. The advertising seeks to debunk the prevailing assumption regarding the gadget's restricted use in creating Indian cuisine, highlighting its adaptability within the Indian context. These elements enhance the expansion of the regional market.

Segmental Analysis

The global air fryer market is segmented by product type, design, end-user, and distribution channel.

Based on product type, the global air fryer market is segmented into digital and manual air fryers.

The digital air fryer segment dominates the global market. A kitchen tool called a digital air fryer cooks food by using heated air circulation. The digital interface enables users to establish precise cooking temperatures and time frames, granting them enhanced control over the cooking process. This can be advantageous for attaining optimal outcomes with various varieties of meals. Digital air fryers dominate the market and see a faster expansion rate due to their superior range of features and functionalities, including touchscreens, timers, temperature sensors, and cooking modes, surpassing manual air fryers. 

Furthermore, there has been an increase in the introduction of these air fryers in recent years, which is projected to enhance the growth of this market segment. For instance, in November 2022, Borosil increased its range of products by introducing a new air fryer. The company has introduced its latest product, the Digi air fryer, which features a touch control panel. The computerized device purports to perform meal grilling, baking, and air frying functions.

Based on design, the global air fryer market is divided into basket and paddle.

The air fryer basket is a vital component of an air fryer device. The air fryer basket is a detachable tray or basket for placing food, typically with small holes. The air fryer basket is designed to facilitate hot air circulation around the food, ensuring even cooking and achieving a crispy texture. The heating component and fan of the air fryer collaborate to generate circulating hot air, which is usually contained within the main compartment of the appliance.

Moreover, the introduction of novel products in this particular category is fueling the market's growth. For instance, in August 2023, Cuisinart, a prominent home cooking appliance and cookware brand, introduced its inaugural Basket Air Fryer, further expanding its range of air fryers known for its innovative technology and high-quality performance. The new Basket Air Fryer, designed with the user in mind, joins Cuisinart's esteemed Air Fryer Toaster Oven series and incorporates the highly acclaimed Air Advantage™ technology.

Based on the end-user, the global air fryer market is segmented into residential and commercial. 

The residential segment is the largest contributor to the market. The residential sector is expected to become profitable in the forecast period. The air fryer market is expected to expand significantly shortly due to the increasing interest in home appliances worldwide among working-class families. The increased demand for oil-free food with low cholesterol is the primary factor propelling this market. According to data from the World Bank, the average income per person rose from USD 15,802 in 2015 to USD 17,900 in 2018. This has resulted in an increased ability for individuals investing in consumer goods, such as air fryers, to make purchases, which is expected to stimulate market demand.

Moreover, there is a significant increase in the global market for household appliances. The global air fryer market is experiencing significant growth due to the growing urbanization driven by the increasing population, particularly in developing economies like India and China. This growth is further supported by better lifestyles and disposable incomes, which contribute to the residential sector's expansion.
Based on distribution channels, the global air fryer market is divided into hypermarkets/supermarkets, specialty stores, e-commerce, and others. 
The hypermarkets/supermarkets segment owns the highest market share. Hypermarkets and supermarkets are large retail establishments that provide an extensive range of air fryers. Although there are similarities between the two, there are notable differences in size, product selection, and overall shopping experience. Supermarkets are typically smaller in size compared to hypermarkets. Typically, they are arranged in aisles and sections, prioritizing efficient shopping. 

Hypermarkets, in contrast, usually have a greater physical footprint than supermarkets, often surpassing 5,000 square meters (50,000 square feet) or more. The platform provides a much more extensive range of products, including food, electronics, apparel, household goods, and furniture. The layout is more comprehensive, resembling a supermarket and department shop fusion. They can have numerous departments and sections.

Recent Developments

January 2024 - Ninja, a manufacturer specializing in compact kitchen appliances, introduced its latest innovation: an air fryer. This product particularly appeals to individuals with smaller kitchen spaces or restricted countertop areas. The Ninja Air Fryer MAX PRO 6.2L AF180UK boasts a remarkably spacious capacity, cleverly concealed behind a compact design.

January 2024 - Salter, a British homeware business, unveiled two new air fryers of larger dimensions, aiming to compete with brands such as Ninja. Salter aims to challenge Ninja, the industry's emerging cost-effective air fryer brand, with generous capacities, energy-efficient characteristics, and remarkably low prices.