Air Fryer Market Size Set to Top a Valuation of $1.42 Bn by 2026, Growing at a CAGR of 6.1% | U.S is expected to grow at the CAGR of 5.2% from 2019 to 2026

Allied Market Research published a report, titled, "Air Fryer Market by End User (Residential and Commercial) and Sales Channel (Hypermarket & Supermarket, Specialty Store and Online sales Channel): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global air fryer market garnered $894.3 million in 2018, and is expected to reach $1.42 billion by 2026, growing at a CAGR of 6.1% from 2019 to 2026.

Prime determinants of growth

Rapid growth of the hospitality industry, expanding gastronomy industry, and availability of advanced, compact, and user-friendly products to cater to demand from residential sector drive the growth of the global air fryer market. Moreover, continuous innovation in product performance and functionality to offer new opportunities in the industry.

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Air fryers are largely used as an alternative to deep fryers. Air fryers uses a minimal amount of oil as compared to traditional deep fryers. The air fryers maintain flavors and textures of food as traditional fryers. Air fryers uses heated air enriched with very fine droplets of oil used for removing the moisture out of the food. Air fryer consists of two major components fan and heating coil. The heating coils are used for heating surrounding air and then circulated with the help of fan.

Rapid growth of the hospitality industry is expected to be the major driver of the global air fryer market. Busy lifestyles have led to changes in the eating habits of the majority of the global population. Changes in eating habits have led to increasing demand for ready-to-eat-food products, which lead to a rise in the number of QSR hotels and restaurants. The end user from HORECA industry are actively seeking for more advanced, compact and effective equipment to increase their efficiency. This increasing demand for such advanced cooking equipment which includes air fryers is anticipated to propel the revenue growth in near future.

Deep frying of food items in traditional fryer often led to formation of toxic compounds such as acrylamide in certain foods such as meat. International Agency for Research on Cancer states that, the acrylamide may have links to the development of cancers such as ovarian, endometrial, breast, pancreatic, and oesophageal cancer. Furthermore, studies suggest that intake of acrylamide have detrimental cancer-causing effects on kidney and it also damages nervous system as well. As a result, by switching to air frying from deep fryers, people can lower the risk of having acrylamide in their food. The growing awareness towards hazardous effect of deep fried food and availability of effective alternatives are expected to boost the revenue growth of air fryer market during the forecast period.

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The residential segment to offer lucrative opportunities

Based on product type, the residential segment held nearly three-fifths of the total market share of the global air fryer market in 2019, and is estimated to maintain its dominant position during the forecast period. Moreover, this segment is estimated to portray the fastest CAGR of 6.5% from 2019 to 2026. This is a lucrative segment, due to rise in popularity of air fryers as it enables preparation of food items with up to 80 percent less fats as compared to food cooked with other fryers.

The hypermarket and supermarket segment to dominate throughout the forecast period

Based on distribution channel, the hypermarket and supermarket segment contributed to the largest market share in the global air fryer market, accounting for nearly half of the total share in 2019, and is expected to continue to dominate throughout the forecast period. This is attributed to diversified range of products offered by them at relatively lower prices. However, the online sales channel segment is estimated to maintain the fastest CAGR of 7.9% from 2019 to 2026. This is due to reduction in consumer search costs as they can virtually compare different products and prices and choose the best product.

North America to maintain its lion's share during the forecast period

Based on region, North America held the largest market share, accounting for more than two-fifths of the global air fryer market in 2019, and will maintain its lion's share during the forecast period. This is attributed to early adoption of such equipment in commercial kitchens along with availability of high-quality, affordable, and safer equipment. However, LAMEA is expected to witness the largest CAGR of 8.2% from 2019 to 2026.

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