The global air fryer market is booming, according to recent research, with sales driven in the UK and Europe primarily by rising energy prices. While US sales have been largely driven by an increasingly health-conscious consumer.
The forecast, carried out by Future Market Insights, predicts that between 2023 and 2033, the global market will grow at a steady CAGR of 7.7% to $1.9 billion (€1.77bn) by 2033. The market is currently worth $896.5 million (€835.65m).
Broken down by region, the US holds the largest market share with absolute market growth at $233.8m. The UK ranks in second place at $89.6m followed by Germany in third position with $71.9m. China and India’s absolute market growth is recorded at $49m and $57.4m, respectively.
India is the fastest growing market, with a CAGR of 8.1% according to FMI. This fast growth rate will be supported by “rapidly growing populations, changing consumer spending patterns, a transition towards urban lifestyles and easier access to major brands”.
Germany, the dominant market in Europe, is likely to hold market share worth $147m in 2023. Its growth is being fuelled by a combination of increased health consciousness, growing online penetration, and discounts by large e-commerce retailers. FMI said that, in addition, the presence of major air fryer brands, Philips, Ninja and Prestige would also positively impact growth.
In terms of opportunities, consumers across the board are likely to opt for premium products, from trusted and well-established brands.
Challenges and restraints to growth will include counterfeit goods and an issue of potential toxic emissions with long-term use.
According to the World Customs Organization, 7% to 9% of global trade consists of counterfeit products and the issue is especially prevalent in online sales.
In terms of toxic emissions, the FMI said that several manufacturers use plastic, non-stick coatings which can become toxic over time. In addition, it said the high heat can “ruin nutritional profiles”.
Over 1.5 Million air fryers sold in Germany alone in 2022, says GFU
In other air fryer news, IFA organizer the GFU has reported that for the first time in a single year, more than 1.5 million hot air fryers were sold – an increase of 25%. The increase in sales in 2022 was even 31% to almost €179 million. This is no longer a trend, but has become the standard for many consumers.
“In addition to the selection of the food, the preparation of the food also plays a large part in this. Low-calorie cooking, baking or frying with a hot air fryer, a so-called air fryer, helps,” the company said.