Air fryer industry market size is growing
Nove | 2023-11-10
1. Air Fryer: Healthy "House" Becomes a Trend, Emerging Category Rising
Discover the past and present life of air fryers, from their emergence overseas to the boom in the domestic market. Air fryers originated in the U.S., with a late start in the Chinese market: commercial air fryers were launched in the U.S. in the 1990s, domestic air fryers appeared in France in 2007, Philips used high-speed air circulation technology to launch air fryer products in 2010, and domestic traditional home appliance brands such as Jiuyang and Midea made their entry in the market after 2015, and the products set off another boom during the New Crown Epidemic from 2020 onwards.
2. Industry Scale: Demand Driven by Epidemic, Air Fryer Market to Grow Highly from 2020 onwards
(1) Domestic sales: The epidemic catalyzes healthy demand, China's air fryer market in 2020 has high growth.
Air fryer online kitchen appliances consumption growth, according to the category top. Sales on all e-commerce platforms have grown substantially.
(2) Export sales: the epidemic has stimulated a high increase in export orders from China to the United States.
Data statistics show that the weight and order volume of air fryers exported from China to the United States in 2020 have increased substantially, with the weight reaching a peak of 22,900 tonnes in November 2020, the number of orders exceeding 500 from August 2020 onwards, and the number of orders exceeding 500 in April 2021, 523 in April 2021 (+1485%), and reaching a peak of 1,155 orders in October 2021 (+15.5%). What Big Data predicts is that 43.1% of U.S. consumers are most likely to buy a small kitchen appliance in 2020 is an air fryer.
3. Industry space: alternative fried fast food + analogy sugar-free logic, air fryer space is broad
(1) Air frying instead of deep-frying: the foundation of fast food culture, air frying may seize the traditional fast food market.
Fast food culture is common in the West, and the global fast food market has been at a high level for a long time. Fast food is an important part of the dietary structure of Europe and the United States, burgers, fries, fried chicken, and other food because of their convenience, deliciousness, and popular among consumers. In 2021 global fast food market size of about 647.7 billion U.S. dollars, 2028 will reach 998 billion U.S. dollars.
The food cooked in air fryers can bring a taste similar to fast food and has the property of a frying alternative, so the large volume of traditional fast food market brings natural space for the development of air fryers.
The food cooked in air fryers can bring a taste similar to fast food and has the property of a frying alternative, so the large volume of traditional fast food market brings natural space for the development of air fryers.
(2) Analogy with sugar-free logic: reduce oil and sugar but not taste, air frying coincides with sugar-free. In the Chinese market, for example, the epidemic has catalyzed an increase in consumer interest in general health, with consumers paying more attention to information on the increase or decrease of ingredients in food products.
Consumers generally believe that a healthy diet helps them maintain a balanced nutritional profile and perform well, with the importance of eating healthy increasing from 76% to 84% in 2020-2021. In the new normal of healthy eating, 62 percent of consumers believe they need information about the addition or subtraction of ingredients in dietary product promotions.
Consumers generally believe that a healthy diet helps them maintain a balanced nutritional profile and perform well, with the importance of eating healthy increasing from 76% to 84% in 2020-2021. In the new normal of healthy eating, 62 percent of consumers believe they need information about the addition or subtraction of ingredients in dietary product promotions.
Reducing oil: Fried food is synonymous with "unhealthy", but air frying reduces the amount of oil used in the cooking process.
Consumers believe that fried foods, foods high in sugar, fat, and calories all carry the label of "unhealthy", and as many as 67% of respondents believe that fried foods are unhealthy. It can be assumed that air fryers replace deep-frying with air-heating technology to enhance the healthiness of food, which is more easily accepted by consumers and has a wide scope.
Consumers believe that fried foods, foods high in sugar, fat, and calories all carry the label of "unhealthy", and as many as 67% of respondents believe that fried foods are unhealthy. It can be assumed that air fryers replace deep-frying with air-heating technology to enhance the healthiness of food, which is more easily accepted by consumers and has a wide scope.
(3) Traffic to stimulate demand: air fryer has the attribute of "Netflix"
high traffic to stimulate the growth of demand "House" economy is prevalent, homemade food has become a "traffic code", the air fryer has won the "high traffic" of content social platforms. The air fryer has gained high traffic on content and social platforms.
As early as 2010, Philips put forward the concept of an air fryer, but in recent years it has come into the public's view, which is catalyzed by the new crown epidemic, the home has become the norm, and the opportunity to go out to dinner is reduced, which has brought a high growth opportunity for the health-oriented products. Multi-channel KOLs vigorously promote the air fryer as a synonym for healthy, delicious, and hands-free; demand brings traffic, and high traffic further stimulates demand.
As early as 2010, Philips put forward the concept of an air fryer, but in recent years it has come into the public's view, which is catalyzed by the new crown epidemic, the home has become the norm, and the opportunity to go out to dinner is reduced, which has brought a high growth opportunity for the health-oriented products. Multi-channel KOLs vigorously promote the air fryer as a synonym for healthy, delicious, and hands-free; demand brings traffic, and high traffic further stimulates demand.
(4) Spatial calculation: A high demand increase is expected to drive air fryers to become the "next" rice cooker Key assumptions:
(1) The rate of change of the national population in 2022-2025 is taken as the average of the previous four years, and the number of people in each household remains unchanged;
(2) Rice cookers are in the stock market, and sales forecasts are based on the average of the previous five years. As the function is relatively mature, the possibility of replacing the product due to the emergence of new technology is relatively small, the retained quantity in 2018 is calculated according to the sum of sales in 2014-2018, and the penetration rate is calculated according to the retained quantity;
(3) As air fryers are in the early stage of development with faster iteration, technology upgrades may stimulate consumers to replace the products, and the update cycle may be shorter, assuming 3 years. 2021 retention volume is calculated based on the sum of 2019-2021 sales, and the penetration rate is calculated based on retention volume;
(4) As for the average price of air fryers, the average price will continue to decline in 2022-2023 due to more mature technology and fierce competition in the market; in 2024-2025, the average price will increase due to the emergence of new functions and the stabilization of the competition pattern, and the increase in the average price will be brought about by high-indication;
(5) The penetration rate of air fryers will reach 60% of rice cookers in 2025, i.e., the CAGR of penetration rate from 2021 to 2025 will be about 49.7%.
(1) The rate of change of the national population in 2022-2025 is taken as the average of the previous four years, and the number of people in each household remains unchanged;
(2) Rice cookers are in the stock market, and sales forecasts are based on the average of the previous five years. As the function is relatively mature, the possibility of replacing the product due to the emergence of new technology is relatively small, the retained quantity in 2018 is calculated according to the sum of sales in 2014-2018, and the penetration rate is calculated according to the retained quantity;
(3) As air fryers are in the early stage of development with faster iteration, technology upgrades may stimulate consumers to replace the products, and the update cycle may be shorter, assuming 3 years. 2021 retention volume is calculated based on the sum of 2019-2021 sales, and the penetration rate is calculated based on retention volume;
(4) As for the average price of air fryers, the average price will continue to decline in 2022-2023 due to more mature technology and fierce competition in the market; in 2024-2025, the average price will increase due to the emergence of new functions and the stabilization of the competition pattern, and the increase in the average price will be brought about by high-indication;
(5) The penetration rate of air fryers will reach 60% of rice cookers in 2025, i.e., the CAGR of penetration rate from 2021 to 2025 will be about 49.7%.
4. Industry technology: health + high efficiency + better taste + easy to clean, details of the function, the operating experience is constantly optimized
(1) Technical principle: Using high-speed air circulation technology, air fryer oil-free cooking is healthier and tastes better. The air fryer generates hot air by heating up the heating tube, and then blow the hot air to the ingredients with a fan, so that the hot air circulates in the closed space, using the ingredients' own oil and fat to fry, so that the food is dehydrated to achieve the effect of frying.
(2) Technical Advantages: Healthy + high efficiency + better taste + easy to clean, air fryer and air oven have obvious advantages.
1) Compared with deep fryers, hot air instead of oil is used to deep fry food to make food healthier;
1) Compared with deep fryers, hot air instead of oil is used to deep fry food to make food healthier;
2) Compared with ordinary ovens, the air inside the pan is used to heat up the food quickly with 360° heat exchange, which saves about half of the time;
3) Compared with other heating kitchen appliances with fixed heating tubes, it locks in moisture more quickly and makes the food taste better;
4) In terms of easy to clean degree of performance than the ordinary oven.
3) Compared with other heating kitchen appliances with fixed heating tubes, it locks in moisture more quickly and makes the food taste better;
4) In terms of easy to clean degree of performance than the ordinary oven.
(3) technology patents: the head of the brand has multiple patents to escort the new admission than the strong R & D strength, at the industry's leading level.
(4) Technology development stage: the development of basic functions is relatively mature. The air fryer has been upgraded from the traditional knob mechanical model to the electronic LCD screen, and technologies such as uniform heating have basically been put into practice. In order to enhance the operability of the equipment, product design, and material selection is also more humane and technological, such as automatic power-off, food-grade non-stick coating, the use of large-screen touch to enhance the use of safety, precision, and experience.
5. Competitive landscape: new brands blossom and entry opportunities emerge
A large number of new players have joined the air fryer circuit as market dynamics emerge. The structure of the air fryer is relatively simple, the technical barrier is not high, and the technological threshold and room for technological progress may be limited, attracting a large number of small and medium-sized enterprises (SMEs) to enter the market. Since 2015, when air fryers attracted the first round of attention in the domestic market, there are more than 500 companies searching for air fryers on EyeBook.
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