Deep Fryers Market To Grow Enormously with Size Worth $625.1 Million By 2025 |Grand View Research, Inc.
The global deep fryer
market size is expected to reach USD 625.1 million by 2025, expanding at
a CAGR 2.8% over a forecast period,
according to a new report by Grand View Research, Inc. The market is
anticipated to be driven by growing fast food industry and popularity of
E-commerce retail. Moreover, high demand for the product from North America
owing to rising preference for convenience food and on-the-go fast food is
propelling the market.
Covid 19's
rapid development worldwide has led to serious implications for most suppliers
of electronics and electrical products, in the form of supply chain
disruptions. While the pandemic crisis has decreased the frequency of purchase
of consumer appliances, the lead time for delivery of orders has also increased
significantly. Limited availability of components, restricted labor supply, and
other supply chain related costs are some of the major challenges that most
industry players are focusing on at present. The end of the lockdown is
expected to bring this industry significantly higher consumer traffic, most
notably through the online channels, and the manufacturers will need to design
their production plans and distribution networks in tandem with this changing
business environment. Our team is diligently working towards accounting these
factors in our report with the aim of providing you with the up-to-date,
actionable market information and projections.
Consumers supplement their regular
meals with fried food products, such as fried chicken and French fires among
various other products. Thus, changing consumer lifestyle, especially in terms
of eating habits, and rising need for ready to eat food are expected to drive
the demand in the region, which, in turn, is likely to boost global market over
the forecast period. In addition, consumers are also becoming increasingly
aware regarding health and wellness and, thus, are preferring food fried at
home as opposed to fried food sold at fast food chains. This is expected to
positively impact the demand for small deep fryers, such as the ones with a
two-liter frying capacity, over the forecast period.
On the basis of product, commercial
deep fryer held the largest market share in 2017. Changing dynamics of fast
food market are expected to positively impact the demand for these products
during the forecast period. Over the past few years, there has been a diversity
in fast food restaurants. Players such as Wendy's, Chick-fil-A, Burger King,
Kentucky Fried Chicken (KFC), and McDonald's among others are operating in the
fast food market. These companies are continuously expanding their market reach
and inaugurating new stores across the globe. Such fast food chains are the
major consumers of deep fryers.
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2 liter to 5 liter was the dominant
segment on the basis of type of deep fryers. Growing fast food industry across
the globe is projected to boost the demand over the forecast period. There are
certain concerns among consumers regarding the ill-effects of fried food
consumption. To mitigate such concerns, food chains market their products as
safe and free from artificial colors. This trend is expected to influence
customers to consume fried food, which is anticipated to bode well for the
overall market growth.
Further key findings from the report suggest:
·
North America dominated the
global deep fryer market in 2017. However, Asia-Pacific is anticipated to
witness the fastest CAGR of 3.5% during the forecast period from 2018 to 2025
·
China is the fastest growing
country in the Asia Pacific market on account of growing popularity of ready to
eat food, rising disposable income, and enhancing standard of living
·
E-commerce distribution channel
segment is potentially fueling the market growth owing to the increasing number
of internet users globally
·
Companies undertake various
strategic initiatives to boost their market share. For instance, in January
2017, National Presto Industries, Inc. announced the sale of the assets of its
absorbent product segment, Presto Absorbent Products, Inc. (PAPI), to Drylock
Technologies, Ltd. a private Belgian company that manufactures and sells
private adult incontinence, feminine hygiene, and label diaper products in
Europe.
The
global deep fryers market size was estimated at USD 502.2 million in 2017 and
is projected to register a CAGR of 2.8% during the forecast period. Rising
disposable income and living standards coupled with growing domestic and
international tourism has resulted in an increased demand for on-the-go fast
food, positively impacting product demand. E-commerce retail channel is
expected to play a very important role as a significant portion of market
revenue is expected to be generated through this channel.
Deep
fryers are used for cooking fast food and making food crispier. The appliance
consists of various components including a basket that is used to lower and
raise the food into the oil for cooking. With various technological
advancements being made, an automatic device to raise the food is now featured
in various fryers. In addition, a timer, an audible alarm, and various other
components have been added to the appliance. These factors have contributed to
an increased awareness and demand for automatic fryers.
Currently,
there is an intense competition among market players as they have similar
product portfolios and cater to similar consumers. The growing expansion
activities being undertaken by fast food companies are expected to positively
impact the product demand over the forecast period. In addition, increasing
market penetration of electric fryers is anticipated further drive the growth
in near future.
Various
manufacturers have started selling their products online on their websites.
They have also tied-up with distributors across the globe to ensure maximum
product penetration. This helps them expand the product reach as well as their
consumer base. In addition, increasing internet penetration in developed, as
well as developing countries, is expected to positively impact the market.
Furthermore, the influence of food bloggers and professional chefs, who
regularly post videos regarding cooking at home that include the use of deep
fryers and other appliances is expected to trigger the demand.
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Rising
preference for fast food across new territories is expected to drive the demand
over the forecast period. In many countries, the demand for fast casual
restaurants is increasing. These restaurants have a simple look and feel and,
therefore, are popular among the consumers. Furthermore, there has been a
significant increase in the meat-eating population across the globe. Fast-food
chains provide a variety of options for this demographic. This in turn is
expected to influence the product industry positively over the next eight
years.
However,
air fryers are witnessing an increasing demand as they are a healthier option
than deep fryers. Both these products seem similar but vary in terms the quantity
of oil used, oil penetration, types of food fried, and maintenance among
others. This is expected to be a key challenge for the market over the forecast
period.
Grand View Research has segmented the
global deep fryer market on the basis of type, product, distribution channel:
Deep Fryer Type Outlook (Revenue, USD Million, 2014 -
2025)
·
2L
·
2L-5L
·
5L-8L
·
8L-14L
·
Over 14L
Deep Fryer Product Outlook (Revenue, USD Million, 2014 -
2025)
·
Commercial
·
Household
·
Others
Deep Fryer Distribution Channel Outlook (Revenue, USD
Million, 2014 - 2025)
·
Direct Sales
·
Distributers
·
E-commerce
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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