Deep Fryer Market to Witness Exponential Growth of $612.5 Mn, Globally, by 2026 at 3.0% CAGR
Deep Fryer Market
Drivers, restraints, and opportunities
Rise of the hospitality sector and innovative product launches drive the global deep fryer market. However, presence of substitutes and risks related to acrylamide formation during deep-frying hinder the market growth. On the other hand, technological advancements and untapped potential in developing countries present new opportunities in the coming years.
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Leading market players
AB Electrolux
Ali Group Srl
Breville Group
Fagor Industrial
Groupe SEB
Henny Penny
Newell Brands
Taurus Group
TTK Prestige Ltd.
Welbilt, Inc.
The commercial segment to maintain its dominant position during the forecast period
Based on end user, the commercial segment contributed to more than three-fourths of the total share of the global deep fryer market in 2018, and is estimated to maintain its dominant position based on revenue during the forecast period. This is due to rise in adoption by popularity of fast-food restaurants, also called quick-service restaurants (QSRs). However, the residential segment is projected to portray the largest CAGR of 3.7% from 2019 to 2026, owing to its compact nature, high energy efficiency, and ease in operation.
The offline segment to dominate in terms of revenue by 2026
Based on distribution channel, the offline segment accounted for the highest market share with more than 88% of the global deep fryer market share in 2018, and will continue to lead throughout the forecast period. This is due to the availability of variety of products at premium prices and offering high service quality and expert guidance to buyers. However, the online segment is estimated to register the highest CAGR of 4.4% from 2019 to 2026. This is attributed to convenience to buyers and availability of distribution technologies that reduce overall supply chain costs.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific accounted for the highest share in terms of revenue in 2018, holding more than one-third of the total share of the global deep fryer market, and is expected to maintain its dominance in terms of revenue throughout the forecast period. Moreover, this segment is expected to maintain the highest CAGR of 4.0% from 2019 to 2026.This is due to surge in automation in commercial kitchens, developing economies such as China and India, and emergence of new business models. However, North America contributed more than one-fifth of the total share in 2018, and will grow steadily.
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COVID-19 Scenario
The production activities of deep fryers have been halted or reduced due lockdown restrictions imposed by governments of various countries. The disruptions in supply chain also resulted in scarcity of raw materials. Moreover, it led to imbalance of supply-demand.
As restaurants, cafes, and hotels have been closed down, the demand for deep fryers has taken a huge plunge.
Installation and maintenance activities for residential and commercial purposed have been postponed. Leading manufacturers and suppliers have issued measures to be taken for carrying out maintenance of already installed appliances.
Frying is one of the most popular process of cooking food. Deep frying cooks food faster, more even, and imparts tenderness. As a result. a large economical potential lies in development of improved and innovative deep fryers. New frying technology is evolving that includes improving oil quality, reusing oil, and process automation.
Rapid growth of the food service industry is expected to provide major impetus to the growth of the global deep fryer market. Hectic lifestyles have resulted in changing of consumers eating habits. As a result, HORECA industry have seen widespread expansion across both developing and developed regions. Some of the appetizers including but not limited to French fries, cheese fritters, onion rings, fried fish sticks, mozzarella sticks, scotch eggs, fried chicken tenders & cutlets, potato chips, fried zucchini disks, banana & pineapple fritters and doughnuts are deep fried. Wide acceptance of such appetizers has created high demand for deep fryers, especially in commercial applications. In addition, increase in experimentation & innovations in varieties of cuisines coupled with growth in the gastronomy industry augments the deep fryer market expansion in the upcoming years
Key Findings of the Study:
Asia-Pacific leads in terms of deep fryer market revenue share and is expected to retain its dominance during the forecast period.
Commercial segment generates highest revenue in the deep fryer market analysis.
Based on distribution channel, offline segment accounted for about 88% of the global deep fryer market share in 2018. However, the online segment is expected to witness robust growth with a CAGR of 4.4%, during the forecast period.
Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 4.0% during the forecast period.
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