Deep Fryer Market to Reach $612.5 Mn, Globally, by 2026 at 3.0% CAGR: Allied Market Research
Rise of the hospitality sector, technological advancements, and innovative product launches drive the global deep fryer market
PORTLAND, Ore., Aug. 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Deep Fryer Market by End User (Residential and Commercial) and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global deep fryer industry generated $487.6 million in 2018, and is estimated to reach $612.5 million by 2026, witnessing a CAGR of 3.0% from 2019 to 2026.
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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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 fordeep 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.
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 andavailability 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 tosurge 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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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.
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