Air fryers are currently trending – and food companies have taken notice.
Companies like Nestlé (NSRGY) and Kellogg’s (K) see profit potential in catering to and promoting the widespread interest in this cooking method. The companies are repackaging items to include instructions for air fryer preparation and emphasizing it in marketing as well.
Nestle’s snack division president Adam Graves has gone so far as to refer to air frying as “the biggest trend we’re seeing right now in modern cooking.”
Air fryer sales took off during the pandemic as more people prepped meals at home, running parallel to sales growth for major food manufacturers like Nestlé and Kraft Heinz (KHC). Then as stay-at-home orders eased and people resumed eating out, revenues remained propped up by price increases.
Graves says almost 60% of US households have air fryers. Food companies see both demand and room to grow in the air fryer market. Now, they’re doing just that, by expanding or adapting product lines to support air frying and by promoting the appliance. For example, last year Nestlé partnered with Instapot for a promotional air fryer giveaway.
Expanding the Menu
Air fryers appeal to consumers on many levels: convenience, ease of use, and as an efficient alternative to the microwave. Unlike microwaves, air fryers can achieve a crispy consistency. Plus, the cooking method is generally considered a healthier alternative to deep frying.
As the popularity of the air fryer grows, it could well become standard in Americans homes. In 2022, Americans spent almost $1 billion on the appliance — about a 50% increase from 2019.
With this kind of growth rate, Americans can expect to see a proliferation of air fried food options to choose from in the near future. And for families with air fryers already, stay tuned for added menu items announced by the family chef.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.