Air fryer frenzy sees Ninja’s European sales rocket past £1bn
A surge in demand for air fryers has helped Sharkninja’s European sales surge past the £1bn mark for the first time, the firm’s latest accounts reveal.
Sharkninja Europe, the UK-based subsidiary of the US consumer appliance maker, posted turnover of £1.2bn in 2024, a whopping 43 per cent increase on the previous year, as Brits rushed to get their hands on the firm’s latest air fryer models.
“The focus for the year has been on growth via both introducing new categories and expanding into new geographies, which has led to the opening of new warehouses to improve efficiencies in the supply chain and cope with the increased product offering,” Sharkninja’s board said.
“The directors consider the improvement in sales and gross profit to be a satisfactory result.”
Despite soaring sales, the company saw a slump in profitability, with pre-tax profit for the year down 71 per cent to £23.5m, which it put down to an expansion “into new regions which have a typically lower sales price as the brand is unknown”.
Sharkninja’s bumper results come in stark contrast to recent figures from Panasonic UK, in which the Japanese firm saw a 10 per cent drop in turnover from its microwave division to £44.8m, in signs consumers were swapping microwave ovens for air fryers.
“The European consumer market continued to show signs of weakness, with rising cost and ongoing inflationary pressures,” Panasonic said.
“These economic challenges combined with declining income expectations and reduced customer willingness to spend, have negatively impacted demand.”
The company added that “a full recovery in consumer demand is not expected in 2026 however the division has secured several new confirmed projects and is expanding its customer base”.
Sharkninja’s rapid expansion
Sharkninja was founded in Montreal, Canada in 1994 before moving its headquarters to Massachusetts, US in 2003. It began as a steam cleaner and vacuum business before expanding into kitchen appliances such as blenders and coffee machines.
The firm set up operations in the UK in 2013. Sharkninja floated on the Nasdaq in 2023, with the shares having since soared by more than 300 per cent.
The company’s latest quarterly results show sales jumped 14.8 per cent to $4.3bn (£3.2bn) in the nine months to the end of September.
“With our proven innovation engine, expanding global footprint, and unwavering focus on solving consumer problems with 5-star products, we believe that we are well-positioned to continue delivering sustainable, profitable growth and long-term value creation for our stakeholders,” chief executive Mark Barrocas said.