Hattori Hanzō was a famous 16th century Samurai general who helped unite Japan. Often called “the first Ninja,” Hanzo was known as an expert tactician, and a master of sword fighting.
In a sword fight, then, Mark Barrocas, CEO of SharkNinja, would likely lose to Master Hanzo. Tactically, however, he’d be his match.
“The global air fryer market is estimated to be valued at USD 1.07 billion in 2024 and is anticipated to reach USD 1.75 billion by 2029,” according to Market Data Forecast.
And SharkNinja’s dominance in the sector is turbocharging its financial performance. As Proactive Investors note, “The Massachusetts-based company increased sales 24.7% to $1.07 billion…Food preparation appliances led growth with an $87.20 million or 74% increase.”
Ninja’s air fryers are everywhere. So, how did Barrocas create this exceptional level of performance?
Talking to the Modern Retail podcast, Barrocas, himself, makes his business philosophy clear: “We take a very maniacal approach to product development — to every little detail … And I think that undying focus on delivering a five-star product to the consumer is what continues to keep driving everything we do.”
In other words, Barrocas’s core strategy is a simple one – identify a consumer problem, then create the perfect product to solve it.
Barrocas again, in Modern Retail, “In 2009, we created the Ninja brand — and really, from there, we started to kind of reframe the business around identifying either known or unknown consumer problems, and then building a technology and innovation company that was able to solve those problems.”
And recent UK market-research underlines the tactical astuteness of the CEO’s ‘problem solving’ approach.
As Britain’s energy prices have rocketed, so have Ninja’s sales. And detailed analysis from Leatherhead Food Research reveals, “More than half of the UK households who own an air fryer (53%) say one of the reasons for purchase is that it’s cheaper to run than an oven. This factor is most important to the 55+ age group.”
Problem: “I can’t pay my energy bills.” Solution: Ninja’s air fryer. A perfect example of Barrocas’s Hanzō-like tactical thinking.
Including the ubiquitous fryers, SharkNinja has now expanded into 31 different product categories, and sell cleaning, cooking, food preparation, home environment and beauty products in 32 international markets.
What next for Master Barrocas? Hanzō only conquered Japan. SharkNinja have their eyes set on the world. Perhaps their ambitious CEO is thinking about taking up sword fighting?