Pune, India, June 26, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Frozen Waffles Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2030 - COVID-19 Impact and Global Analysis By Type, Category, Distribution Channel and Geography”, the global market size is expected to grow from $2.92 billion in 2022 to $4.61 billion by 2030; it is estimated to grow at a CAGR of 5.9% from 2023 to 2030.
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Frozen Waffles Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.92 Billion in 2022 |
| Market Size Value by | USD 4.61 Billion by 2030 |
| Growth rate | CAGR of 5.9% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| No. of Pages | 133 |
| No. of Tables | 86 |
| No. of Charts & Figures | 78 |
| Historical data available | Yes |
| Segments covered | Type, Category, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Browse key market insights spread across 133 pages with 86 list of tables & 78 list of figures from the report, "Frozen Waffles Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Type (Flavored and Unflavored/Plain), Category (Gluten-Free and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/frozen-waffles-market
Global Frozen Waffles Market: Competitive Landscape and Key Developments
The major players operating in the global frozen waffles market include DELY Wafels; Kodiak Cakes LLC, Deligout, Kellogg's Company, B Boys LLC DBA Belgian Boys; Make Each Day Delicious LLC; Nature's Path Foods; Julian's Recipe, LLC; AVIETA S.A.; and Van’s Foods HP INC. Players operating in the global frozen waffles market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, new product launches, and expanding production capacities.
In May 2019, Kellogg Co. launched a line of protein-infused frozen waffles under the brand "Off the Grid." The product has non-GMO ingredients and does not contain artificial flavors or colors.
In March 2020, Van's Food, a US-based manufacturer of frozen waffles and pancakes, launched vegan frozen waffles in blueberry, choco chips, and original variants.
In April 2022, Kellogg's introduced Eggo grab & go liege-style waffles for on-the-go parents.
Frozen Waffles Market: Key Insights
The projected growth of the frozen waffles market is attributed to the surging demand for frozen and convenience food worldwide.
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In 2022, The global frozen waffles market was dominated by North America, holding the largest market share. The market in the region is segmented into the US, Canada, and Mexico. The rising marketing campaigns is the key factor driving the market's expansion in the US. Manufacturers rely extensively on marketing strategies such as advertising and product promotions to increase sales. Manufacturers use electronic and print media to promote their brands and products. For example, in 2017, the Netflix series Stranger Things featured Kellogg Company's Eggo brand frozen waffles. This exposure led to a substantial surge in sales for the company's frozen waffles. The North American market experiences a thriving demand for frozen waffles across various age groups, contributing to its growth. Additionally, the region's increasing recognition of the health advantages offered by organic products has significantly fueled the demand for organic breakfast items. In response to the escalating consumer needs, manufacturers have introduced organic waffle options to cater to this demand. For instance, Nature's Path Foods, a USDA-certified manufacturer, offers a wide range of organic breakfast and snack foods, including waffles, cold cereals, granolas, hot oatmeal, bars, and cookies. The factors mentioned above are boosting the growth of the region's frozen waffle market.
Surging Demand for Frozen and Convenience Food Worldwide:
In recent years, there has been a significant transformation in the global lifestyle of individuals. With increasingly busy work schedules, people are seeking convenient solutions that save time and effort. Ready-to-eat, microwavable, and ready-to-prepare food products have become preferred choices among consumers due to their suitability for on-the-go consumption and minimal preparation time requirements. These factors are significantly boosting the demand for convenience food among consumers. Increasing population of women, high per capita income, and rising middle-class population are key factors driving convenience food consumption globally. Moreover, the number of single or two-person households is growing in various developed nations such as the US, Canada, the UK, and Germany. According to the US Census Bureau, there were 37.9 million single-person households in the US in 2022, accounting for 29% of all households. Due to the growing number of nuclear families, the demand for ready-to-eat, portion-controlled food increased. All these factors are bolstering the demand for frozen waffles.
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Frozen Waffles Market: Segmental Overview
Based on type, the frozen waffles market is segmented into flavored and unflavored/plain. The flavored segment is expected to register a higher CAGR during the forecast period. The growing preference for waffles as a mainstream breakfast item globally is driving the demand for frozen waffles. Millennial consumers love the warm crunchy feel of waffles in different flavors. Waffle manufacturers are growing their product portfolio by introducing new flavors such as fruit, buttermilk, and cinnamon to attract consumer interest. Further, manufacturers, including Vans and the Kellogg Company, have launched flavored waffle varieties with enhanced functional properties to fulfill the population's needs. These factors drive the market for the flavored frozen waffles segment.
Based on category, the frozen waffles market is categorized into gluten-free and conventional. The gluten-free segment is predicted to register a higher CAGR during the forecast period. Gluten-free frozen waffles are combined with almond flour, hazelnut flour, and organic coconut flour to replace traditional grain ingredients. Frozen waffle manufacturers are focused on expanding their product portfolio of gluten-free products to attract a broader consumer base and strengthen the long-term prospect of gluten-free foods. Moreover, the rising health concerns among people is driving the market for gluten-free frozen waffles. Gluten can cause gastrointestinal and systemic symptoms for gluten-related disorders such as celiac disease, gluten ataxia, and wheat allergy. Hence, allergic people prefer gluten-free products.
Based on distribution channel, the frozen waffles market are classified into supermarkets and hypermarkets, convenience stores, online retail, and others. Among these, the online retail segment is anticipated to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. Online retail is one of the fastest-growing distribution channels due to the convenience of shopping and product delivery. Online retail stores offer various products with heavy discounts; consumers can conveniently buy desirable products remotely. Furthermore, home delivery service attracts many customers to shop through e-commerce platforms. Moreover, these websites offer descriptive product information and user reviews, which help buyers compare products and make informed decisions. During the COVID-19 pandemic, online retail channels became popular as they offered home delivery services. These factors are propelling the segment's growth.
Impact of COVID-19 Pandemic on Frozen Waffles Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The frozen waffles industry suffered serious disruptions in supply chains and shutdowns of many processing, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. However, after some relaxation during the lockdown, the frozen waffle sales surged. Due to the imposition of lockdown measures to curb the spread of the virus, consumers stayed inside their homes and highly adopted ready-to-eat products. This factor spurred the demand for frozen waffles.
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Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Waffle Mix Market - Evolving trend of western food consumption habits across countries such as China, India is progressively boosting the demand for the waffle mix. Altering lifestyles across the globe backed by rising disposable income is anticipated to boost the waffle mix market at a high pace.
Household Waffle Maker Market - The household waffle makers market is expected to witness significant growth during the forecast period owing to a rising preference for waffles as a mainstream breakfast item internationally across the globe.
Ready-to-Eat Food Market - [Research Report] The ready-to-eat food market is projected to reach US$ 1,471.94 billion by 2028 from US$ 1,073.87 billion in 2022. It is expected to grow at a CAGR of 5.4% from 2022 to 2028.
Oatmeal Market - [Research Report] The oatmeal market at US$ 9.86 Bn in 2018 and is expected to grow at a CAGR of 4.2% during the forecast period 2019 – 2027, to account to US$ 14.08 Bn in 2027.
Wafer Biscuit Market - upsurge in the demand for convenience foods as a result of busy lifestyles also drives the growth of the wafer biscuit market. The launch of new products with new and different flavors is expected to bolster well thegrowth of the wafer biscuit market in the near future.
Gluten Free Food Market - The gluten-free food market has witnessed a significant growth owing to factors such as wider product availability such as bakery & confectionery, dairy products, sweet & savory snacks, condiments, seasonings, & spreads, and others.
Gluten-free Protein Bars Market - Rising demand for no added sugar bars provides a huge market opportunity for the key players operating in the gluten-free protein bars market.
Frozen Breakfast Food Market - The frozen breakfast food market has witnessed a significant growth owing to growing awarness related to organic and vegan frozen breakfast food.
Frozen Food Market - The frozen food market is expected to grow from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028; it is expected to grow at a CAGR of 5.9% from 2022 to 2028.
Frozen Bakery Products Market - The frozen bakery products market is expected to grow from US$ 25.31 billion in 2021 to US$ 33.3 billion by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028.
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