New York, May 02, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Frozen Waffles Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form (Flakes, Powder, and Others), Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, and Others), and Geography. The growth of e-commerce is likely to boost the sales of frozen waffles over the forecast period. Frozen waffles are popular breakfast products among consumers, especially across the US, Canada, and European countries. Frozen waffles are manufactured following the traditional process wherein batter is poured on waffle irons and baked until crispy.
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| Report Coverage | Details |
| Market Size Value in | US$ 2,776.21 Million in 2021 |
| Market Size Value by | US$ 4,021.29 Million by 2028 |
| Growth rate | CAGR of 5.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 157 |
| No. Tables | 86 |
| No. of Charts & Figures | 78 |
| Historical data available | Yes |
| Segments covered | Type, 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 |
Frozen Waffles Market: Competition Landscape and Key Developments
Leading players in the frozen waffles market include Kellogg's Company; Dely Wafels; Kodiak Cakes, LLC; Deligout; B Boys LLC DBA Belgian Boys; Avieta S.A.; Make Each Day Delicious LLC; Nature's Path Foods; Julian's Recipe, LLC; and Van's Foods. These players are developing gluten-free, GMO-free, organic, and plant-based or vegan-friendly frozen waffles to cater to consumers' rising health and wellness trends. The rising product innovation by key market players is expected to open significant growth opportunities in the frozen waffles market over the forecast period.
Asia Pacific is projected to grow at the fastest CAGR in the global frozen waffles market over the forecast period. The increasing consumption of ready-to-prepare and convenient food products due to hectic work schedules and sedentary lifestyles is fueling the demand for frozen food in Asia Pacific countries, such as Japan, China, and India. According to a survey released by the "Japan Frozen Food Association," approximately 88% of women and 80% of men use frozen foods in Japan. The surging demand for frozen food is expected to aid the frozen waffles market across the region.
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Further, the increasing population of working women, high per capita income, and rising middle-class population are the key factors driving the consumption of convenience food across Asia Pacific. For instance, according to the "US Department of Labour" in 2019, China's women's employment rate was 43.7%. Thus, the rising demand for convenience food in the region is also likely to boost the demand for frozen waffles in the region over the next few years.
Based on type, the flavored segment is projected to grow at the fastest CAGR over the forecast period. To attract consumer interest, waffle manufacturers are growing their product portfolio by introducing new flavors such as fruit flavors, buttermilk, and cinnamon.
In 2020, North America held the largest share in the global frozen waffles market. The rising demand of waffles with the increasing demand for flavored and unflavored are the key factors driving the market growth.
Product Innovation to Open Lucrative Opportunities in the Frozen Waffles Market
Manufacturers of frozen waffles, such as Griddle, Van's Foods, and Nature's Path Foods, are launching innovative products, such as gluten-free, non-GMO, and plant-based products, to expand their customer base and meet emerging consumer trends. In recent years, veganism gained significant momentum. Consumers are highly inclined towards plant-based products as they perceive them to be healthier than conventional products.
Due to the rising trend of veganism, manufacturers of frozen waffles are developing vegan-friendly products. For instance, 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. Similarly, Griddle, a UK-based manufacturer of frozen waffles, launched plant-based frozen waffles with vegan protein. Such product developments are expected to offer significant opportunities to market players over the next couple of years.
Frozen Waffles Market: Segmental Overview
Based on type, the frozen waffles market is segmented into flavored and unflavored. The flavored segment held the largest market share in 2020. It is projected to grow at the fastest CAGR over the forecast period. Manufacturers of frozen waffles offer products with different flavors, such as blueberry, cinnamon, and choco chips. Consumers' changing taste preferences are pushing manufacturers to introduce new flavors in the frozen waffles market, which drives the growth of the flavored frozen waffles segment.
Based on category, the frozen waffles market is segmented into gluten-free and conventional. The gluten-free segment is projected to grow at the highest CAGR in the frozen waffles market over the forecast period. Increasing gluten intolerance among people is compelling manufacturers to develop gluten-free frozen waffles. Moreover, as consumers are becoming more conscious regarding their health and wellness, they are shifting towards less processed and healthier alternatives. This factor is also driving the growth of the gluten-free frozen waffles market.
Based on distribution channel, the frozen waffles market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest share in the frozen waffles market in 2020. Supermarkets and hypermarkets have a large assortment of consumer goods, groceries, apparel, and various other products of different brands under one roof. Consumers prefer going to supermarkets and hypermarkets as they get access to multiple products in the same place and can compare among different brands available. Due to high customer footfall in supermarkets and hypermarkets, manufacturers of frozen waffles prefer this distribution channel for selling their products. This factor is supporting the supermarkets & hypermarkets segment.
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Impact of COVID-19 Pandemic on Frozen Waffles Market
The COVID-19 pandemic led to unprecedented challenges across many sectors, such as the food & beverages and nutraceuticals industries. To minimize its spread, governments of various countries announced lockdowns, border restrictions, travel restrictions, the shutdown of manufacturing units, and other safety protocols during the initial months of the pandemic. These factors adversely affected the operations of various manufacturing companies. Due to raw material shortages in the initial months of the pandemic, many frozen waffle manufacturers suffered from low-profit margins. However, as people continued to work-from-home, as a result of the outbreak, they stocked up their pantries, which positively impacted the sales of frozen waffles.
Moreover, as schools and colleges remained closed, children had enough time for their breakfast, which positively impacted the sales of frozen breakfast products, including frozen waffles, pancakes, pizzas, and cakes. Further, in 2021, various economies re-started their operations as the governments announced relaxation in the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. These factors had a positive impact on the growth of the frozen waffles market.
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The scope of the global frozen waffles market includes the retail sale of frozen waffles only and not the foodservice consumption. Based on category, the conventional segment held the largest market share in 2020. As gluten- free products are way too expensive as compare to conventional products and secondly easily availability of conventional waffles as compared to gluten-free waffles.
Based on distribution channel, the hypermarkets and supermarkets segment held the largest market share in 2020. Manufacturers of frozen waffles usually prefer to sell their products through supermarkets and hypermarkets owing to their large customer base. Increasing urbanization, rising working-class population, and competitive pricing are boosting the popularity of supermarkets and hypermarkets in developed and developing regions.
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