Waffles and Wafers Market - 2023-2030

Waffles and Wafers Market - 2023-2030

Global Waffles and Wafers Market reached US$ 62.14 billion in 2022 and is expected to reach US$ 93.21 billion by 2030, growing with a CAGR of 5.2% during the forecast period 2023-2030.

The rising health consciousness among people is increasing the demand for food products that are tasty and healthy. The good nutrient content in the waffles and wafers make them suitable healthy options for people with busy lifestyles. The availability of different types and various flavors in these products increases their demand in the market.

People living sedentary lifestyle desire to have easy and convenient meals. Considering this, producers are developing products that are easier to deal with. For instance, in April 2022, Kellogg's announced the launch of a new innovative waffle through its brand, Eggo, known as Eggo Grab & Go Liege-Style Waffles. These waffles don't need a toaster and provide convenience to their consumer.

Innovative product launches by manufacturers attract consumers’ attention. For instance, Lotte Corporation, a South Korean multinational company, launched its new anime-themed Bikkuri Man chocolate wafer, in May 2022. This product was launched relating to the release of a television series in Japan. The manufacturers also provided a collection of stickers along with the product package.

Dynamics

Rising Demand for Healthy Snacks

The adoption of healthy snacks can be advantageous to consumer health. Consumption of these snacks between meals can lower hunger and can eventually avoid overeating at mealtime. The rich nutrients in wafers and waffles make them a very good healthy snack. Wafers are dense in proteins and fibres and also contain a good amount of vitamins and minerals.

The various healthy ingredients such as whole-grain flour, milk and eggs used in waffle preparation make them not only delicious but also healthy. Many manufacturers are incorporating healthier ingredients in the production of waffles and wafers. For instance, Loacker, an Italian confectionery company, in March 2023, expanded its product line by introducing a new peanut butter flavour wafer cookie with almost 74% peanut butter cream in it.

Diverse Flavor Ranges

Consumers always crave for new and exotic flavors in their food products. Manufacturers in this market are introducing new flavor ranges in their product lines to meet consumer preferences. For instance, Hostess Brands, a North American sweet snacks company, added a new flavour variant to their line of wafers in April 2022. This launch of a new mint chocolate flavor in their product line expanded their business.

Further, to keep up with the increasing consumer fears of health issues, manufacturers are providing sugar-free product ranges. For instance, in March 2023, Voortman Cookies, a U.S.-based wafer brand, introduced a new zero sugar mini wafers product. These products are available in two flavour variants, including vanilla and chocolate.

Growing Demand for Convenience Foods

There is a greater need and demand for convenient food products with the increasingly busy lifestyles of people. International Labour Organization states that there was a rise in the global employment-population ratio in 2022. In its recent publication, the organisation stated that the employment-to-population ratio reached 56.4 % in 2022. With the hectic lifestyle, people are left with little amount of time for their food preparation.

An increasing pace of the working population worldwide is opting for quick and healthy breakfast and snack products. Thus, the food products that are ready-to-eat and ready-to-cook are becoming more famous. Waffles can be better breakfast products. Frozen waffles are consumed as convenient breakfast products. The new launch in this category drives the market. For instance, in August 2023, Banza, a pasta products food manufacturer, announced the launch of frozen waffles in their fibre-rich foods product line.

High Competition and Substitute Products

The growing popularity and high consumption of these products increased the competitor base in the market. In addition to the excisting companies, there are many other threats from new entries. The rising demand for other high-quality bakery products with essential benefits can also hinder market expansion. The demand for new varieties may lead to continuous R&D activities of companies and may impose higher rates for their products.

The shift in consumer preference can also be a restraining factor in the market. There is a growing consumer preference towards lower prices and healthier products. Pancakes can be a good healthy substitute for waffles as it has lower calories. Similarly, the diverse availability of other cookies in many forms can be a challenge for the wafers sector.

Health Concerns

The ingredients used in wafers and waffles must be consumed at limited levels. Butter, cream and sugar used in the preparations of wafers and waffles may incorporate higher calories and fats into the body. For instance, the famous Soft Waffles by Dr Oetker Company contains 25 gr of sugar and 28 gr of fats per 100 gr of serving. Similarly, UNIBIC Foods India Pvt. Ltd. Wafers contain 35 g of total sugars, 33 gr of added sugars per 100 gr, and 267 gr of total fats. The high fat and sugar content of these products can hinder the market growth.

The growing health concerns of obesity and diabetes are shifting consumer preference towards low-calorie diets. World Obesity Federation, in March 2023, stated that more than half of the world population can be obese by 2035. On the other hand, in 2022, World Health Organization stated that about 422 million people worldwide suffer from diabetes. The increasing prevalence of these lifestyle disorders can restrain market growth.

Segment Analysisn

The global waffles and wafers market is segmented based on type, ingredients, product, distribution channel, end-user and region.

Excellent Taste and Wide Availability

The chocolate-coated waffles and wafers hold the largest share in the global waffles and wafers segmentation. These products have greater demand among all age groups. The chocolate coating adds amazing taste and texture to the wafer and waffle. They provide a glossy and attractive appearance for the products. The wide acceptability of chocolate-coated products drives segment growth.

Consumers are acknowledging chocolate-coated products due to the availability of these products from major brands like Cadbury. In addition, chocolate always being people’s favorite due to its rich taste and health benefits. The use of advanced and automatic coating machines in the manufacturer’s units makes it simple for product production and boosts market expansion.

Growing demand for chocolate-coated products resulted in new product launches. For instance, Hershey Company’s subsidiary brand Hershey India Pvt. Ltd., in February 2023, came up with a new launch of chocolate-coated wafer biscuits into the market. These crispy wafer tubes have a greater chocolate flavor and recorded a good response in the market.

Geographical Penetration

Increased Demand for Convenient Foods

Europe region has a high standard of living, including in terms of food products. Consumers of this region are focusing on healthy eating habits to lead a healthy lifestyle. Waffles being a healthy breakfast, is famous across Europe as Belgium treats. These waffles are popular in places like France and Belgium. Belgian and savoury waffles are among Europe’s most common and popular waffles.

The busy lifestyles and demand for on-to-go food products boost the waffles and wafers market in this region. According to FRED, the employment-population ratio for European Union is estimated to be around 54.1%. Working people are demanding quick and healthy meals. Increasing demand for convenient foods and rising disposable incomes fuel this region’s market.

The high demand for premium products is increasing the use of high-quality ingredients in producing waffles and wafers. The increased use of these products by the people and growing use in the bakery and confectionery sectors is raising the demand for the market in this region. The growing production and exports from this region can also add to the position of a larger segment.

Competitive Landscape

The major global players in the market include Vans Foods, Kelloogg’s, Waffle Mill, Nova Nova, Dr. Oetker, Otto Beier Wafflefabrik GmbH, Dukes, ITC Limited and Kambly SA.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic moderately impacted the global waffles and wafers market. The pandemic led to widespread lockdowns and restrictions, impacting food production activities worldwide. The lockdowns and strict government regulations interrupted the supply chain and reduced economic activity. The raw materials and labor shortages negatively impacted the market.

The pandemic impacted all the phases of the food chain, from the procurement of raw materials to the distribution of end products. With the outbreak of the pandemic, many waffles and wafers manufacturing units faced labour shortages. The import and export restrictions halted production.

The quarantine increased the demand for healthy and convenient food products. Waffles and wafers provide good nutrition and taste. The availability of these products through online sales increased their demand during the pandemic. The rising consumption of packaged food, in turn, had a positive impact on the waffles and wafers market.

Russia- Ukraine War Impact

The impact of the Russia-Ukraine war is applicable to all sectors of the food industry, including the waffles and wafers market. The raw material scarcity and lower labor workforce impacted the production of these products. The distribution channel disruption affected the food products market growth, thereby affecting the waffles and wafers market.

The war had an immense impact on global trade. The import and export disruptions halted the market growth, affecting the economy. The political and economic uncertainty created due to the war had a negative impact on the waffles and wafers market. In addition, the decreased employment and income of people lowered the affordability of consumers.

By Type
• Crackers And Savoury Waffles and Wafers
• Plain Crackers
• Flavored Crackers
• Sweet Waffles and Wafers
• Plain Waffles and Wafers
• Cookies
• Sandwich Waffles And Wafers
• Chocolate-Coated Waffles and Wafers
• Other Sweet Waffles and Wafers

By Ingredients
• Flour
• Sugar
• Butter
• Chocolate
• Milk
• Cream

By Product
• Rich Tea
• Bourbon
• Plain Waffles and Wafers
• Chocolate Coated Waffles and Wafers
• Filled Waffles and Wafers

By Distribution Channel
• Supermarkets/ Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Retailers
• Others

By End-User
• Children
• Youngsters
• Adults

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In August 2023, an American breakfast cereal manufacturer, Post Consumer Brands, introduced a new line of frozen waffles in their breakfast cereal brand, Pebbles. These new products are available in fruity and cocoa pebble flavors.
• In April 2023, Kellogg, a cereal and snack producer, announced the expansion of Eggo product lines by adding three new flavors to their product profile. Eggo Vanilla Bean Grab & Go waffles, Eggo Chocolatey Chip Banana waffles and Eggo Berry Blast Mini Toast waffles are the new flavors.
• In July 2022, Loacker S.p.A., an Italian confectionery company, partnered with Costo Stores and launched its wafer biscuits in three different flavours. It is claimed that these products are GMO and sustainable ingredients.

Why Purchase the Report?
• To visualize the global waffles and wafers market segmentation based on type, ingredients, product, distribution channel, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of waffles and wafers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global waffles and wafers market report would provide approximately 77 tables, 90 figures and 189 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies