Frozen Waffles Market Forecast to 2030 - 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)

Frozen Waffles Market Forecast to 2030 - 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)

The frozen waffles market size is expected to grow from US$ 2.92 billion in 2022 to US$ 4.61 billion by 2030; it is estimated to register a CAGR of 5.9% from 2023 to 2030.

Frozen waffles are a convenience food product mainly consumed as breakfast. Consumers prefer ready-to-eat, microwavable, and ready-to-prepare food products as they are highly suitable for on-the-go consumption and require minimal preparation time. Owing to this, frozen waffles are witnessing increasing global demand, mainly in developed countries. Due to the strong cultural influence on people's consumption habits in various countries, including India, Japan, and China, there is a high predominance of traditional breakfast food. Thus, the adoption of frozen waffles in these countries is limited, which is creating hurdles in the growth of the frozen waffles market.

Based on distribution channel, the frozen waffles market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others. The online retail segment is predicted to register the highest CAGR during 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.

In 2022, North America accounted for the largest share of the global frozen waffles market. 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 has resulted in a considerable increase in sales of frozen waffles for the company. A rise in demand for frozen waffles among all age groups drives the market in this region. Moreover, the growing awareness about the health benefits of organic products is a significant factor boosting the demand for organic breakfast products in the region. To meet the growing consumer demand, manufacturers have introduced organic waffle varieties. 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.

The key players operating in the global 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 HP INC. Players operating in the global frozen waffles market focus 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.

The overall global frozen waffles market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the frozen waffles market.

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