Frozen Belgian Waffles Market is expected to reach US$ 2.05 Billion by 2031

PRESS RELEASE BY The Insight Partners 02 Jul 2024

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Product Innovations and Strategic Initiatives by Key Market Players Bolster Frozen Belgian Waffles Market Growth

According to our latest study on “Frozen Belgian Waffles Market Size and Forecast (2021–2031), Global and Regional Growth Opportunity Analysis – by Product Type, Nature, Category, and End Use,” the market size is expected to grow from US$ 1.37 billion in 2023 to US$ 2.05 billion by 2031; it is estimated to register a CAGR of 5.2% from 2023 to 2031. The report highlights key factors driving the market growth and prominent players along with their developments in the market. Apart from growth drivers, the report covers the frozen Belgian waffles market trends and their foreseeable impact during the forecast period.

Manufacturers of frozen Belgian waffles are making significant investments in product innovation to improve their customer base and meet emerging consumer demands. They are focusing on providing frozen Belgian waffles infused with new flavors, enhanced nutritional content, and products available in a gluten-free or vegan claim to suffice the varied requirements of consumers. For instance, in May 2024, Kellanova launched higher-protein breakfast offerings: Eggo Fully Loaded Frozen Belgian Waffles, which contain 10 grams of protein in each two waffle servings. These waffles are available in two flavors: Chocolate Chip Brownie and Strawberry Delight. Similarly, in January 2023, Central Foods, a frozen foods manufacturer, launched its KaterBake Belgian Waffle in vegan form. Such product innovations help companies widen their reach and gain an advantage over their competitors in international markets.

Frozen Belgian Waffles Market Breakdown – by Region

Frozen Belgian Waffles Market Breakdown – by Region

Frozen Belgian Waffles Market Forecast, Trends, Scope by 2031

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Frozen Belgian Waffles Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Brussels Waffles and Liege Waffles/Belgian Sugar Waffles), Nature (Flavored and Plain), Category (Conventional and Gluten-Free), End User (Foodservice and Food Retail), and Geography

Frozen Belgian waffle manufacturers are also adopting business expansion and production capacity scaleup strategies to serve their customers better. For instance, in September 2022, Siwar Foods – a frozen food manufacturer in Saudi Arabia—signed an exclusive agreement with Steenput, Belgium-based Dely Wafels to bring frozen Belgian waffles to Saudi Arabia and other countries in the Gulf region. The increase in business development initiatives is further propelling the frozen Belgian waffles market growth worldwide.

With the rising popularity and health awareness worldwide, manufacturers are offering frozen Belgian waffles in gluten-free format. Nature's path, Van's Food, and Kellanova are the major companies that offer gluten-free frozen waffles to cater to the growing demand from consumers. Thus, the increasing preference for gluten-free products is expected to be a prominent trend in the frozen Belgian waffles market during the forecast period.

However, various frozen Belgian waffle manufacturers are facing issues related to labeling. For instance, in July 2023, Certain packages of Van's Frozen Gluten Free Original Belgian Waffles were voluntarily recalled due to the presence of undeclared wheat in the product. The Food Drug & Administration (FDA) has taken up the case and announced the urgent recall, as the recalled products pose a risk for people with wheat sensitivities or allergies. Consuming the recalled waffles could cause severe allergic reactions. Similarly, in October 2023, Nature's Path Organic Foods announced the recall of two frozen Belgian waffle varieties. This is due to an undeclared peanut allergen in the products. If someone with a peanut allergy consumes one of these misbranded products, they could risk developing an allergic reaction as serious as anaphylaxis. Thus, the rise in product recalls hampers the growth of the frozen Belgian waffles market.

The frozen Belgian waffles market analysis has been performed by considering the following segments: product type, nature, category, and end user. In terms of end user, the market is segmented into foodservice and food retail. The food retail segment held a significant frozen Belgian waffles market share in 2023. The widescale availability of convenience food in supermarkets and hypermarkets, along with the popularity of online retail, is expected to influence the market growth for this segment. During the COVID-19 pandemic, frozen food sales through online retail channels increased dramatically as they offered home delivery services. Moreover, specialty stores usually have trained staff to help customers find the right product. Customers enjoy a one-stop shopping experience due to the availability of products from various brands in one place. The increasing consumption of frozen Belgian waffles among households is the major factor driving sales through food retail. For this, food retail channels are stocking up the shelves with these products. Thus, the consumer preference for food retail is increasing across the globe.

In terms of revenue, Europe dominated the frozen Belgian waffles market share in 2023. Germany is one of the largest markets for frozen Belgian waffles due to the rising demand for convenience food. Changing lifestyles and hectic work schedules are the primary factors that propel the demand for convenience foods. As a result, production and consumption of frozen Belgian waffle products have steadily increased over the past decade. Classic and chocolate-covered frozen Belgian waffles are the most popular across the country. Furthermore, organic and gluten-free frozen Belgian waffles are becoming more popular among Germany's health-conscious population. Manufacturers in the region are implementing strategic initiatives to meet the rising demand for packaged food. Furthermore, global players are increasing their presence in Germany, which plays a significant role in driving the frozen Belgian waffles market in Germany.

The frozen Belgian waffles market forecast can help stakeholders plan their growth strategies. H E B, LP, DELY Wafels SRL, Deligout Sprl, Avieta SA, VDB Frozen Food, Kellanova, Conagra Brands Inc, General Mills Inc, McCain Foods Ltd, Belgian Waffles Thijs, La Lorraine Bakery Group, Riviana Foods Pty Ltd, Gofrino, B Boys Inc, Julian's Recipe LLC, Siwar Foods, Consort Frozen Foods, Feli’s Kitchen, Send Me Waffles, and Mountain Waffle Co, are among the prominent players profiled in the frozen Belgian waffles market report. These market players are focusing on providing high-quality products to fulfill customer demand. They are also adopting strategies such as new product launches, capacity expansions, partnerships, and collaborations to stay competitive in the market. For instance, in May 2024, Kellanova launched Eggo Fully Loaded Waffles, which contain 10 grams of protein in each two-waffle serving. These waffles come in two varieties: Chocolate Chip Brownie, which contains fudgy chocolate chips, and Strawberry Delight, which features a subtly tart taste.

The frozen Belgian waffles market is segmented on the basis of product type, nature, category, end user, and geography. Based on product type, the market is segmented into Brussel waffles and Liege waffles/Belgian sugar waffle. Based on nature, the market is segmented into plain and flavored. Based on category, the market is segmented into gluten-free and conventional. By end user, the market is bifurcated into foodservice and food retail. The geographic scope of the frozen Belgian waffles market report focuses on North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The frozen Belgian waffles market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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