Frozen Waffles Market Forecast to 2028 | Global Opportunity

The frozen waffles market is expected to grow from US$ 2,776.21 million in 2021 to US$ 4,021.29 million by 2028. It is estimated to grow at a CAGR of 5.4% from 2021 to 2028.

Frozen waffles are manufactured using ingredients, such as flour, water, sugar, eggs, baking soda, shortening, and flavoring agents. Usually, wheat flour is used to make the waffle batter. However, with rising health consciousness and growing gluten intolerance among consumers, manufacturers are using rice flour, oat flour, and almond flour to make waffles.

Asia Pacific frozen waffles market is expected to grow at the highest CAGR over the forecast period. Emerging countries in the region are witnessing a surge in health-conscious consumers that is expected to create demand for frozen waffles over the next few years. The busy lifestyle of the growing urban middle-class population, who prefer a convenient and healthy diet, is the major factor boosting the demand for frozen waffles in the region. Due to rising urbanization, rising disposable incomes, and growing health-conscious consumers, the demand for frozen breakfast snacks increased across the region.

Strategic Insights

Impact of COVID-19 Pandemic on Frozen Waffles Market

The COVID-19 outbreak affected several industries due to lockdowns, business shutdowns, and supply chain disruptions. There was a mixed impact of the pandemic on the frozen waffles market. Initially, due to lockdowns and business shutdowns, manufacturers faced raw materials and labor shortages, which affected their production and supply. However, the demand for frozen waffles increased significantly as people continued working from home, and foodservice outlets remained closed.

Moreover, online sales of groceries and frozen food products increased as brick-and-mortar stores were closed and consumers stocked up their pantries. This factor had a positive impact on the sales of frozen waffles during the pandemic. In 2021, the marketplace witnessed a positive recovery as governments announced relaxation in previously imposed restrictions and an increased vaccination rate.

Further, as consumers’ hygiene concerns increased due to the outbreak, people preferred in-home consumption over foodservice consumption. This factor is expected to drive further the growth of the frozen waffles market over the forecast period.  

Frozen Waffles Market Breakdown – by Region

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Market Insights

The COVID-19 pandemic influenced the consumption habits of consumers. Due to lockdowns and work from home mandates, people stayed in their homes, prompting in-home consumption. Moreover, due to the closure of foodservice outlets, such as cafes, restaurants, fast food outlets, and others, the demand for ready-to-cook products, instant meals, and frozen food products increased significantly. Although the number of COVID-19 cases has decreased significantly and the government restrictions are relaxed, many people are still concerned about hygiene conditions at foodservice outlets. Therefore, many people are preferring in-home consumption over food service consumption. Thus, the rising trend of at-home consumption, especially post COVID-19 outbreak, is significantly boosting the demand for frozen waffles.

Type Insights

Based on type, the frozen waffles market is segmented into flavored and unflavored. The flavored segment held the largest share in the frozen waffles market. It is projected to grow at the fastest CAGR over the forecast period. Millennial consumers love the warm crunchy feel of waffles in different flavors. To attract consumer interest, waffle manufacturers are expanding their product portfolio by introducing new flavors, such as fruit flavors, buttermilk, and cinnamon. Further, several manufacturers, including Vans and the Kellogg Company, have launched flavored waffle varieties with enhanced functional properties to fulfill consumers’ needs. These factors are driving the flavored frozen waffles segment’s growth during the forecast period.

Frozen Waffles Market, by Type – during 2020–2028

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Category Insights

Based on category, the frozen waffles market is segmented into gluten-free and conventional. The conventional segment accounted for the largest market share in the frozen waffles market in 2020. However, the gluten-free segment is projected to grow at the fastest CAGR over the forecast period. Conventional frozen waffles are primarily made of wheat flour. However, their demand is expected to decrease in the coming years as consumers are becoming more health-conscious and prefer healthy alternatives, such as gluten-free waffles. Also, people allergic to gluten cannot consume conventional waffles. Nonetheless, the easy availability of conventional frozen waffles is driving the segment’s growth.

Distribution Channel Insights

Based on distribution channel, the frozen waffles market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest market share in the frozen waffles market in 2020. However, the online retail segment is projected to grow at the fastest CAGR over the forecast period. Online retail stores offer various products with heavy discounts. Also, 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. All these factors are driving the sales of frozen waffles through online retail platforms.

The key players operating in the frozen waffles market are 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 engaged in developing innovative products, including gluten-free waffles and plant-based waffles, to meet emerging consumer trends. Moreover, they focus on providing high-quality products to their consumers to retain their market share.

Report Spotlights

• Progressive industry trends in the frozen waffles market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the frozen waffles market from 2019 to 2028
• Estimation of global demand for frozen waffles
• Porter's five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the frozen waffles market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The frozen waffles market size at various nodes
• Detailed overview and segmentation of the market, as well as the frozen waffles industry dynamics
• Size of the frozen waffles market in various regions with promising growth opportunities