Frozen Waffles Market Growth Drivers and Forecast by 2030

Historic Data: 2020-2021 | Base Year: 2022 | Forecast Period: 2023-2030

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)

Report Date : Jun 2023
Report Code : TIPRE00028939

Category : Food and Beverages
Status : Published

Available Report Formats :
No. of Pages : 156

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

[Research Report] The frozen waffles market size is expected to grow from US$ 2,925.85 million in 2022 to US$ 4,612.86 million 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

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.

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Frozen Waffles Market: Strategic Insights

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Impact of COVID-19 Pandemic on Frozen Waffles Market

Before the COVID-19 pandemic, the frozen waffles market growth was primarily driven by the rising demand for ready-to-eat food products. However, the market faced hurdles during the first quarter of 2020 due to business shutdowns and raw material and labor shortages. The COVID-19 pandemic led to an economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.

Moreover, due to restrictions, people stayed at home and demanded ready-to-eat products, creating a demand for frozen waffles products that are easy to consume.

Market Insights

Surging Demand for Frozen and Convenience Food Worldwide

Over the past few years, the lifestyle of people globally evolved dramatically. Due to hectic work schedules, people are looking for products that save time and effort. Consumers prefer to 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. These factors are significantly boosting the demand for convenience food among consumers. Increasing population of women, high per capita income, and rising middle-class population are key factors driving convenience food consumption globally. Moreover, the number of single or two-person households is growing in various developed nations such as the US, Canada, the UK, and Germany. According to the US Census Bureau, there were 37.9 million single-person households in the US in 2022, accounting for 29% of all households. Due to the growing number of nuclear families, the demand for ready-to-eat, portion-controlled food increased. All these factors are bolstering the demand for frozen waffles.

Type-Based Insights

Based on type, the frozen waffles market is segmented into flavored and unflavored/plain. The flavored segment is expected to register a higher CAGR during the forecast period. The growing preference for waffles as a mainstream breakfast item globally is driving the demand for frozen waffles. Millennial consumers love the warm crunchy feel of waffles in different flavors. Waffle manufacturers are growing their product portfolio by introducing new flavors such as fruit, buttermilk, and cinnamon to attract consumer interest. Further, manufacturers, including Vans and the Kellogg Company, have launched flavored waffle varieties with enhanced functional properties to fulfill the population's needs. These factors are driving the market for the flavored frozen waffles segment.

The key players operating in the global frozen waffles market include DELY Wafels SRL, Kodiak Cakes LLC, Deligout Sprl, Avieta SA, Nature's Path Foods, Julian's Recipe LLC, Kellogg Co, B Boys Inc, Sara Lee Frozen Bakery LLC, and Hometown Food Co. 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.

Frozen Waffles Market Regional Insights

The regional trends and factors influencing the Frozen Waffles Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Frozen Waffles Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Get the Regional Specific Data for Frozen Waffles Market

Frozen Waffles Market Report Scope

Report Attribute	Details
Market size in 2022	US$ 2.93 Billion
Market Size by 2030	US$ 4.61 Billion
Global CAGR (2022 - 2030)	5.9%
Historical Data	2020-2021
Forecast period	2023-2030
Segments Covered	By Type Flavored and Unflavored/Plain By Category Gluten-Free and Conventional By Distribution Channel Supermarkets and Hypermarkets Convenience Stores Online Retail
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	DELY Wafels SRL Kodiak Cakes LLC Deligout Sprl Avieta SA Nature's Path Foods Julian's Recipe LLC Kellogg Co B Boys Inc Sara Lee Frozen Bakery LLC

Frozen Waffles Market Players Density: Understanding Its Impact on Business Dynamics

The Frozen Waffles Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Frozen Waffles Market are:

DELY Wafels SRL
Kodiak Cakes LLC
Deligout Sprl
Avieta SA
Nature's Path Foods

Disclaimer: The companies listed above are not ranked in any particular order.

Get the Frozen Waffles Market top key players overview

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 2021 to 2030
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
The frozen waffles market size in various regions with promising growth opportunities

Global Frozen Waffles Market

Based on type, the frozen waffles market is segmented into flavored and unflavored/plain. Based on category, the frozen waffles market is bifurcated into gluten-free and conventional. Based on distribution channel, the frozen waffles market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others.

Company Profiles

DELY Wafels SRL
Kodiak Cakes LLC
Deligout Sprl
Avieta SA
Nature's Path Foods
Julian's Recipe LLC
Kellogg Co
B Boys Inc
Sara Lee Frozen Bakery LLC
Hometown Food Co

Frequently Asked Questions

Based on the category, which segment led the global frozen waffles market in 2022?

Based on the category, conventional segment is predicted to register the highest CAGR during the forecast period. The demand for conventional frozen waffles is expected to decrease as consumers become more health conscious and prefer healthy alternatives such as gluten-free ones. People allergic to gluten cannot consume conventional waffles as they contain wheat flour. However, conventional frozen waffles are readily available in the market; thus, consumers prefer this product. Further, less awareness regarding gluten-free waffles is boosting the market for conventional frozen waffles.

What are the trends observed in the global frozen waffles market?

Rising growth of e-commerce is supporting the growth of the frozen waffles market. People increasingly prefer online retail platforms for purchasing frozen foods. According to American Frozen Food Institute, online sales of frozen foods will increase by 75% in 2022. The online sales of food and beverages increased significantly during the COVID-19 pandemic due to the closure of brick-and-mortar stores and government restrictions. As lockdowns first constrained individuals and subsequently continued to work from home, there was a substantial shift to online shopping. Other factors influencing consumers to shop online include heavy discounts, availability of various products of different brands under one roof, and home delivery options. With the rising penetration of e-commerce across different geographies, the manufacturers of frozen waffles are also enhancing their online presence by selling their products through well-known e-commerce platforms such as Amazon.com, Lidl, and Walmart. This factor is further expected to drive the growth of the frozen waffles market over the coming years.

Which type segment is the fastest growing in the frozen waffles globally?

Based on the type, the flavored segment is expected to register the highest CAGR during the forecast period. The growing preference for waffles as a mainstream breakfast item globally is driving the demand for frozen waffles. Millennial consumers love the warm crunchy feel of waffles in different flavors. Waffle manufacturers are growing their product portfolio by introducing new flavors such as fruit, buttermilk, and cinnamon to attract consumer interest. Further, manufacturers, including Vans and the Kellogg Company, have launched flavored waffle varieties with enhanced functional properties to fulfill the population's needs. These factors drive the flavored frozen waffles segment’s growth during the forecast period.

What are the drivers for the growth of the global frozen waffles market?

Surging demand for frozen and convenience food worldwide and rising trend of in-home consumption are drivers of frozen waffles market. Frozen waffles are a convenience food product mainly consumed as breakfast. Consumers prefer to 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.

In 2022, which region held the largest share of the global frozen waffles market?

In 2022, North America region accounted for the largest share of the global frozen waffles market and the market in the region is segmented into United States, Canada, and Mexico. The rising marketing campaigns are 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. An upsurge in demand among all age groups drives the market growth in this region. Moreover, the growing awareness about the health benefits of organic products is a significant factor that would boost the demand for organic breakfast products in the region. To meet growing consumer demand, manufacturers introduce 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.

Research Manager

Shejal Jamdade

Associate Vice President,
Market Research & Consulting

With over 12 years of experience in managing custom research projects, Shejal is a seasoned research professional with deep cross-sector expertise spanning Chemicals & Materials, Food & Beverages, Biotechnology, and Consumer Goods. She excels in end-to-end project management, advanced data modelling, and providing strategic support to clients.

Shejal has successfully led a wide range of high-impact research engagements, consistently guiding clients through complex business challenges and enabling informed decision-making. Her ability to blend analytical rigor with industry knowledge has made her a trusted advisor for clients seeking data-driven strategies and actionable insights. Dedicated to excellence and precision, Shejal continues to play a pivotal role in transforming business objectives into research-driven outcomes.

What are the Frozen Waffles Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

Frozen Waffles Market Report Snapshots

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