Frozen Waffles Market Share, Industry Trends, and Forecasts from 2023 to 2030

According to our new research study on "Frozen Waffles Market Forecast to 2030 - Global Analysis - by Type, Category, Distribution Channel, and Geography," 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. The projected growth of the market is attributed to the surging demand for frozen and convenience food worldwide.

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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.

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.

Frozen Waffles Market: Segmental Overview

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 drive the market for the flavored frozen waffles segment.

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Based on category, the frozen waffles market is categorized into gluten-free and conventional. The gluten-free segment is predicted to register a higher CAGR during the forecast period. Gluten-free frozen waffles are combined with almond flour, hazelnut flour, and organic coconut flour to replace traditional grain ingredients. Frozen waffle manufacturers are focused on expanding their product portfolio of gluten-free products to attract a broader consumer base and strengthen the long-term prospect of gluten-free foods. Moreover, the rising health concerns among people is driving the market for gluten-free frozen waffles. Gluten can cause gastrointestinal and systemic symptoms for gluten-related disorders such as celiac disease, gluten ataxia, and wheat allergy. Hence, allergic people prefer gluten-free products.

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.

Global Frozen Waffles Market: Competition Landscape

The major 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 are focusing 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.

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Key Developments
• In May 2019, Kellogg Co. launched a line of protein-infused frozen waffles under the brand "Off the Grid." The product has non-GMO ingredients and does not contain artificial flavors or colors.
• In March 2020, Van's Food, a US-based manufacturer of frozen waffles and pancakes, launched vegan frozen waffles in blueberry, choco chips, and original variants.
• In April 2022, Kellogg's introduced Eggo grab & go liege-style waffles for on-the-go parents.

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