Food and Beverages

Frozen Waffle Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : May 2024

Format :Pdf Ppt Xls

Report ID:KR560

Author : Mayank C.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 3.71 Billion

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Forecasted Value (2031)

USD 6.87 Billion

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CAGR (2024 - 2031)

8.03%

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Fastest Growing Region (2024 - 2031)

Asia pacific

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Largest Region

North America

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By Frozen Waffle Types

Flavored, Unflavored/Plain

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By Category

Conventional, Gluten-Free

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By Distribution Channel

Hypermarket & Supermarket, Convenience Stores, Specialty Stores, Online Retail, Others


Frozen Waffle Market Size

The global Frozen Waffle Market size was valued at USD 3.71 billion in 2023 and is projected to reach USD 6.87 billion by 2031, growing at a CAGR of 8.03% from 2024 to 2031. The increasing demand for convenience food, evolving consumer preferences, and the expanding frozen food industry are key trends aiding market growth. This is further fueling the development of frozen waffles with diverse flavors, variety, and packaging formats to cater to consumer needs and preferences.

The rapidly changing consumer lifestyle and rising preference for ready-to-eat products a prominent factors fueling product adoption. Urbanization and rising health consciousness have shifted consumer inclination toward convenient breakfast products. Frozen waffle is an ideal breakfast solution that is easy to prepare and offers various health benefits to consumers. This trend has prompted frozen food companies to capitalize on consumer demand and develop innovative frozen waffle products to gain a competitive edge in the global landscape.

Frozen waffles are waffles made with pre-cooked batter that are frozen and packaged for convenient storage and consumption. Different types of frozen waffles include conventional and gluten-free, catering to a wider range of consumers with varying dietary requirements. These variants are widely accessible through various retail outlets, including hypermarkets, supermarkets, convenience stores, specialty stores, online retail, and other retail formats. Furthermore, regulations governing the frozen waffle industry focus on food safety standards, labeling requirements, and adherence to nutritional guidelines. Regulatory bodies such as the Food and Drug Administration, European Food Safety Authority, and Food Safety and Standards Authority of India ensure consumer safety and promote transparency in product information.

Analyst’s Review 

The global frozen waffle market is expected to grow significantly over the forecast period due to changing dietary habits, advancements in freezing technologies, and rising demand for various frozen waffle flavors. In addition, the booming food processing industry, increasing demand for frozen foods, and rising disposable income in developing regions are likely to fuel product demand. Furthermore, the growing demand from emerging countries, including Brazil, China, and India, is foreseen to drive industry expansion.

Frozen Waffle Market Growth Factors

The global frozen waffle market is poised to witness robust growth, driven by increasing consumer preference for frozen food products. Consumers perceive frozen food products as an alternative to fresh products due to their extended shelf life and reduced cooking time. According to the American Frozen Food Institute. survey, approximately 38% of American consumers purchase frozen food products daily and are foreseen to continue buying frozen products in the upcoming years. The expanding frozen food industry is likely to augment the frozen waffle market growth in the forthcoming years.

Furthermore, the growing demand for frozen waffles in the food service industry is foreseen to aid market expansion over the forecast period. Consumers are increasingly seeking frozen waffles as a convenient breakfast option in restaurants, hotels, and cafes. Frozen waffles pair well with toppings such as syrup, fruits, or whipped cream, and they are gaining high popularity among consumers. Foodservice players are focusing on providing customized frozen waffles with different toppings and flavors to offer a wide variety of choices to consumers. The rapidly expanding food service industry in Asia-Pacific and Latin America is foreseen to support market growth in the forthcoming years.

Frozen Waffle Market Trends

The growing demand for gluten-free products is a prominent trend shaping the trajectory of the global frozen waffle market. This demand is further fueled by growing awareness regarding celiac diseases and the rising prevalence of obesity in the past few years. According to the World Health Organization, approximately 2.5 billion adults were living with obesity in 2022. This trend shows the significant rise in obesity rates across the globe, propelling consumers to shift toward a healthy lifestyle. Growing gluten intolerance across the globe is set to be a key factor driving product consumption over the assessment period. Manufacturers are focusing on offering a variety of gluten-free frozen waffles to meet consumer demand and strengthen their industry standing. 

Moreover, one of the key trends supporting market growth is the rising global demand for different flavors of frozen waffles. Consumers are increasingly seeking a diverse range of flavors, including chocolate, raspberries, strawberries, green apple, and others. This trend is fueled by changing consumer preferences, surging health-conscious consumers, and the growing popularity of innovative ready-to-eat products among young millennials. This has prompted frozen food companies to diversify product offerings by developing natural flavors and capitalizing on the global demand.           

Segmentation Analysis

The global frozen waffle market is segmented based on types, form, application, and geography.

By Sales Channel

Based on sales channels, the market is segmented into hypermarket & supermarket, convenience stores, specialty stores, online retail, and others. The online retail segment is poised to grow significantly at a CAGR of 9.39% over 2024-2031. Consumers are increasingly preferring frozen waffles from e-commerce platforms due to convenience, availability of wide variety, and easy access to different brands and flavors. This trend has prompted companies to offer a variety of frozen waffles through different online retail channels to remain competitive in the global landscape, which is slated to facilitate segmental development in the coming years.

By Form

Based on form, the frozen waffle market is bifurcated into flavored and unflavored/plain. The flavored segment secured the largest revenue share of 88.34% in 2023 due to robust demand for chocolate, coffee, blueberries, raspberries, and other flavored frozen waffles among consumers. This growth is further fueled by the expanding young population and growing preference for ready-to-eat products. Companies are focusing on research and development to develop innovative flavors and provide customers with different ranges of frozen waffles, which is estimated to foster the segment outlook.     

By Frozen Waffle Types

Based on frozen waffle types, the market is classified into conventional and gluten-free. The conventional segment led the market in 2023, attaining a valuation of USD 3.28 billion. The booming food and beverage industry has boosted the demand for conventional food products. Consumers prefer conventional waffles due to their familiar taste, texture, and affordability. Moreover, the widespread availability of conventional frozen waffles across various retail channels such as supermarkets, convenience stores, and hypermarkets has contributed to segmental dominance.

Frozen Waffle Market Regional Analysis

Based on region, the global frozen waffle market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Frozen Waffle Market Size & Share, By Region, 2024-2031

North America emerged as the leading market for frozen waffle in 2023, attaining a valuation of USD 1.22 billion. This dominance is attributable to the expanding frozen food industry across the region. The U.S. is anticipated to exhibit the highest growth rate over the assessment period due to evolving consumer preferences and growing demand for gluten-free frozen waffles. Moreover, the mounting popularity of vegan frozen waffles in North America is expected to support market growth over the forecast period. The rise in Generation Z and millennial consumers focusing on wellness and ethical consumption further contributes to the demand for vegan frozen waffles across the U.S., and Canada. 

The Asia-Pacific frozen waffle market is poised to observe substantial growth at a CAGR of 8.43% between 2024 and 2031. This growth is fueled by rising disposable income, rapid urbanization, an expanding young population, and a rapidly growing food service industry across the Asia-Pacific region. Additionally, China and India are likely to exhibit the highest growth rate owing to the growing demand for conventional food products. Furthermore, food companies in Asia-Pacific are focusing on utilizing advanced freezing technologies to gain a competitive edge in the waffle industry, which is projected to impel regional market growth.

Competitive Landscape

The global frozen waffle market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Key players are aiming at several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and strengthening supply chains, could offer lucrative opportunities for market growth. 

List of Key Companies in Frozen Waffle Market

  • Kellog’s Company
  • Kodaik Cakes
  • Griddle
  • Deligout
  • General Mills
  • OISHI
  • DELY Wafels
  • AVIETA S.A.
  • Eat Evergreen Inc
  • US Waffle Company

Key Industry Developments

  • January 2024 (Product Launch): MyMochi unveiled frozen waffles made of sweet rice flour. These frozen waffles were made available in retail stores in three variants including plain, blueberry, and cinnamon. Through this product launch, the company aimed to offer a wide variety of frozen waffles to meet the global demand.

The Global Frozen Waffle Market is segmented as:

By Frozen Waffle Types

  • Flavored
  • Unflavored/Plain

By Category

  • Conventional
  • Gluten-Free

By Distribution Channel

  • Hypermarket & Supermarket
  • Convenience Stores
  • Specialty Stores
  • Online Retail
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
CHOOSE LICENCE TYPE
CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global frozen waffle market is projected to reach USD 6.87 billion by 2031, growing at a CAGR 8.0% from 2024 to 2031.
The global frozen waffle market was valued at USD 3.71 billion in 2023.
The major driving factor for the market growth is convenience and time-efficiency, variety and innovation, changing breakfast habits and an increased focus on at-home consumption influenced the frozen waffle market and others.
Top manufacturers of the frozen waffle market are Kellog’s Company, Griddle, General Mills, DELY Wafels and Ardent mills among others.
Asia- Pacific is the fastest growing region with a CAGR of 8.43% in the forecast period (2024-2031).
By form, flavored frozen waffles will hold the maximum share in the frozen waffle market with the revenue value of USD 5.94 billion in 2031.
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