The scope of our recent study on the Frozen Waffles Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, Distribution Channel, and Geography" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
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 frozen waffles market growth can be attributed to the surging demand for frozen and convenience food worldwide. The frozen waffles market is highly competitive, owing to the presence of many regional and global players. Players compete based on product quality, product differentiation, and price. Market players are adopting different strategies to stand out as strong competitors in the market.
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, such as 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.
The global frozen waffles market is segmented into five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America held the largest revenue share of the global frozen waffles market in 2022. Major factors driving the frozen waffles market in North America are the rising marketing campaigns and increasing demand for ready-to-eat products.
Impact of COVID-19 Pandemic on Frozen Waffles Market
During the COVID-19 pandemic, the shutdown of manufacturing units and distribution facilities, such as supermarkets and hypermarkets, convenience stores, and specialty stores, declined the demand for frozen waffles, which, in turn, restrained the frozen waffles market growth. During the initial stages of the COVID-19 pandemic, frozen waffle manufacturers were forced to scale back or halt production temporarily. However, businesses gained ground as the governments of various countries eased out the previously imposed restrictions.
Moreover, many sections of the food & beverages industry, especially packaged food products, witnessed growth in demand worldwide post-recovery. As frozen waffle production regained pre-pandemic figures and is growing continuously, the market is expected to expand significantly during the forecast period.
The report includes the segmentation of the global frozen waffles market as follows:
The global frozen waffles market is segmented into type, category, distribution channel, and geography. Based on type, the frozen waffles market is bifurcated into flavored and unflavored/plain. Based on category, the frozen waffles market is segmented 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. By geography, the global frozen waffles market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America frozen waffles market is further segmented into the US, Canada, and Mexico. The Europe frozen waffles market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific frozen waffles market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America frozen waffles market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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