According to our latest market study, titled ” Frozen Waffles Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Category, and Distribution Channel,” includes the description of factors fueling the market growth, estimation and forecast of revenue, identification of significant market players and their key developments, and market share analysis.
The 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.
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Frozen waffles are becoming increasingly popular as they can be cooked within no time by simply microwaving or toasting for a few minutes. Owing to hectic work schedules, people are looking for products that minimize their cooking hassle and help in saving time and effort. As frozen waffles are easy to prepare and consume, they are highly preferred by the working population. Moreover, the extended shelf-life of frozen waffles is also driving their popularity among consumers. All these factors are propelling the frozen waffles market.
Based on category, the frozen waffles market is segmented into gluten-free and conventional. Gluten-free is projected to grow at the highest CAGR in the global frozen waffles market over the forecast period. Gluten-free frozen waffles are combined with almond flour, hazelnut flour, rice flour, oat flour, and coconut flour to replace traditional wheat flour. Frozen waffle manufacturers are focusing on expanding their product portfolio of gluten-free products to expand their customer size and strengthen the long-term prospects for gluten-free foods. Rising health concerns among people are driving the gluten-free frozen waffles segment.
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Based on geography, the frozen waffles market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). North America held the largest share in the frozen waffles market in 2020, followed by Europe. North America is one of the most significant regions for the frozen waffles market due to the populace’s increasing adoption of snack products. The rising marketing campaigns are the key factor driving the market’s expansion in the US.
Leading manufacturers rely extensively on marketing strategies to increase sales, such as advertising and product promotions. These players 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 in North America.
Impact of COVID-19 Pandemic on Frozen Waffles Market The frozen waffles market witnessed significant impacts of the COVID-19 pandemic. Due to severe supply chain disruptions, there was a shortage of raw materials, which adversely affected the profitability of small-scale and large-scale frozen waffle manufacturers. A decline in product supply created a demand and supply gap, which negatively affected the growth of the frozen waffles market. However, due to the work from home mandates and lockdowns, the demand for ready-to-eat and ready-to-cook breakfast products increased, which positively impacted the sales of frozen waffles. Moreover, due to the growing preference for online shopping and increasing penetration of e-commerce platforms, the sales of groceries increased during the pandemic. This factor also contributed to the growth of the frozen waffles market. Currently, the market is witnessing positive growth due to rising vaccination rates and relaxation in the previously imposed government restrictions.
The report segments the frozen waffles market as follows:
Based on type, the frozen waffles market is segmented into flavored and unflavored. Based on category, the market is segmented into gluten-free and conventional. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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