US & Canada, Nov. 19, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Global frozen Belgian waffles market is observing significant growth owing to the expansion of quick service restaurants, product innovations, and strategic initiatives.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The frozen Belgian waffles market analysis considers several consumer preferences and demographics that are expected to contribute to the market's strength in the coming years.
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The report from The Insight Partners provides information on several stakeholders—including frozen Belgian waffles manufacturers, suppliers, and distributors—along with valuable key insights on how to successfully navigate this evolving market landscape and unlock new opportunities.
Overview of Report Findings
- Market Growth: The frozen Belgian waffles market value is expected to reach US$ 2.05 billion by 2031 from US$ 1.37 billion in 2023; it is expected to register a CAGR of 5.2% during the forecast period. Frozen Belgian 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. Additionally, after the COVID-19 pandemic, the rise in out-of-home consumption drove the demand for frozen Belgian waffles from the foodservice sector. Owing to this, frozen Belgian waffles are witnessing increasing global demand, mainly in developed countries. Due to the strong cultural influence on people's consumption habits in various developing economies, including India and China, there is a high predominance of traditional breakfast food. Thus, the adoption of frozen Belgian waffles in these countries is limited, which is creating hurdles in the growth of the frozen Belgian waffles market.
- Expansion of Quick Service Restaurants: Quick service restaurants (QSR) have gained major traction as consumers increasingly prioritize convenience owing to their fast-paced lifestyle. Changing lifestyle and increasing working women population has resulted to the hectic schedules. Therefore, they seek convenient products that help save time and effort. QSRs and fast-food restaurants offer mass-produced products in no time, offering huge convenience to consumers. These restaurants are becoming popular because they offer a variety of food in less time and at affordable prices. Consumers seek convenience and quick service with their food. According to the National Restaurant Association, QSR witnessed a 3% traffic uptick in 2023 in the US than 2020. QSR caters to the needs of the consumers as they offer to sit and dine, along with numerous services such as drive-thru, takeout, and home delivery, which suit the modern lifestyle of the consumers. Due to the growth and expansion of QSRs, the demand for frozen Belgian waffles has also increased. The QSRs mainly demand frozen products, such as waffles, which require less preparation time and are easy to use. This helps the QSRs provide consumers with their food quickly. Thus, the expansion of quick-service restaurants is driving the frozen Belgian waffles market.
- Preference for Gluten-Free Waffles: The prevalence of celiac disease is increasing across various countries globally. According to the data published by Epidemiology, Presentation, and Diagnosis of Celiac Disease in 2021, celiac disease exists worldwide, contrary to popular belief that it was limited to a few regions. Celiac disease can often damage the intestine lining and cause thyroid and Type 1 diabetes in some patients. A gluten-free diet can help reduce celiac disease's effect. Therefore, consumers are highly preferring gluten-free products. Moreover, some people prefer a gluten-free lifestyle to keep themselves healthy. According to the Leisure Food & Beverages EXPO in 2021, people aged 20–39 are the primary consumers of a gluten-free diet in the UK. Also, 41% of the UK athletes have said they followed a gluten-free diet. This has surged in the popularity and acceptance of gluten-free dietary patterns in the country in recent years.
- Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by North America and Asia Pacific, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on product type, the frozen Belgian waffles market is segmented into Brussels waffles and Liege waffles/Belgian sugar waffles. The Brussels waffles segment held a larger share of the frozen Belgian waffles market in 2023.
- Based on nature, the frozen Belgian waffles market is segmented into flavored and plain. The flavored segment held a larger share of the frozen Belgian waffles market in 2023.
- Based on category, the frozen Belgian waffles market is segmented into organic and conventional. The conventional segment held a larger share of the frozen Belgian waffles market in 2023.
- By end user, the frozen Belgian waffles market is segmented into foodservice and food retail. The food retail segment dominated the frozen Belgian waffles market in 2023.
- The frozen Belgian waffles market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: Companies operating in the frozen Belgian waffles market include H E B, LP, DELY Wafels SRL, Deligout Sprl, Avieta SA, VDB Frozen Food, Kellanova, Conagra Brands Inc, General Mills Inc, McCain Foods Ltd, Belgian Waffles Thijs, La Lorraine Bakery Group, Riviana Foods Pty Ltd, Gofrino, B Boys Inc, Julian's Recipe LLC, Siwar Foods, Consort Frozen Foods, Feli's Kitchen, Send Me Waffles, and Mountain Waffle Co.
- Trending Topics: Waffle Mix, Frozen Waffles, Ice Cream, and Frozen Pancakes
Global Headlines on Frozen Belgian Waffles
- Eggo Launches its Most Protein-Packed Waffles Ever & a Fully Loaded Pair of Custom Srgn Sneakers to Match
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Conclusion
The demand for frozen Belgian waffles has been increasing owing to a combination of convenience, changing consumer preferences, and the increase in quick breakfast and snack options. Busy lifestyles have led to a surge in the popularity of ready-to-eat or easy-to-prepare food that requires minimal preparation time, making frozen waffles an appealing choice. Manufacturers of frozen Belgian waffles are making significant investments in product innovation to improve their customer base and meet emerging consumer demands. They are focusing on providing frozen Belgian waffles with new flavors and enhanced nutritional content; they are also offering products available in gluten-free or vegan claims to suffice the varied requirements of consumers. For instance, in January 2023, Central Foods, a frozen foods manufacturer, launched its KaterBake Belgian Waffle in vegan form. Such product innovations help companies widen their reach and gain an advantage over their competitors in international markets.
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