The global waffles market is experiencing steady growth, driven by factors such as changing consumer preferences, increasing disposable incomes, and the growing popularity of convenience foods. Waffles, a traditional breakfast item, have evolved to become a versatile snack or dessert option, available in various flavors, shapes, and sizes to cater to diverse consumer preferences. The market is witnessing a surge in demand for innovative waffle products, including gluten-free, organic, and low-sugar varieties, to meet the needs of health-conscious consumers.
Global Waffles Market is expected to reach USD 5,931,348.75 thousand by 2031 from USD 4,016,110.88 thousand in 2023, growing at a CAGR of 5.1% in the forecast period of 2024 to 2031.
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Below are the Top Five Waffle Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Kellanova
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Kellanova dominates the waffle market with its diverse range of products, including traditional Belgian waffles, gluten-free, and vegan options. Their emphasis on quality ingredients and innovative flavors has garnered widespread consumer appeal. Positioned as a leader in the industry, Kellanova sets the standard for delicious and inclusive waffle offerings.
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North America, Middle East and Africa, Europe, South America, Asia- Pacific
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In April 2023, The Eggo brand Eggo vanilla bean grab & go waffles, Eggo chocolaty chip banana waffles, and Eggo berry blasted tiny toast waffles are three new taste innovations that are suitable for any occasion. This assists the organization in gaining more attention from the consumer for their ideal breakfast.
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2.
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General Mills Inc.
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In the global waffles market, General Mills is a significant player, offering a range of waffle products under its various brands. The company's waffle products cater to different consumer preferences and occasions, including traditional frozen waffles, waffle breakfast sandwiches, and waffle mixes. General Mills' competitive advantage in the global waffles market lies in its strong brand portfolio, innovative product offerings, and global presence. The company's commitment to quality and consumer satisfaction has helped it build a loyal customer base and maintain its position as a leading player in the market.
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North America, Middle East and Africa, Europe, South America, Asia- Pacific
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In May 2021, General Mills Convenience unveiled the Pillsbury Belgian-style waffle Carrier to assist retailers in enhancing their sandwich offerings. These waffles are pre-sliced for convenience and come in a thaw-and-serve format, simplifying the sandwich assembly process across various back-of-house setups. The waffle carriers feature a traditional waffle texture on one side and a flat surface on the other, facilitating easy sandwich assembly. Infused with maple syrup and crisp pearl sugar, the waffles offer a subtly sweet flavor profile that complements a wide range of sandwich options throughout the day.
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3.
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Nature's Path Foods
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Nature's Path Foods is a privately Nature's Path is known for its commitment to sustainable practices, using organic ingredients, and promoting healthy living. In the global waffle market, Nature's Path offers a range of organic waffle products under its brand. These waffles are made with high-quality organic ingredients, including whole grains, and are free from artificial preservatives, colors, and flavors. Nature's Path waffles cater to consumers looking for wholesome and nutritious breakfast options that are also environmentally friendly. Nature's Path has a strong presence in the organic food segment and is recognized for its dedication to sustainable agriculture and environmental stewardship. The company's waffle products are popular among consumers seeking organic and non-GMO food options.
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North America
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In July 2021, EnviroKidz's new range of healthful, certified organic kids' waffles was released by Nature's Path Foods. The new EnviroKidz waffles are available in two delectable flavors that youngsters would enjoy: Penguin Party (Cinnamon) and Polar Beary (Pink Blueberry). Both are vegan, gluten-free, and devoid of artificial flavors and colors. This assists the company in gaining greater awareness and increasing its revenue.
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4.
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Conagra Brands, Inc.
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In the global waffles market, Conagra Brands is a key player, known for its innovative waffle products and strong brand presence. The company offers a variety of waffle products, including traditional frozen waffles, waffle breakfast sandwiches, and waffle sticks, catering to different consumer preferences and occasions. Conagra Brands' strong distribution network and marketing capabilities have enabled it to establish a strong presence in the global waffles market.
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North America and Asia- Pacific
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In January 2023, Conagra Brands, Inc. announced that its acquisition of Ralcorp Holdings, Inc. has been completed successfully. On November 26, 2012, ConAgra Foods agreed to buy Ralcorp for USD 90.00 in cash per share of Ralcorp common stock. ConAgra Foods is now the largest private brand packaged food company in North America, with roughly USD 4.5 billion in total annual private brand sales. It facilitates business expansion for the corporation.
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5.
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Lotus Bakeries Corporate
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Lotus Bakeries is a Belgian food company that specializes in the production of sweet bakery products, including waffles, biscuits, and caramelized biscuits known as speculoos. In the global waffle market, Lotus Bakeries is renowned for its authentic Belgian waffles, which are made using traditional recipes and high-quality ingredients. The company's waffles are known for their light and crispy texture, as well as their rich flavor, making them a favorite among consumers worldwide.
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North America, Europe, Asia- Pacific
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In July 2022, Lotus Bakeries aimed to elevate its Lotus Biscoff brand to one of the top three global cookie brands. The company made significant strides toward this goal in 2021, achieving a 15% growth in sales for the brand. This objective appears to be progressing well, with sales of Lotus Natural Foods increasing by 20% in fiscal 2021. The first half of fiscal 2021 saw the Lotus Biscoff business benefiting from the reopening of the hospitality sector and a partial recovery of air traffic in the United States. Subsequently, in the second half of the year, the business was bolstered by strong performance in international markets.
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Conclusion
The global waffle market is characterized by a diverse range of products catering to various consumer preferences and dietary needs. Companies such as kellanova, general mills, nature's path foods, conagra brands, and lotus bakeries play a significant role in driving innovation and meeting the growing demand for waffles worldwide. These companies offer a variety of waffle products, including classic buttermilk, flavored, organic, and gluten-free options, to cater to the diverse tastes of consumers. The market is driven by factors such as changing consumer lifestyles, increasing disposable incomes, and the growing popularity of convenience foods. Social media and digital platforms also play a crucial role in promoting waffles, with visually appealing presentations and creative toppings driving consumer interest and influencing purchasing decisions.
