The popularity of waffles as a handy breakfast option has significantly increased as consumers seek time-efficient and filling meal alternatives as modern lifestyles become more fast-paced. Stressful schedules, intense work commitments, and a need for hassle-free dining options are characteristics of the modern lifestyle. The most significant meal of the day, breakfast, is changing as customers gravitate toward options that are quick and easy to get. Waffles' convenience and portability make them an ideal choice for people with hectic schedules, which has led to an increase in demand.
Moreover, waffles provide an adaptable surface for a range of toppings, satisfying a variety of palates. They are a breakfast option, with traditional toppings such as syrup and butter to more creative options such as fruits, nuts, or even savory components. Waffles are made even more appealing by their portable nature, which may be enjoyed at quick-service restaurants or home by toasting frozen waffles.
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Data Bridge Market Research analyzes that the Global Waffles Market is expected to grow with a CAGR of 5.1% from 2024 to 2031 and is expected to reach USD 5,931,348.75 thousand by 2031.
Key Findings of the Study
Waffles Gaining Traction in Cafes, Breakfast Joints, and Quick-Service Restaurants
Waffles have become a favored choice in cafes, where consumers seek unique and indulgent breakfast options. Cafes around the world are incorporating waffle variations into their menus, offering an enticing blend of crispy texture and delightful toppings. This growing presence in cafes contributes to the overall market expansion, as consumers appreciate the versatility and customization options that waffles provide. These establishments often experiment with diverse batters, toppings, and presentations, elevating the waffle experience and attracting a discerning customer base.
Manufacturers and suppliers in the waffle industry are responding to this demand by innovating with new flavors, shapes, and packaging formats to align with the diverse preferences of consumers seeking a delightful waffle experience outside traditional home settings. As this driver continues to affect consumption trends, the global waffles market is poised for sustained expansion in the coming years. As a result, waffles gaining traction in cafes, food trucks, and quick-service restaurants is expected to be fueled by novel product offerings.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Thousand and Volume in Metric Ton
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Segments Covered
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Type (Belgian Waffle, American Waffle, Liege Waffle, Savory Waffle, Brussels Waffle, Toaster Waffle, Pizzelle, and Others), Storage (Frozen Waffle and Ambient Waffle), Product Type (Plain Waffles, Chocolate Coated Waffles, Filled Waffles, and Others), Category (Conventional and Organic), Waffle Type (With Gluten and Gluten Free), Distribution Channel (Store Based Retailers and Online Retailers), End-User (Residential and Commercial)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Belgium, Netherlands, Russia, Switzerland, Denmark, Sweden, Poland, Turkey, and rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, New Zealand, Vietnam, Philippines, and rest of Asia-Pacific, South Africa, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, and rest of Middle East and Africa, Brazil, Argentina, and rest of South America
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Market Players Covered
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Kellanova (U.S.), General Mills Inc. (U.S.), Nature's Path Foods (Canada), Conagra Brands, Inc. (U.S.), Lotus Bakeries Corporate (Belgium), Belgian Waffles Thijs (Belgium), AVIETA S.A. (Belgium), Van’s Foods (U.S.), Kodiak Cakes, LLC (U.S.), Tregroes Waffles (Wales), B Boys INC DBA Belgian Boys (U.S.), Kashi LLC (U.S.), Garner Wafers & Confectionery (South Africa), Otto Beier Waffelfabrik GmbH (Germany), DELY Wafels (Belgium), Wafflemeister Trading Ltd. (U.K.), Julian's Recipe, LLC (U.S.), J&J Snack Foods Corp. (U.S.), Griddle (U.K.), and NOVA NOVA (India), among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The global waffles market is segmented into seven notable segments based on type, storage, product type, category, waffle type, distribution channel, and end-user
- On the basis of type, the market is segmented into Belgian waffle, American waffle, liege waffle, savory waffle, Brussels waffle, toaster waffle, Pizzelle, and others
In 2024, the Belgian Waffle segment is expected to dominate the global waffles market
In 2024, the Belgian Waffle segment is expected to dominate the global waffles market with a 33.93% market share due to its versatile appeal, offering classic sweetness or savory options.
- On the basis of storage, the market is segmented into frozen waffle and ambient waffle
In 2024, the frozen waffle segment is expected to dominate the global waffles market
In 2024, the frozen waffle segment is expected to dominate the global waffles market with a 72.94% market share due to its convenience, longer shelf life, and rising consumer preference for quick and easy breakfast.
- On the basis of product type, the market is segmented into plain waffles, chocolate coated waffles, filled waffles, and others. In 2024, the plain waffles segment is expected to dominate the global waffles market with a 45.74% market share
- On the basis of category, the market is segmented into conventional and organic. In 2024, the conventional segment is expected to dominate the global waffles market with an 80.05% market share
- On the basis of waffle type, the market is segmented into with gluten and gluten free. In 2024, the with gluten segment is expected to dominate the global waffles market with a 80.29% market share
- On the basis of distribution channel, the market is segmented into store based retailers and online retailers. In 2024, the store based retailers segment is expected to dominate the global waffles market with an 84.10% market share
- On the basis of end-user, the market is segmented into residential and commercial. In 2024, the residential segment is expected to dominate the global waffles market with a 57.55% market share
Major Players
Data Bridge Market Research analyzes Kellanova (U.S.), General Mills Inc. (U.S.), Nature's Path Foods (Canada), Conagra Brands, Inc. (U.S.), and Lotus Bakeries Corporate (Belgium) are the major companies operating in the global waffles market.
Market Developments
- In September 2023, Griddle introduced the U.K.'s first plant-based waffles to the market. This enabled the corporation to expand further into the U.K. market and, as a result, improve its income
- In September 2023, Griddle announced its accreditation as a B Corporation (or B Corp), joining a growing group of organizations that are rethinking business by seeking both purpose and profit. This assisted the organization in expanding its portfolio size
- In February 2023, Wafflemeister Trading Ltd. introduced three new ambient waffles to Waitrose. The trio of waffle SKUs, Belgian, Belgian Coated with Chocolate, and Toasting into certain locations. This contributed to the company's success in the wholesale and catering sectors
- 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
- In April 2022, The Eggo brand Eggo vanilla bean grab & go waffles, Eggo chocolaty chip banana waffles, and Eggo berry blast tiny toast waffles are three new taste innovations that are suitable for any occasion. This assisted the organization in gaining more attention from consumers for their ideal breakfast
Regional Analysis
Geographically, the regions covered in the global waffles market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Belgium, Netherlands, Russia, Switzerland, Denmark, Sweden, Poland, Turkey, and rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, New Zealand, Vietnam, Philippines, and rest of Asia-Pacific, South Africa, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, and rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
As per Data Bridge Market Research analysis:
Europe is expected to dominate the global waffles market
Europe is expected to dominate the global waffles market due to increasing consumer demand, culinary innovations, and a diverse range of waffle offerings, solidifying the region's prominent position.
Asia-Pacific is estimated to be the fastest-growing region in the global waffles market
Asia-pacific is expected to be the fastest-growing during the forecast period 2024 to 2031 due to rising consumer demand, evolving food preferences, and increased accessibility to diverse waffle offerings.
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