The frozen Belgian waffles market size is projected to reach US$ 2.05 billion by 2031 from US$ 1.37 billion in 2023. The market is expected to register a CAGR of 5.2% during 2023–2031. The increasing demand for gluten-free products is likely to continue as a key trend in the market.
Quick service restaurants (QSRs) have gained major traction as consumers increasingly prioritize convenience owing to their fast-paced lifestyle. 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
Frozen Belgian waffle is 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 pandemic, out-of-home consumption drove the demand for frozen Belgian waffles from the foodservice sector. Owing to the aforementioned factors, frozen Belgian waffles are witnessing increasing global demand, mainly in developed countries. However, due to the strong cultural influence on people's consumption habits in various developing countries, including India, Japan, 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 market.
Consumers are not able to focus on their personal lives due to the increasing number of single-person households and dual-income families. 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 enjoyed 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 expansion of cold chain capacity in emerging countries varies for each country. In most countries, such as Mexico, South Africa, and Kenya, the cold chain is present in urban areas and transportation terminals, such as airports, where exporters may be situated. Moreover, market service providers are constantly enhancing their technologies to stay ahead of the competition and maintain integrity, efficiency, and safety across the globe. For example, vendors have implemented Radio Frequency Identification (RFID) technology and Hazard Analysis and Critical Control Points (HACCP) to enhance efficiency with smaller shipments. Further, to provide additional service to consumers, they are expanding their multi-compartment refrigerated vehicle fleets. Thus, advancements in cold chain infrastructure are expected to offer lucrative opportunities for the frozen Belgian waffles market players.
Key segments that contributed to the derivation of the frozen Belgian waffles market analysis are product type, nature, category, and end user.
The geographic scope of the frozen Belgian waffles market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Constant changes in consumer preferences and a rise in diverse culinary experiences led to the popularity of convenience food options, which boosted the demand for frozen Belgian waffles in Europe. Consumers are also seeking convenient and versatile options for various dishes, such as breakfast plates and sweet baked goods, which contributes to the growing sales of frozen Belgian waffles.
A rise in the working population and dual-income families promotes the consumption of processed foods such as frozen Belgian waffles in Europe. For instance, Eurostat reported that ~73.1% of the population in the region, amounting to 250 million people, were working professionals in 2021. In the same year, the Department of Public Health of Belgium estimated that ultra-processed food and drink consumption increased to 44% in the UK and 14% in countries such as Italy and Romania.
The strong presence of the retail sector and inclination toward online shopping are boosting the demand for frozen Belgian waffles in Europe. Retailers offer frozen Belgian waffles from various brands and implement promotional strategies to boost sales. For instance, the brands that provide frozen Belgian waffles extend significant discounts and deals to draw in customers who prefer them.
The regional trends and factors influencing the Frozen Belgian Waffles Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Frozen Belgian Waffles Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.37 Billion |
| Market Size by 2031 | US$ 2.05 Billion |
| Global CAGR (2023 - 2031) | 5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Frozen Belgian Waffles Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Frozen Belgian Waffles Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The frozen Belgian waffles market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A key recent development in the frozen Belgian waffles market is mentioned below:
The "Frozen Belgian Waffles Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Frozen Belgian Waffles Market
The increasing preference for gluten-free products is likely to emerge as a key trend in the market in the future.
Europe accounted for the largest share of the market in 2023.
The expansion of quick-service restaurants and business development initiatives by key market players are major factors contributing to the growth of the market.
The market size is projected to reach US$ 2.05 million by 2031.
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, and La Lorraine Bakery Group are a few of the key players operating in the market.