Asia Pacific is expected to register the highest CAGR in the forecast period of 2023–2031. Europe held the largest share of the frozen Belgian waffles market. Frozen Belgian waffles are becoming increasingly popular in Asia Pacific. The market sells a wide variety of frozen Belgian waffles, including classic plain waffles, rich and fluffy chocolate waffles, and waffles infused with various fruits for extra flavor. This diverse range of options aims to cater to consumers’ various tastes and preferences. The Asia Pacific frozen Belgian waffles market is expanding rapidly due to the growing consumer interest in Western breakfast options and the increasing demand for convenient, ready-to-eat food products. The increasing influence of Western culture on people in Asia Pacific positively impacts the demand for frozen Belgian waffles in the region. As globalization continues, there is a growing trend of culinary exchanges, particularly those from North America and Europe, gaining popularity among consumers in Asia Pacific.
The rising number of restaurants and quick service restaurants (QSRs) is driving the frozen Belgian waffles market in Asia Pacific. The major players are expanding their reach by spreading their products to restaurants and QSRs in Asia Pacific. In 2021, The Belgian Waffle Co expanded its reach by adding new outlets and entering the FMCG category through e-commerce platforms and stores. The brand aims to be present across various categories, including QSRs, e-commerce platforms, modern trade, and A-list stores. This has resulted in a considerable increase in the company sales of frozen Belgian waffles. The market growth in this region is driven by a surge in demand for frozen Belgian waffles among all age groups.
Advancements in Cold Chain Infrastructure to Create Opportunities for Frozen Belgian Waffles Market
Cold chain logistics have proven critical for any country seeking to improve the market share of frozen food products such as frozen Belgian waffles. Cold chain infrastructure has increased significantly in recent years. For instance, according to the United States Department of Agriculture (USDA), The US had 3.7 billion cubic feet of gross refrigerated storage capacity, an increase of 2.2% from 2020. Similarly, in 2020, the total capacity of refrigerated warehouses worldwide surged to 719 million cubic meters, a 16.7% increase from the capacity reported in 2018, as per the International Institute of Refrigeration (IIR) and the Global Cold Chain Alliance (GCCA) report.
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.
Frozen Belgian Waffles Market: Segmental Overview
Based on product type, the frozen Belgian waffles market is divided into Brussel waffles and Liege waffles/Belgian sugar waffle. The Brussel waffles segment held a larger share of the market in 2023. These waffles are more neutral in taste and lower in sugar than the Liège waffle/Belgian sugar waffle. Thus, consumers with diabetic disorders prefer Brussels waffles to Liège waffles/Belgian sugar waffles. Additionally, the demand for Brussels waffles is increasing among calorie-conscious consumers across the globe.
By nature, the market is bifurcated into plain and flavored. The flavored segment held a larger share of the market in 2023. Consumers significantly prefer flavored waffles as they have to put less effort into the preparation or adding ingredients that impart flavor to the products. Additionally, the popularity of food retail channels further drives the demand for flavored waffles. To attract consumer interest, waffle manufacturers are growing their product portfolio by introducing new flavors such as fruit flavors, vanilla, and cinnamon. Further, Kellanova and St Pierre offer flavored Belgian waffle varieties with enhanced functional properties to fulfill the population’s needs.
The frozen Belgian waffles market, based on category, is segmented into gluten-free and conventional. The gluten-free segment is expected to register a higher CAGR during the forecast period. The rise in health concerns among people is driving the demand for gluten-free frozen Belgian waffles. Gluten can cause gastrointestinal and systemic symptoms for gluten-related disorders such as Celiac disease, gluten ataxia, and wheat allergy. Thus, the market for gluten-free frozen Belgian waffles is expected to grow in the coming years owing to the demand for healthy products from consumers.
Based on end user, the frozen Belgian waffles market is segmented into foodservice and food retail. The food retail segment held a larger share of the market in 2023. The increasing consumption of frozen Belgian waffles among households is the major factor driving sales through food retail. For this, food retail channels are stocking up the shelves with these products. Thus, the consumer preference for food retail is increasing across the globe.
Frozen Belgian Waffles Market: Competitive Landscape and Key Developments
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 are among the prominent players profiled in the frozen Belgian waffles market report. These market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as new product launches, capacity expansions, partnerships, and collaborations to maintain a competitive edge in the market.