At 6.4% CAGR, the Asia Pacific Frozen Waffles Market is projected to be worth US$ 924.88 million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific frozen waffles market was valued at US$ 598.75 million in 2023 and is expected to reach US$ 924.88 million by 2030, registering a CAGR of 6.4% from 2023 to 2030. Product innovation is the critical factor attributed to the Asia Pacific frozen waffles market expansion.

Manufacturers of frozen waffles, such as Griddle, Van’s Foods, and Nature’s Path Foods, are launching innovative products to expand their customer base and meet emerging consumer trends. Manufacturers are launching gluten-free, plant-based, organic, and clean-labeled products in various flavors to attract consumers. In recent years, veganism gained significant momentum. Consumers are highly inclined toward plant-based products as they perceive them as healthier than conventional ones. Additionally, people prefer plant-based food due to increasing awareness regarding animal protection and environmental sustainability.

Companies are also launching products targeting the children's segment, as waffles are popular among kids. For instance, in August 2021, Nature’s Path Foods launched waffles for kids under its EnviroKidz brand, which are organic, gluten-free, and contain plant-based protein. They come in two variants, such as Penguin Party, with a mild flavor of cinnamon, and Polar Berry, with a blueberry flavor. The company launched this product line on National Waffle Day, celebrated on August 24, 2021. The rising investment of companies in developing new and innovative products is projected to open lucrative growth opportunities in the frozen waffles market over the forecast period.

On the contrary, high preference for traditional breakfast products in selected countries hampers the Asia Pacific Frozen Waffle Market.  

Based on type, the Asia Pacific frozen waffles market is segmented into flavored and unflavored/plain. The flavored segment held 84.8% share of Asia Pacific frozen waffles market in 2023, amassing US$ 507.76 million. It is projected to garner US$ 790.26 million by 2030 to expand at 6.5% CAGR during 2023–2030. 

Based on category, the Asia Pacific frozen waffles market is segmented into gluten-free and conventional. The conventional segment held 79.5% share of Asia Pacific frozen waffles market in 2023, amassing US$ 476.02 million. It is projected to garner US$ 729.61 million by 2030 to expand at 6.3% CAGR during 2023–2030.

Based on distribution channel, the Asia Pacific frozen waffles market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 59.5% share of Asia Pacific frozen waffle market in 2023, amassing US$ 356.19 million. It is projected to garner US$ 540.78 million by 2030 to expand at 6.1% CAGR during 2023–2030.

Based on country, the Asia Pacific frozen waffles market has been categorized into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the China captured 38.8% share of Asia Pacific frozen waffle Market in 2023. It was assessed at US$ 231.90 million in 2023 and is likely to hit US$ 356.08 million by 2030, exhibiting a CAGR of 6.3% during the forecast period.      

Key players operating in the Asia Pacific frozen waffle market are Kellogg's Company; DELY Wafels; AVIETA S.A.; and Planetary Foods Pvt Ltd (Waffle Mill); among others.   

• In April 2023, Kellogg expanded its Eggo lineup with three new flavors: Eggo Vanilla Bean Grab & Go waffles, Eggo Chocolatey Chip Banana waffles, and Eggo Berry Blast Mini Toast waffles. The Eggo Vanilla Bean Grab & Go is a Liege-style waffle. This is a Belgian-inspired street food staple with brioche dough and baked through with bits of pearl sugar, butter, and a vanilla flavor infusion.

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