South & Central America Frozen Waffles Market
Published On: Sep 2023
Published On: Sep 2023
According to Business Market Insights research, the South & Central America frozen waffles market was valued at US$ 118.18 million in 2023 and is expected to reach US$ 163.76 million by 2030, registering a CAGR of 4.8% from 2023 to 2030. Surging demand for frozen and convenience food worldwide and rising trend of in-home consumption are the critical factor attributed to the South & Central America frozen waffles market expansion.
Over the past few years, the lifestyle of people evolved dramatically. Due to hectic work schedules, people are looking for products that save time and effort. 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. These factors are significantly boosting the demand for convenience food among consumers. Moreover, the increasing women's population, high per capita income, and rising middle-class population are key factors driving the growth of convenience food consumption.
The market for frozen food products is also growing as they have extended shelf-life, are suitable for single-person consumption, and can be prepared quickly, according to the 'Power of Frozen' report published by the American Frozen Food Institute and Food Industry Association. Frozen breakfast products such as pancakes, waffles, and breakfast cereals are gaining massive traction among consumers owing to the convenience of these products related to preparation and consumption. Thus, the rising demand for convenience food and frozen food products is driving the growth of the South & Central America frozen waffles market.
On the contrary, high preference for traditional breakfast products in selected countries hampers the South & Central America frozen waffle market.
Based on type, the South & Central America frozen waffles market is segmented into flavored and unflavored/plain. The flavored segment held 89.2% share of South & Central America frozen waffles market in 2023, amassing US$ 105.46 million. It is projected to garner US$ 146.86 million by 2030 to expand at 4.8% CAGR during 2023–2030.
Based on category, the South & Central America frozen waffles market is segmented into gluten-free and conventional. The conventional segment held 86.7% share of South & Central America frozen waffles market in 2023, amassing US$ 102.44 million. It is projected to garner US$ 140.99 million by 2030 to expand at 4.7% CAGR during 2023–2030.
Based on distribution channel, the South & Central America frozen waffles market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 62.1% share of South & Central America frozen waffle market in 2023, amassing US$ 73.41 million. It is projected to garner US$ 99.89 million by 2030 to expand at 4.5% CAGR during 2023–2030.
Based on country, the South & Central America frozen waffles market has been categorized into the Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Brazil captured 32.9% share of South & Central America frozen waffle market in 2023. It was assessed at US$ 38.87 million in 2023 and is likely to hit US$ 54.71 million by 2030, exhibiting a CAGR of 5.0% during the forecast period.
Key players operating in the South & Central America frozen waffle market are Kellogg's Company, DELY Wafels, Avieta SA, and Dr Schar AG, among others.
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