The Asia Pacific frozen waffles market is expected to grow from US$ 598.75 million in 2023 to US$ 924.88 million by 2030. It is estimated to grow at a CAGR of 6.4% from 2023 to 2030.
Rising Growth of E-commerce Fuel Asia Pacific Frozen Waffles Market
The organized retail sector has undergone a massive transformation in recent years. The emergence of e-commerce resulted in considerable changes in how people shop and spend their money. The increasing penetration of smartphones and the internet, easy access to emerging technologies, rising purchasing power, and convenience provided by online retail platforms of shopping from anywhere are key factors driving the growth of e-commerce platforms.
People increasingly prefer online retail platforms for purchasing frozen foods. The online sales of food and beverages increased significantly during the COVID-19 pandemic due to the closure of brick-and-mortar stores and government restrictions. As lockdowns first constrained individuals and subsequently continued to work from home, there was a substantial shift to online shopping. Other factors influencing consumers to shop online include heavy discounts, availability of various products of different brands under one roof, and home delivery options. With the rising penetration of e-commerce across different countries, the manufacturers of frozen waffles are also enhancing their online presence by selling their products through well-known e-commerce platforms such as Amazon.com, Lidl, and Walmart. This factor is further expected to drive the growth of the frozen waffles market over the coming years.
Asia Pacific Frozen Waffles Market Overview
Countries considered for the frozen waffles market in the Asia Pacific comprises Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Emerging countries in the region are witnessing a surge in health-conscious consumers that will create demand for frozen waffles. The busy lifestyle of the growing urban middle-class population, who prefer a convenient and healthy diet, is the primary factor boosting the demand for frozen waffles in the region. Due to rising urbanization, rising disposable incomes, and growing health-conscious consumers, the demand for frozen breakfast snacks increased across the region. Moreover, the frozen waffles market is also projected to grow due to increased promotional and advertisement strategies by various manufacturers operating in the market.
Consumers' rising population and disposable income in developing economies such as China, India, Indonesia, and Malaysia are significant drivers of the frozen waffles market growth. Manufacturers are enhancing their products by using different flavors. Thus, manufacturers' initiatives boost the demand for frozen waffles across the region.
Asia Pacific Frozen Waffles Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Frozen Waffles Market Segmentation
The Asia Pacific frozen waffles market is segmented into type, category, and distribution channel, and country.
Based on type, the Asia Pacific frozen waffles market is segmented into flavoured and unflavoured/plain. The flavoured segment held a larger share of the Asia Pacific frozen waffle market in 2023.
Based on end category, the Asia Pacific frozen waffles market is segmented into gluten free and conventional. The conventional segment held the largest share of the Asia Pacific frozen waffles market in 2023.
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 the largest share of the Asia Pacific frozen waffles market in 2023.
Based on country, the Asia Pacific frozen waffles market is segmented into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the share of the Asia Pacific frozen waffles market in 2023.
AVIETA S.A.; Planetary Foods Pvt Ltd (Waffle Mill); Dely Wafels SRL; and Kellogg's Company are some of the leading companies operating in the Asia Pacific frozen waffles market.