NEW YORK — Driven by manufacturers focused on undertaking innovative marketing strategies, the frozen waffles market is forecast to register compound annual growth of more than 5% by 2022, according to a new report from Technavio.
The global market research firm said the frozen waffles market will increase by $292.4 million during 2018-22, with year-over-year growth rate for 2018 estimated at 4.46%. Sixty per cent of the growth is expected to come from the Americas, Technavio said.
One of the key drivers for the frozen waffles market over the next several years will be increasing market campaigns.
“Food companies heavily depend on various marketing strategies, such as advertising and product promotions, to increase sales,” Technavio said. “Many manufacturers are focusing on marketing campaigns owing to digitization and related developments.”
Technavio also noted that the frozen waffles category faces strong competition from substitute products.
“Food manufacturers produce various other products that have the same nutritional value as breakfast cereals and offer indulgence and health benefits to consumers,” the research firm said.
The competitive landscape, with two market leaders, also will be a factor.
“The market appears to be fragmented, and with the presence of several companies, including PepsiCo and Van’s Foods, the competitive environment is quite intense,” Technavio said. “Factors such as the increasing marketing campaigns and the new product launches will provide considerable growth opportunities to frozen waffles manufacturers.”
Last fall, Kellogg Co., Battle Creek, Mich., updated its line of Thick & Fluffy Belgian-Style Waffles and added a new variety. The Double Chocolatey flavor features a chocolate waffle made with cocoa and embedded with chocolate chips.
Van’s International Foods, Inc., Phoenix, also offers a wide variety of frozen waffles, including organic waffles, mini waffles and gluten-free waffles featuring ancient grains.