Asia Pacific Frozen Belgian Waffle Market Report 2021-2031 by Scope, Segmentation, Dynamics, and Competitive Analysis

List of Tables

The Asia Pacific frozen Belgian waffle market size is expected to reach US$ 427.24 million by 2031 from US$ 267.60 million in 2023. The market is estimated to record a CAGR of 6.0% from 2023 to 2031.

Executive Summary and Asia Pacific Frozen Belgian Waffle Market Analysis:

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 QSR outlets 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.

Asia Pacific Frozen Belgian Waffle Market Segmentation Analysis:

Key segments that contributed to the derivation of the frozen Belgian waffle market analysis are product type, nature, category, and end user.

By product type, the frozen Belgian waffle market is bifurcated into Brussels waffles and liege waffles/Belgian sugar waffle. The Brussels waffles held a larger share of the market in 2023.
By nature, the frozen Belgian waffle market is bifurcated into flavored and plain. The flavored held a larger share of the market in 2023.
In terms of category, the frozen Belgian waffle market is bifurcated into conventional and gluten-free. The conventional held a larger share of the market in 2023.
By end user, the frozen Belgian waffle market is bifurcated into foodservice and food retail. The food retail held a larger share of the market in 2023.

Asia Pacific Frozen Belgian Waffle Market Outlook

Cold chain logistics have proven to be 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. 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 India, 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.

Asia Pacific Frozen Belgian Waffle Market Country Insights

Based on country, the Asia Pacific frozen Belgian waffle market comprises China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. The Rest of Asia Pacific held the largest share in 2023.

New Zealand, Malaysia, Thailand, Singapore, Indonesia, the Philippines, and Vietnam are among the major countries in the Rest of Asia Pacific. The increasing demand for instant and ready-to-eat food products is driven by shifting consumer preferences toward convenience food and the rapid development of the foodservice and retail industries in the region. Additionally, the rising influence of Western eating habits and food culture boosts the demand for frozen Belgian waffles across the Rest of Asia Pacific.

Company Profiles

Some of the key players operating in the market include Avieta SA, Kellanova, Conagra Brands Inc, General Mills Inc, McCain Foods Ltd, Belgian Waffles Thijs, La Lorraine Bakery Group, and Riviana Foods Pty Ltd among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Asia Pacific Frozen Belgian Waffle Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

Company websites, annual reports, financial statements, broker analyses, and investor presentations.
Industry trade journals and other relevant publications.
Government documents, statistical databases, and market reports.
News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners' conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

Validate and refine findings from secondary research.
Enhance the expertise and market understanding of the analysis team.
Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

FAQs

Q. Which country dominated the Asia Pacific frozen Belgian waffle market in 2023

A. The Rest of Asia Pacific accounted for the largest share of the Asia Pacific frozen Belgian waffle market in 2023.

Q. What are the driving factors impacting the Asia Pacific frozen Belgian waffle market

A. Expansion of quick service restaurants and expansion of quick service restaurants are the major factors contributing to the market growth.

Q. What are the future trends of the Asia Pacific frozen Belgian waffle market

A. Preference for gluten-free waffles is likely to emerge as a key trend in the market in the future.

Q. Which are the leading players operating in the frozen Belgian waffle market

A. Avieta SA, Kellanova, Conagra Brands Inc, General Mills Inc, McCain Foods Ltd, Belgian Waffles Thijs, La Lorraine Bakery Group, and Riviana Foods Pty Ltd are a few key players operating in the market.

Product Code: BMIRE00031907

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Market Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. Asia Pacific Frozen Belgian Waffles Market Landscape

4.1 Market Overview
4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers:
- 4.3.2 Manufacturing Process:
- 4.3.3 Distributors or Suppliers:
- 4.3.4 End Users:

5. Asia Pacific Frozen Belgian Waffles Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Expansion of Quick Service Restaurants
- 5.1.2 Product Innovations and Strategic Initiatives
5.2 Market Restraints
- 5.2.1 Increasing Instances of Product Recalls
5.3 Market Opportunities
- 5.3.1 Advancements in Cold Chain Infrastructure
5.4 Future Trends
- 5.4.1 Preference for Gluten-Free Waffles
5.5 Impact of Drivers and Restraints:

6. Frozen Belgian Waffles Market - Asia Pacific Analysis

6.1 Frozen Belgian Waffles Market Revenue (US$ Million), 2021-2031
6.2 Frozen Belgian Waffles Market Forecast Analysis

7. Asia Pacific Frozen Belgian Waffles Market Analysis - by Product Type

7.1 Brussel Waffles
- 7.1.1 Overview
- 7.1.2 Brussel Waffles: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Liege Waffles/Belgian Sugar Waffle
- 7.2.1 Overview
- 7.2.2 Liege Waffles/Belgian Sugar Waffle: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)

8. Asia Pacific Frozen Belgian Waffles Market Analysis - by Nature

8.1 Flavored
- 8.1.1 Overview
- 8.1.2 Flavored: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Plain
- 8.2.1 Overview
- 8.2.2 Plain: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)

9. Asia Pacific Frozen Belgian Waffles Market Analysis - by Category

9.1 Conventional
- 9.1.1 Overview
- 9.1.2 Conventional: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Gluten-Free
- 9.2.1 Overview
- 9.2.2 Gluten-Free: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)

10. Asia Pacific Frozen Belgian Waffles Market Analysis - by End User

10.1 Foodservice
- 10.1.1 Overview
- 10.1.2 Foodservice: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
10.2 Food Retail
- 10.2.1 Overview
- 10.2.2 Food Retail: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)

11. Asia Pacific Frozen Belgian Waffles Market - Country Analysis

11.1 Asia Pacific
- 11.1.1 Asia Pacific: Frozen Belgian Waffles Market - Revenue and Forecast Analysis - by Country
  - 11.1.1.1 Asia Pacific: Frozen Belgian Waffles Market - Revenue and Forecast Analysis - by Country
  - 11.1.1.2 China: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.2.1 China: Frozen Belgian Waffles Market Breakdown, by Product Type
    - 11.1.1.2.2 China: Frozen Belgian Waffles Market Breakdown, by Nature
    - 11.1.1.2.3 China: Frozen Belgian Waffles Market Breakdown, by Category
    - 11.1.1.2.4 China: Frozen Belgian Waffles Market Breakdown, by End User
  - 11.1.1.3 Japan: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.3.1 Japan: Frozen Belgian Waffles Market Breakdown, by Product Type
    - 11.1.1.3.2 Japan: Frozen Belgian Waffles Market Breakdown, by Nature
    - 11.1.1.3.3 Japan: Frozen Belgian Waffles Market Breakdown, by Category
    - 11.1.1.3.4 Japan: Frozen Belgian Waffles Market Breakdown, by End User
  - 11.1.1.4 India: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.4.1 India: Frozen Belgian Waffles Market Breakdown, by Product Type
    - 11.1.1.4.2 India: Frozen Belgian Waffles Market Breakdown, by Nature
    - 11.1.1.4.3 India: Frozen Belgian Waffles Market Breakdown, by Category
    - 11.1.1.4.4 India: Frozen Belgian Waffles Market Breakdown, by End User
  - 11.1.1.5 Australia: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.5.1 Australia: Frozen Belgian Waffles Market Breakdown, by Product Type
    - 11.1.1.5.2 Australia: Frozen Belgian Waffles Market Breakdown, by Nature
    - 11.1.1.5.3 Australia: Frozen Belgian Waffles Market Breakdown, by Category
    - 11.1.1.5.4 Australia: Frozen Belgian Waffles Market Breakdown, by End User
  - 11.1.1.6 South Korea: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.6.1 South Korea: Frozen Belgian Waffles Market Breakdown, by Product Type
    - 11.1.1.6.2 South Korea: Frozen Belgian Waffles Market Breakdown, by Nature
    - 11.1.1.6.3 South Korea: Frozen Belgian Waffles Market Breakdown, by Category
    - 11.1.1.6.4 South Korea: Frozen Belgian Waffles Market Breakdown, by End User
  - 11.1.1.7 Rest of APAC: Frozen Belgian Waffles Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.7.1 Rest of APAC: Frozen Belgian Waffles Market Breakdown, by Product Type
    - 11.1.1.7.2 Rest of APAC: Frozen Belgian Waffles Market Breakdown, by Nature
    - 11.1.1.7.3 Rest of APAC: Frozen Belgian Waffles Market Breakdown, by Category
    - 11.1.1.7.4 Rest of APAC: Frozen Belgian Waffles Market Breakdown, by End User

12. Competitive Landscape

12.1 Heat Map Analysis
12.2 Company Positioning & Concentration

13. Company Profiles

13.1 Avieta SA
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 Kellanova
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 Conagra Brands Inc
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 General Mills Inc
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 McCain Foods Ltd
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 Belgian Waffles Thijs
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 La Lorraine Bakery Group
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 Riviana Foods Pty Ltd
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments

14. Appendix

14.1 About The Insight Partners