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Waffle Maker Market Segmented By Stove-Top Waffle Irons, Classic Round Waffle Makers, Square Belgian Waffle Makers, Round Belgian Waffle Makers Product in Small and Large Size
The global waffle maker market is projected to expand at ~5.8% CAGR and reach ~US$ 405 million by the end of 2033, up from its current market size of ~US$ 221 million in 2022.
Global Waffle Maker Market Size (2022A)
~US$ 221 million
Global Waffle Maker Market Size (2023E)
~US$ 234 million
Projected Sales of Waffle Maker Market (2033F)
~US$ 405 million
Value CAGR (2023 to 2033)
Collective Value Share: Top 3 Countries (2022)
The growing integration of quality and innovation is what is driving the rise of huge waffle maker market. Waffle makers are anticipated to expand quickly as people's lifestyles change globally as a result of increased disposable income. Additionally, consumers across a range of socioeconomic levels and in western nations like the United States and Canada consider waffles as a staple breakfast food. Additionally, the global market expansion has been solidified by the growing consolidation of value-added features in waffle makers, which supports customer access to higher-quality products.
More people are choosing to buy Waffle makers for residential application due to the simplicity of the cooking cycle, low running costs, great efficiency, minimal counter space occupation, high productivity, and ease of cleaning and sanitising. Interest in the waffle maker market is likewise anticipated to rise with the expansion of personal extra cash and a growing popularity of waffle makers.
The use of waffle makers has historically increased from 2017 to 2022 at a CAGR of about 4.5%, with developed nations including the United States, Canada, Germany, and the United Kingdom holding a sizable portion of the global market.
Due to rising consumer spending power and increased consumer knowledge of the food and service industries, the waffle maker market is expanding rapidly. Additionally, as people's awareness of health issues has grown, more people are cooking and eating at home, which is good for the waffle maker sector.
Additionally, a number of industry participants are giving new product innovation top priority. The projection years will see the economic variables being pushed by changing western customs, which will increase the waffle maker market's potential for growth.
Due to consumers' increasing need for technological developments in waffle-maker machines, the waffle maker market is probably growing favourably. Sales are projected to increase as a result of the increased demand for automatic items in the food and service sectors, which have a tendency to have a variety of advantageous effects.
Additionally, during the projection period, technical developments will boost waffle maker sales, increasing the global market's revenue. The current market share belongs to restaurants, cloud-kitchens, and other business sectors; however, the aforementioned causes are anticipated to increase demand for waffle makers in residential regions as well.
The market's growing desire for high-quality, durable cooking equipment is one of the main factors influencing waffle maker demand. The industry players are also making ongoing attempts to satisfy this consumer need.
Furthermore, the expansion of cultural and sporting activities, combined with people's shifting preferences for outdoor gatherings, are projected to support the waffle maker sector. Additionally, the waffle maker is a superb invention that is much sought after by customers of all ages and has a variety of uses in both the commercial and residential sectors.
What will boost the Sales of Waffle Maker in the UK?
Due to the increasing demand for waffle makers and accelerated adoption of innovative and efficient products that can operate on a variety of energy sources and contribute to energy conservation, the population in the UK is projected to contribute at an increasing rate to the sales of waffle makers.
Additionally, the evergreen European tradition of hosting gatherings of family and friends for all occasions is anticipated to increase demand for simple and effective cooking equipment, such as waffle makers. UK contributed the one of the major share of ~16% in the Europe waffle maker market.
Why is India a Major Investing Ground for Global Investors?
The Indian food service market, which has shown tremendous growth over the last 10 years, is one of the markets with rapid anticipated growth over the projection period. A substantial share of the working-age population is the driving force behind the Indian food service industry. The industry reaps the rewards of organised retail space by encouraging the growth of national and international brands in a range of formats.
The South Asian market for waffle makers is projected to have significant sales in India, driven mostly by the expanding number of applications and demands in the restaurant, fast-food, cloud-kitchen, and residential settings. As a result, the Indian waffle maker market is estimated to grow at a robust CAGR of nearly 10.5%.
What is the Scope of Waffle Maker Market in Brazil?
During the projection period, the market in Brazil is anticipated to expand at a reported CAGR of 6.7%. A lot of businesses are concentrating on developing new waffle-making products. Additionally, these waffle makers have a sturdy design for industrial kitchens and strong features like timers and temperature controls that aid in energy conservation. Additionally, throughout the course of the forecast period, the market for waffle producers is anticipated to rise at a high rate due to the growing tendency of developing economies consuming western foods.
The hospitality industry's expanding offerings are extremely important to the developing country. In addition, players based in Brazil engage in social activities aside from promotional ones. For instance, AMPI.BE publishes a variety of articles on various waffle machines and recipes for both domestic and commercial use, which helps society. Such elements could increase interest in waffle makers.
Which Product Type Holds the Major share of the Market?
Round Belgian waffle makers are predicted to grow at a remarkable rate of about 3.6% CAGR during the forecast period. Due to their special feature that allows the operator to cook the waffle from both sides and thus give the customer the desired result, Round Belgian Waffle Makers are more commonly used. On the other hand, Belgian waffles and American waffles, which are considered to be the most popular types of waffles are generally made round. This is another factor owing to the rise in sales of round Belgian waffle makers.
Which Material Type is will have Increased Demand in Projection Period?
Because aluminium is a ductile metal with a high melting point and good thermal conductivity, demand for it has increased and is likely to keep growing. Food appliances are typically made of alloys like steel and metals like aluminium. The most often utilised metals are copper and aluminium because of their capacity to transmit heat. This has made it possible for people in the food and service business to increase work efficiency, and as a result, a CAGR of 7.4% is anticipated.
Which Sales Channel will Gain Traction through the Forecast Years?
Online sales are anticipated to outperform all other sales channels during the projection period, with a highest CAGR of 9.2%. Customers' lifestyles have evolved in recent years, encouraging them to choose quick, simple solutions to make buying things more enjoyable. Additionally, since people's concerns about their health have grown, more people are cooking and eating at home, which is driving up the selling of waffle makers on online marketplaces.
Players operating in the market are finding new ways to expand their product portfolio across regions. The waffle makers market is categorized as a highly competitive market with the growing penetration of various players in the industry. Further, it promotes the development and innovation of products to create a point of difference when compared to the rest. In light of this few players have expanded their portfolio to include a range of waffle makers as desired by the customers.
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The global waffle maker market reached a valuation of US$ 234 million at the end of 2023.
Between 2017 and 2022, global sales of waffle maker increased at ~5.6% CAGR.
North America leads the global market and accounted for highest share in 2022.
Some of the leading manufacturers of waffle maker are Cuisinart, Sage Appliances, Wells Manufacturing, Brentwood Appliances, Chefman, Nordic Ware, mStar Manufacturing, VonShef, Nemco Food Equipment, Ltd., Karmpouz Company, CucinaPro, Hamilton Beach Brands, Inc., Sunbeam Products, Inc. (Oster) among others.
The global market for waffle maker is expected to expand at ~5.8% CAGR through 2033.