Waffle Maker Market

Market Snapshot

The waffle maker market is witnessing steady growth in 2021 with worldwide revenue up 5.2% year-on-year. Revenue from the sales of waffle makers across the world is set to increase 2X by 2031, topping a valuation of US$ 363 Mn by 2031. South Asia is projected to be a lucrative market for waffle maker manufacturers, expected to surge at nearly 10% CAGR through 2031.

Key Points Addressed in Waffle Maker Industry Research:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Waffle Maker Sales and How to Navigate
• Recommendation on Key Winning Strategies

Demand Analysis of Waffle Makers from 2016 to 2020 Vs. Market Projections for 2021 to 2031

Historically, from 2016 to 2020, use of waffle makers increased at around 4.1% CAGR, with developed countries such as the U.S., Canada, Germany, and U.K. holding significant share in the global market.

More people cooking and consuming food at home has been having a positive impact on waffle maker sales of late. Additionally, various waffle maker suppliers are prioritizing new product innovation.

Overall, the global waffle maker market is projected to rise at a healthy CAGR of 5.6% over the next ten years.

Will Automation in Technology Boost Sales of Waffle Makers?

Growth of the waffle maker industry is seen to be favorable owing to technological advancements in waffle-maker machines. Growing demand for automated products in the food service industry is compelling waffle maker manufacturers to innovate and come out with advanced products.

Restaurants, cloud-kitchens, and other commercial sectors lead the current market share; however, the above-mentioned factors are likely drive demand for waffle makers in residential sector as well, thereby augmenting overall market growth.

Are Evolving Lifestyles Impacting Market Expansion for Waffle Makers?

One of the major factors that is driving demand for waffle makers is evolving end-user demand for superior and long-lasting cooking equipment. Moreover, changing preferences of individuals and rising popularity of outside gatherings and cultural & sports activities are likely to favor waffle maker sales over the coming years.

Further, the waffle maker is an excellent invention that is seeing high demand among consumers of all ages, from both, commercial and residential sectors.

Country-wise Analysis

Will Rising Trend of At-home Cooking in the U.S. Augment Sales of Waffle Makers?

The market in the U.S. is expected to progress steadily at a CAGR of 3.3% over the forecast period 2021-2031.

The market is witnessing consumers shifting toward the DIY concept and adopting healthy eating habits. They are innovating waffle recipes by using high-fiber ingredients and consuming at-home cooked deserts on a large scale. This is playing out well for waffle maker suppliers in the country.

Will India Emerge as a Major Investing Ground for Waffle Maker Suppliers?

The market for waffle makers in India is slated to surge at a CAGR of 11% over the next ten years, making it a lucrative investment destination for market players.

The Indian market is likely to project high sales of waffle makers in the South Asian region, led majorly by growth in the number of applications and needs in sectors such as restaurants, fast-food joints, cloud-kitchens, and residential locations.

Will Increasing Promotional Activities Drive Waffle Maker Sales in Brazil?

The market in Brazil is expected to expand at a CAGR of 4.2% during the forecast period through 2031. This developing country is highly dependent on the expanding services of the hospitality sector.

The waffle making trend is catching on in Brazil as a result of numerous promotional activities. For instance, AMPI.BE shares various articles on different kinds of waffle makers and recipes for both, residential and commercial purposes. Such activities are likely drive demand for waffle makers in the country over the coming years.

Category-wise Insights

Which Waffle Maker Type Enjoy Huge Popularity?

In terms of product, popularity of round Belgian waffle makers is high, and the segment is expected to rise at a steady 3.6% CAGR over the decade.

The adoption rate of round Belgian waffle makers is comparatively higher due to their unique features that enable users to make waffles from both sides.

Why are Aluminum Waffle Makers Highly Recommended for Commercial Purposes?

Aluminum waffle makers are witnessing growing demand especially for commercial purposes owing to high strength, lightweight mechanism, and longer usability period. This has enabled the food and service industry to improve efficiency of the process, and, as such, the segment is projected to surge at a CAGR of 7.8% over the next ten years.

Will Online Retailers Register Significant Growth in Sales of Waffle Makers?

As per the market study, in terms of distribution channel, online sales are expected to dominate over the forecast period at a highest CAGR of 9.6%. Recent times have changed the lifestyle of customers, shifting them to opt for easy and quick alternatives for food consumption, and waffle makers fit into this trend perfectly.

Furthermore, more individuals are cooking and consuming food at home, especially with the onset of COVID-19, which bodes well for the sale of waffle makers through online platforms.

COVID-19 Impact on Market

The sudden outbreak of COVID-19 completely shut down activities across regions, changing the lifestyle of individuals who emphasized majorly on essential items for survival. Moreover, restrictions on public gatherings at commercial areas and restaurants declined demand in the food and service industry, thereby affecting the sales of cooking equipment.

This encouraged waffle maker manufacturers and distributors to evolve accordingly and adapt new processes and customer-eccentric approaches in order to gain revenue. In order for the business to survive, manufacturers shifted to direct B2C with the help of various social media platforms, thus, opening up new growth opportunities for themselves.

Competition Landscape

Players operating in the market are finding new ways to expand their product portfolios across regions. The waffle maker market is categorized as a highly competitive space with growing penetration of various players in the industry.

Further, the market promotes development and innovation in products to create a point of difference. In light of this, a few players have expanded their portfolios to include a range of waffle makers as desired by varied customers.

Waffle Makers Industry Report Scope

Waffle Maker Survey Categorization

By Product

• Stove-Top Waffle Irons
• Classic Round Waffle Makers
• Square Belgian Waffle Makers
• Round Belgian Waffle Makers
• Others

By Size

• Small Size (2 Squares) Waffle Makers
• Large Size (4 Squares) Waffle Makers

By Material

• Stainless Steel Waffle Makers
• Plastic Waffle Makers
• Aluminum Waffle Makers
• Cast-iron Waffle Makers
• Non-stick Waffle Makers
• Others Waffle Makers

By End Use

• Residential Waffle Makers
• Commercial Waffle Makers
  • Hotels & Restaurants
  • Ice-Cream Parlors
  • Catering Industry
  • Others

By Price Range

• Under US$ 20 Waffle Makers
• US$ 20-100 Waffle Makers
• US$ 100 and Above Waffle Makers

By Sales Channel

• Wholesalers/ Distributors
• Supermarkets/ Hypermarkets
• Specialty Stores
• Multi-brand Stores
• Independent Small Stores
• Online Retailers
• Others

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