Global Waffles and Wafers Market – Industry Trends and Forecast to 2029

Global Waffles and Wafers By Type (Crackers and Savoury Waffles and wafers and Sweet Waffles and wafers), Ingredients (Flour, Sugar, Butter, Chocolate, Milk and Cream), Product (Rich Tea, Bourbon, Plain Waffles and Wafers, Chocolate Coated Waffles and Wafers and Filled Waffles and Wafers), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Retailers, Online Retailers and Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

Waffles and wafers are one of the most well-known and popular packaged snacks all over the world. They can be combined with a variety of ingredients such as nuts, chocolate flavour, coco chips, and sandwich fillings such as cream-based fruit, chocolate, and jam fillings.

Data Bridge Market Research analyses that the waffles and wafers market was valued at USD 85.00 billion in 2021 and is expected to reach the value of USD 122.74 billion by 2029, at a CAGR of 4.70% during the forecast period of 2022 to 2029.

Report Scope and Market Segmentation

Market Definition

A wafer is a crispy, thin, flat, dry cookie that is commonly used to garnish ice cream and other sweet dishes. Wafers can also be made into cookies by sandwiching cream flavorings or caramel between multiple pieces. When poured between two hot, patterned plates, a waffle is a cake-like food made from leavened batter. Waffles are loved by every age group people and they come in a various shapes and sizes. While traditionally served for breakfast, Waffles can also be enjoyed as a snack or dessert.

Waffles and Wafers Market Dynamics

Drivers

• Growing demand for healthy waffles and wafers among millennials

Due to the product innovations in the food sector and the use of high-quality ingredients, demand for waffles and wafers has been on the rise. Waffles and wafers in various forms such as multiple grains, Ragi, Oats, and others capture millennials' attention who prefer to stay fit with ready-to-eat food. Furthermore, bakery manufacturers are attracting customers through innovative packaging solutions, which are expected to drive growth.

• Entrance of supermarkets and plazas has led to the overall perceptibility of numerous waffles and wafers stalls

The rising urban population worldwide and rising demand for on-the-go snacks, particularly in developed and emerging economies, are the primary drivers of the global biscuit market. Furthermore, business drivers supporting the emergence of global crackers exchange portions include accelerated urbanization, increased disposable wages, and the beginning of settled lifestyles. The entrance of supermarkets and plazas has led to the overall perceptibility of numerous waffles and wafers with various flavours and forms. TV commercials have also evolved into marketing strategies as a component of retailing. Selling methods and tactics also contribute to business maturity. As a result, biscuit companies are constantly looking for new ideas and successions to capture consumers' attention.

Opportunity

The major companies in the global market are making significant efforts to bring gluten-free wafers to retail shelves. Despite the fact that the frequency of celiac disease has remained steady in recent years, an increasing number of people are avoiding gluten-containing foods, according to an independent research study. Bakery makers will be able to sell gluten-free sweet waffles and wafers to the market as a result of this.

Restraints

High raw material costs and an increasing tax burden on the industry are the challenges that the waffles and wafers market will face in the near future. In addition, a lack of food ingredients and labour are factors that will pose a additional challenge to the biscuit market.

This waffles and wafers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the waffles and wafers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Waffles and Wafers Market

The COVID-19 pandemic had both positive and negative effects on the waffles and wafers market. The negative market impact was caused by disruptions in global supply chains, resulting in companies closing their factories or working with limited staff, resulting in low production. Furthermore, consumers stacking items with a long shelf life, such as waffles and wafers, resulted in less product availability on the market. Nonetheless, the demand for nutritious oat-based and nut-based waffles and wafers was driven by consumers seeking convenient, healthy snacking options.

Recent Development

• Mondelez International announced the acquisition of Gourmet Food Holdings Pty Ltd, an Australian food company that sells premium waffles and wafers and crackers, in March 2021. Mondelez expands its snacking leadership in Australia and New Zealand with this acquisition.
• Kellogg invested BRL 215 million (USD 68 million) in January 2019 to expand the factory owned by Parati Group in Sao Lourenco, do Oeste, Brazil. The Parati Group has two factories in Santa Catarina and sells waffles and wafers, crackers, stocks, pasta, and powdered drinks under the brands Parati, Padua, Minueto, Zoo Cartoon, and Hot Crackers.

Global Waffles and Wafers Market Scope

The waffles and wafers market is segmented on the basis of type, ingredients, product and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Crackers and savoury waffles and wafers
• Plain crackers
• Flavored crackers
• Sweet waffles and wafers
• Plain waffles and wafers
• Cookies
• Sandwich waffles and wafers
• Chocolate-coated waffles and wafers
• Other sweet waffles and wafers

Ingredients

• Flour
• Sugar
• Butter
• Chocolate
• Milk
• Cream.

Products

• Rich tea
• Bourbon
• Plain waffles and wafers
• Chocolate coated waffles and wafers
• Filled waffles and wafers

Distribution channel

• Supermarkets
• Hypermarkets
• Convenience stores
• Online Retail stores
• Online

Waffles and Wafers Market Regional Analysis/Insights

The waffles and wafers market is analysed and market size insights and trends are provided by country, type, ingredients, product and distribution channel as referenced above.

The countries covered in the Waffles and wafers market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Global, Brazil, Argentina, Rest of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa.

The Asia-Pacific region dominated the global Waffles and wafers Market by geography in terms of revenue and market share owing to the region's rising middle-class population and rising disposable income in developing countries such as India and China. Furthermore, rising demand for waffles and wafers as a substitute for bread and confectioneries in this region is positively impacting the global waffles and wafers market. Europe is expected to generate the highest CAGR in the market. This is due to rising consumption of sandwich waffles and wafers, particularly among the working-class population in Italy and Spain which has been leading to market growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Waffles and Wafers Market Share Analysis

The waffles and wafers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to waffles and wafers market.

Some of the major players operating in the waffles and wafers market are:

• ITC Limited (India)
• Kambly SA (Switzerland)
• Mondelez International (US)
• PepsiCo (US)
• The Kraft Heinz Company (US)
• Annie's Homegrown, Inc. (US)
• Parle Products Pvt. Ltd. (India)
• Patanjali Ayurved (India)
• Britannia (India)
• Kellogg Co (US)
• pladis global (UK)
• Walkers Shortbread Ltd (UK)
• Lotus Bakeries NV (Belgium)
• Nestle SA (Switzerland)
• Burton’s Foods Ltd. (UK)