South & Central America Frozen Belgian Waffle Market Report by Scope, Segmentation, Dynamics, and Competitive Analysis

The South & Central America frozen Belgian waffle market size is expected to reach US$ 192.97 million by 2031 from US$ 124.77 million in 2023. The market is estimated to record a CAGR of 5.6% from 2023 to 2031.

Executive Summary and South & Central America Frozen Belgian Waffle Market Analysis:

The shift in consumer lifestyle and dietary patterns is a major factor in boosting the frozen waffles market growth in South & Central America. Because of increased disposable income, consumers are seeking frozen Belgian waffles that offer high-quality and distinct features, including all-purpose and whole-grain varieties. Economic factors also bolster the demand for convenience and ready-to-eat food products. With an increasing disposable income, consumers are more willing to pay a premium amount for products that save time and also offer convenience without compromising quality. Consumers in the region are highly interested in experimenting with new and international flavors in their desserts, which is significantly driving the demand for frozen Belgian waffles.

There is a growing demand for frozen Belgian waffles from the foodservice sector in South & Central America. These waffles are popular in cafes, restaurants, hotels, and other food service establishments due to their convenience and ability to cater to a wide range of customers. Foodservice providers in this region are increasingly offering frozen Belgian waffles on their menus to attract consumers looking for unique and indulgent breakfast and dessert options. The convenience of serving pre-made waffles that need to be heated up is a significant factor driving their adoption in the foodservice sector.

South & Central America 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.

South & Central America 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 Brazil, 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.

South & Central America Frozen Belgian Waffle Market Country Insights

Based on country, the South & Central America frozen Belgian waffle market comprises Brazil, Argentina, and Rest of South & Central America. The Rest of South & Central America held the largest share in 2023.

Chile, Peru, Colombia, and Costa Rica are among the key countries in the Rest of South & Central America. These countries are expected to offer potential opportunities for the frozen Belgian waffles market owing to substantial economic growth, increasing influence of people in countries regarding a healthy lifestyle, and growing interest in the consumption of ready-to-cook food products. The growth of the cold chain logistics further helps the distribution channels in these countries make the products accessible to a wider consumer base.

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.

South & Central America 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 publisher 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 South & Central America frozen Belgian waffle market in 2023

A. The Rest of South & Central America accounted for the largest share of the South & Central America frozen Belgian waffle market in 2023.

Q. What are the driving factors impacting the South & Central America 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 South & Central America 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.

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