NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Global sales of waffle makers are estimated to reach a valuation of US$ 363 Mn by the end of 2031, increasing at a CAGR of 5.6%, mostly driven by high demand for square Belgian waffle makers, which held 27.7% market share in 2020.
Market players have been compelled to come up with innovative solutions as awareness of modern technology and equipment has grown; consumers, specifically the millennials, prefer innovative alternatives. This probably applies not only for the product itself but also for marketing. For example, in 2018, Cuisinart received recognition for its Recipe RoadTrip Contest and was presented with the AVA Gold award in the digital marketing and social campaign category.
Furthermore, evolving customer preferences and changing lifestyles throughout the world have prompted market players to provide a variety of waffle makers such as round waffle makers, square and round Belgian waffle makers, and so on. Moreover, to increase their consumer base, manufacturers are expanding their geographic footprint by constructing physical storefronts and e-Commerce websites across developing regions.
Innovation has fueled competition in this space, and has driven market players to provide unique, safe, and effective products.
In 2020, ALDKitchen launched a new range of kitchen equipment under the desert category in order to fulfil the growing popularity of desert making.
In 2021, Dash LLC's viral pumpkin and skull-shaped waffle makers were made available on Amazon. These waffle makers have become the best-selling Amazon product, and are going viral on other digital platforms as well such as TikTok for their spectacular results. This has helped Dash LLC gain new customers across regions.
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Key Takeaways from Market Study
- The market is highly fragmented in nature, giving clients only limited negotiating power. Collaborations with food bloggers, restaurants, and cooking enthusiasts are allowing key players to drive their presence in the market.
- The outbreak of novel coronavirus further highlighted the importance of healthy eating, which has helped attract consumer's attention toward home-cooked food and deserts, boding well for waffle maker sales.
- Square Belgian waffle makers are projected to hold the highest market share of around 27%.
- The commercial sector has the highest contribution toward waffle maker demand with a market share of around 53.6%.
- Sales of waffle makers across China are expected to rise at a CAGR of 5.5% from 2021 to 2031.
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"Leading companies are aggressively marketing a wide range of waffle makers, with a vast portfolio in various shapes, sizes, material, and so on, with the aim of increasing their consumer base," says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the waffle maker market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Cuisinart, Sage Appliances, Wells Manufacturing, Brentwood Appliances, Chefman, Nordic Ware, Star Manufacturing, VonShef, Nemco Food Equipment, LTD, Karmpouz Company, CucinaPro, Hamilton Beach Brands, Inc., Sunbeam Products, Inc. (Oster), Disney, ALDKitchen, Dash, LLC, Black+Decker Inc., Nostalgia Products, Roller Grill International S.A.S, National Presto Industries, Inc., amongst others.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the waffle makers market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product type, size, material type, end use, price range, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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