The telemedicine platform to decide the growth parameters of the Waffle Maker Market
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.
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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...
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