The global frozen pizza market size is expected to reach USD 25.2 billion by 2027, expanding at a CAGR of 3.2%, according to a new report by Grand View Research, Inc. Rising demand for the ready-to-eat food coupled with the immense popularity of pizzas among millennials, the young generation, and the working-class population across the globe is the key factor for market growth. Moreover, changing lifestyles and food preferences owing to a busy work schedules are also offering new scope for the market.
Over the past few years, pizza has achieved massive popularity as an iconic dish among the young generation and working-class population across the world. Moreover, rising house party culture is offering new market opportunities across the globe. Frozen pizzas have evolved as a ready to prepare food item for small get together. It takes less than 20 minutes to be prepared and contains a healthy dose of veggies, carbohydrates, protein, calcium, fats, and vitamins. It is often enjoyed with salads and fizz drinks, which makes it perfect for small gatherings. These consumer trends are anticipated to drive the market over the forecast period.
North America dominated the market and accounted for a revenue share of more than 35.0% in 2019. The U.S. and Canada are the largest consumers of frozen food owing to their higher shelf life and popularity. The popularity of such products is so high in the U.S that the ‘National Pizza Day’ is celebrated every year on the 9th of February. Moreover, according to Alto-Hartley, Inc., a kitchen equipment and installation company in the U.S., more than 40.0% of the U.S. population eats pizza every week. These consumer trends are propelling the demand for the product in the regional market.
Click the link below:
Further key findings from the report suggest
- Regular was the largest product segment with a market share of more than 40.0% in 2019 and expected to maintain dominance over the forecast
- The medium product segment is expected to witness a CAGR of 3.5% from 2020 to 2027. Rising trend of house parties among college grads, the young generation, and the working-class population is opening new scope for the product in the global market
- HoReCa (Hotel/Restaurant/Café) was the largest distribution channel segment with a market share of more than 59.1% in 2019 and anticipated to maintain the dominance over the forecast period owing to the increasing occurrence of QSR (Quick Restaurant Services) chains
- In Asia Pacific, the market is anticipated to witness a CAGR of 4.0% from 2020 to 2027. With the increasing popularity of pizzas in developing countries like China, India, Bangladesh, and the Philippines, the region is expected to remain one of the key potential regions.