Frozen Pizza Market to Reach $39.3 Billion, Globally, by 2031 at 7.9% CAGR: Allied Market Research
Increase in disposable income, rise in standard of living, health consciousness among the consumers, and surge in number of large retail chains drive the growth of the global frozen pizza market.
PORTLAND, Ore., April 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Frozen Pizza Market by Crust Type (Regular Thin Crust, Extra Thin, Crust Deep-Dish, Others), by Topping (Meat Topping, Vegetable Topping), by Distribution Channel (Food Chain Services, Retail): Global Opportunity Analysis and Industry Forecast, 2020-2031". According to the report, the global frozen pizza industry generated $17.3 billion in 2020, and is anticipated to generate $39.3 billion by 2031, witnessing a CAGR of 7.96% from 2022 to 2031.
Prime determinants of growth
Increase in disposable income, rise in standard of living, health consciousness among the consumers, and surge in number of large retail chains drive the growth of the global frozen pizza market. Moreover, key players are investing in R&D to develop advanced freezing technologies, which in turn, is presenting new opportunities for the growth of the market in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global frozen pizza market, owing to prolonged lockdown measures.
- Nevertheless, the market has already started to recover.
The regular thin crust segment to maintain its leadership status throughout the forecast period
Based on crust type, the regular thin crust segment held the highest market share in 2020, accounting for more than three-fifths of the global frozen pizza market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 8.0% from 2022 to 2031 owing to its reduced calories as compared to the other stuffed and deep-dish frozen pizzas.
The retail segment to maintain its lead position during the forecast period
Based on distribution channel, the retail segment accounted for the largest share in 2020, contributing to 89% of the global frozen pizza market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.9% from 2022 to 2031. The busy lifestyle of the working population and change in eating habits of consumer has increased the demand for market ready-to-eat frozen pizza.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global frozen pizza market, owing to change in consumption pattern. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 8.5% from 2022 to 2031. This is because China is one of the largest consumer of frozen pizza.
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Leading Market Players: -
- Freiberger Lebensmittel GmbH
- General Mills, Inc.
- Hansen Foods, LLC
- Nestle S.A.
- Palermo Villa, Inc.
- Amy's Kitchen, Inc.
- ConAgra Brands, Inc.
- Daiya Foods Inc.
- Dr. August Oetker KG
- Schwan's Shared Services, LLC.
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SOURCE Allied Market Research
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