Published on: May 2022
The growing market share of Frozen Pizza
The global frozen pizza market was estimated at USD 19.6 billion in 2019, with a compound annual growth rate (CAGR) of 3.2 percent predicted from 2020 to 2027. The primary reason driving the industry is the changing lifestyle and changing dietary preferences among millennials, the young generation, and the working-class population. Furthermore, frozen products are more convenient and have a longer shelf life, which is expected to drive market growth over the forecast period. Over the last few decades, pizza has grown in popularity as an iconic dish all over the world. It's chewy and crispy on the outside, with a marinara and cheese topping that's been praised all over the world and enjoyed by people of all ages and ethnicities. Despite the fact that the cuisine has garnered a lot of praise from diners, the recipe is still somewhat hard.
Reasons a brand needs to understand why is there a strong drive in the frozen pizza market
Everything from getting the dough correct to keeping the oven at the right temperature may be difficult. Furthermore, dining on the delicacy in a good Italian restaurant might be costly. As a result, the aforementioned causes have combined to generate a large market for frozen pizzas. Frozen pizzas have grown into a meal item that can be readily and quickly cooked for a small gathering. Most of these products may be prepared within 20 minutes and provide a balanced diet of carbohydrate, protein, calcium, lipids, and vitamins. Frozen pizzas go well with salads and sparkling beverages, making them ideal for small groups. Pizza is classified as a "mixed food" by dietitians since it has flavours from cheese, sauce, vegetables, fruits, and meat. Furthermore, because of their low cost, they have become a new popularity among bachelors and students.
Additionally, a few other important factors
Another aspect contributing to frozen pizza's growing adoption is the simplicity with which it may be customised to one's preferences. People who love crispy crusts, for example, can reheat the pizza in a large skillet. These pizzas may also be heated and reheated in the oven, toaster, and grill to create a cuisine that suits everyone's tastes. Furthermore, pizza has become a popular approach for most parents to provide a balanced diet to their children. When it comes to pizza in a kid's lunch, the convenience of feeding as well as keeping the meal light are both important considerations.
Product Insights of the Frozen Pizza market
Regular frozen pizza was the most popular product segment in 2019, with a market share of over 40.0 percent, and it is likely to remain so throughout the forecast period. Young generations, millennials, and the working-age population eat these regular-size products in large quantities. The global demand for regular-sized frozen pizza is being driven by an increase in the number of working-class women.
From 2020 to 2027, the fastest-growing product segment is expected to be medium frozen pizza, with a CAGR of 3.5 percent. The growing popularity of home parties among college graduates, the young generation, and the working-class population is expanding the product's global market potential. It's also a very popular product in the retail food service industry. The growing popularity of pubs around the world is driving demand for medium-sized frozen pizzas in the global market.
Regional Insights of the Frozen Pizza market
In 2019, North America was the largest market for frozen pizza, with a market share of almost 35.0 percent. Because of the longer shelf life and popularity of frozen pizzas in these nations, the United States and Canada are the largest consumers of frozen food. The popularity of pizza is so high in the United States that every year on February 9th, 'National Pizza Day' is observed. Furthermore, according to Alto-Hartley, Inc., a United States-based kitchen equipment and installation company, more than three billion pizzas were sold in the United States in 2018. The demand for the product in the regional market is being driven by these consumer trends.
From 2020 to 2027, Asia Pacific is expected to grow at the fastest rate of 4.0 percent. Pizzas are becoming increasingly popular in developing nations such as China, India, Bangladesh, and the Philippines, and the market is expected to grow rapidly in the region throughout the projected period.
Insights into Key Companies and Market Share
With a huge number of domestic as well as international companies, the market is quite fragmented around the world. In North America, Europe, and parts of Asia, the big players have significant market share. Major producers in the market are supplying a wide range of gluten-free pizzas in response to the growing trend of healthy food products among consumers throughout the world. Furthermore, customers prefer pizzas with vegetables as the main topping since they are more nutritious. The market is being driven by these consumer trends.
The following are some of the major participants in the frozen pizza market:
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