Global frozen pizza market expected to reach $17.3M by 2023
In 2016, the regular thin crust segment accounted for the highest market share in the global frozen pizza market.
The global frozen pizza market is projected to reach $17,296 million by 2023, registering a CAGR of 6.4% from 2017 to 2023, according to a report published by Allied Market Research, UK.
In 2016, the regular thin crust segment accounted for approximately three-fifths of the share in the global market, in terms of value, says the report, “Frozen Pizza Market by Crust Type, Topping and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023.”
Factors such as increased disposable income, rise in standard of living and rapid increase in number of large retail chains continues to drive the growth of the frozen pizza market. Moreover, increase in popularity of gluten-free frozen pizza further fuels growth.
In 2016, the regular thin crust segment accounted for the highest market share in the global frozen pizza market. Frozen pizzas are trending toward thin crusts, owing to its reduced calories and health association as compared to other stuffed and deep-dish frozen pizzas. Thus, growth in health consciousness among the consumer is anticipated to drive the regular thin crust frozen pizza market.
However, poor freezing facilities in semi-urban and rural areas further restrains the growth of the market. Growth in R&D activities by various frozen pizza manufacturers for advancement in freezing technology and increase in establishment of multiple fast food outlets in emerging economies are expected to provide lucrative opportunities for the market players.
Key findings of the frozen pizza market entail:
- North America accounted for the largest market share, and is expected to grow at a significant CAGR of 6.2% from 2017 to 2023, followed by Europe, in terms of value.
- In 2016, regular thin crust segment is expected to grow at the highest CAGR of 6.9%.
- In 2016, meat topping accounted for the highest market share and is expected to grow at the highest CAGR of 7.2%
- In 2016, Asia-Pacific is anticipated to grow at the highest CAGR of 8.8%.
- In 2016, the United States generated the highest revenue, accounting for approximately two-fifths share in the global market.
In terms of value, Asia-Pacific and LAMEA collectively contributed approximately one-fifth share in the global market in 2016. Growth in urban population, rise in disposable income and increase in number of retail chains in China, India and Brazil are expected to drive the growth in these regions.