Study: Frozen pizza market projected to grow due to high demand for ready-to-eat meals
Thin crust pizza is estimated to grow at the fastest pace with largest market share in the forecast period.
Global frozen pizza market is expected to grow at a CAGR of 3.41% during the period 2017-2021, as the scope and its applications are rising across the globe, according to a study released by Radiant Insights, San Francisco. The growing number of working population, the presence of cold chain logistics, the rise of innovative advertisement on social channels and the increased use of enhanced technology during production are key driving factors of the frozen pizza market.
However, rising health consciousness among consumers and increased awareness related to frozen food products may restrain overall market growth in the future. In addition, varying consumers’ taste and increased competition from pizzerias are other factors that may hamper overall market growth in the forecast period.
Thin crust pizza is estimated to grow at the fastest pace with largest market share in the forecast period. However, stuffed pizza, crust pizza (thin crust pizza, thick crust pizza) and other products could be explored in the years to come.
Meat could be a sector with a largest market share of frozen pizza, and is estimated to lead the overall market in the years to come. This may be due to the growing presence of non-veg food, customers trying new toppings and ever-changing eating habits. However, fruits and vegetables, meat, sauces, oregano mix and other toppings can be explored in the forecast period as well.
Medium-size pizza registers a high demand, as it serves up to two people and bodes minimal food wastage. However, large and small size pizza could be explored in the years to come. Online stores, departmental stores, modern trade and other distribution channels could be explored in the coming years.
Globally, North America accounted for the largest market share of frozen pizza, and is estimated to lead the overall market in the years to come. The region may acquire a top-most position due to the rising number of working population, growing population opting for frozen food products as their meal, presence of key manufacturers in the region and rising busy lifestyles. Moreover, frozen pizza producers are using enhanced technology to improve the quality of the frozen pizza and are concentrating on product innovation.
The United States is a major consumer of frozen pizza. This may be because of the high demand for frozen pizza, changing lifestyle, availability of numerous convenient food options and rising demand for ready-to-eat meals. Moreover, producers are concentrating on providing frozen pizza with no preservatives and making natural and organic pizza ingredients. Europe and the Asia Pacific are estimated to be at second and third position, respectively. However, Asia Pacific is estimated to grow the fastest pace in the years to come. Developing regions like India and China are the major consumers of frozen pizza in this region.