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Frozen Pizza Market Dynamics and Forecast 2024
Frozen Pizza Market Dynamics
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According to The Business Research Company's, The frozen pizza market size has grown strongly in recent years. It will grow from $19.84 billion in 2023 to $20.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to convenience and time-saving, changing consumer lifestyles, expansion of retail channels, variety and innovation, economic factors.
The frozen pizza market size is expected to see steady growth in the next few years. It will grow to $24.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to health and wellness focus, e-commerce growth, sustainability concerns, global market expansion, customization and personalization. Major trends in the forecast period include plant-based and gluten-free options, artisanal and specialty pizzas, clean label products, innovative flavors and toppings, smart packaging solutions.
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Market Drivers and Trends:
The rising popularity of online shopping is expected to propel the growth of the frozen pizza market in the coming future. Online shopping refers to the process of purchasing goods or services over the Internet from an online retailer or e-commerce platform. Online shopping allows consumers to purchase frozen pizza from the comfort of their homes and have it delivered directly to their doorstep. It provides access to a wider variety of frozen pizza brands and flavors than what may be available in a local grocery store. For instance, in April 2023, according to Tidio Sp. z o.o., a US-based software company, the number of digital shoppers had increased from 268.2 million in 2022 to 274.7 million in the US. And global digital buyers increased from 2.14 billion in 2021 to 2.30 billion in 2022, and 4.4% of online shopping increased between 2020 and 2021. Therefore, the rising popularity of online shopping is driving the frozen pizza market.
Product innovation is a key trend gaining popularity in the frozen pizza market. Major companies operating in the frozen pizza market are focused on developing innovative products to strengthen their position in the market. In November 2022, General Assembly Holdings Limited., a Canada-based operator of fast-casual premium restaurants, launched the world's first frozen pizza made with Impossible beef made from plants. This innovative pizza is called the New York Sicilian and is made with 100% naturally leavened dough, seasoned Impossible Beef, red onions, Lombardi peppers, and mozzarella. The pizzas are par-baked and then frozen using superior freezing technology. Additionally, the dough is made with a blend of wheat flour, rye flour, and barley malta, as well as soy protein, coconut oil, and potato starch. New York Sicilian pizza is a great option for people who are looking for a delicious and satisfying plant-based meal. It is also a good source of protein and fiber.
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Major Key Players of the Market:
Nestle S.A., Tyson Foods Inc., Kraft Foods Group, General Mills Inc., Conagra Brands Inc., BRF S.A., Ajinomoto Co Inc., Bimbo Bakeries USA, ITC Limited, Maple Leaf Foods Inc., Pinnacle Foods Inc., Calbee Inc., California Pizza Kitchen Inc., Bellisio Foods Inc., Beyond Meat Inc., Amys Kitchen Inc., Schwans Consumer Brands Inc., Daiya Foods Inc., Atkins Nutritionals Inc., Newmans Own, Die Dr Oetker GmbH, Hansen Foods LLC., Anhui Lejinji Food Co. Ltd., Miltons Craft Bakers, One Planet Pizza, Freiberger Lebensmittel GmbH, Jacks Pizza, Tombstone Pizza, Turtle Island Foods, McCain Foods Ltd.
Frozen Pizza Market 2024 Key Insights:
• The frozen pizza market size is expected to see steady growth in the next few years. It will grow to $24.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• The Impact Of Online Shopping On The Frozen Pizza Market
• General Assembly'S Frozen Pizza Revolution
• North America was the largest region in the frozen pizza market in 2023
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