Frozen Pizza Market Overview:
The frozen pizza market will have an increase in CAGR by 5.62%. Also, it will reach a value of USD 18,424.4 million by 2028.
Pizza needs no introduction. It is the most common and favourite food that everybody craves. Though its origin is from Italy, it has spread worldwide. Now it comes in many varieties. Moreover, there are many pizza lovers but very few pizza bakers globally. People prefer frozen pizza over homemade as there is a massive difference in taste and texture. Furthermore, there is a lot of hassle in making pizzas at home.
Frozen pizza is half baked prepared similarly to regular pizza. A flatbread dough is made with yeast, and the toppings include meat, fruits, or vegetable. Frozen pizza is stored at 0 degrees centigrade and can be consumed later. Also, preservatives are added to the pizza to increase its shelf life. People prefer ready-to-cook food, moreover with increasing urbanization and busy lifestyle. People are not getting enough time to cook food. The busy lifestyle is the primary cause attracting people towards convenience food. Due to this, there is a rapid increase in the frozen pizza market. However, one of the constraints of this industry is that frozen pizza production is not cost-effective. There is a decline in the industry due to this reason.
Market Segmentation
The frozen pizza market has four divisions: crust type, category, size, and distribution channel. By crust, it has two divisions:
- ThinkPad
- Stuffed
The thin crust has gained the most popularity and will hold around 48.55% in 2020. By category, it has two divisions:
- Gluten-free
- Conventional
Here conventional pizza holds the largest share in the market, around 84.16%. By size, there are three divisions:
- Regular
- Medium
- Large
Here the regular division holds 52.18% of the market share. Finally, by distribution, it has two divisions:
- Stored based
- Non-store based
Here non-store-based holds the largest share in the market.
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.
Key Players Strategy
Global Covid-19 Impact on Frozen Pizza Market is competitive with major market players operating at the global level. The key industry players in the Frozen Pizza Industry Size have adopted various strategies. A new product launch is one of the important strategies adopted by the key players. New product launch aid to increase the overall customer base of the company which will help to increase the overall revenue of the company. Apart from that, key manufacturers are emphasizing various promotional events in supermarkets & hypermarkets in order to attract customers and create strong awareness regarding their new product launch in the market. The frozen pizza market is becoming fragmented in the developed economies owing to the presence of large & small manufacturers of frozen pizza. However, fewer manufacturers are present in the developing and under developing economies.
Regional Classification
Moreover, the frozen pizza market has spread all over the world. Like all the other industries, it is spread across North America, Asia Pacific, Europe, etc. Europe holds the largest share of the market, around 39.65%. At the same time, North America holds the second-largest share of the market.
The market share in Europe will increase its CAGR by 5.56% in the coming years. The citizens of Europe prefer healthy and gluten-free pizza. Also, the attraction toward convenience is another major factor for the industry’s growth. Moreover, customers are asking for clean label products. Overall all these factors together are increasing the growth of this industry.
Industry News
The frozen pizza market has many vital players raising the industry’s growth. In June 2021, Dr. Oetkar GmbH of the UK, one of the industry’s key players, launched Ristorante, a vegan frozen pizza. It has a thin crispy crust and vegan cheese, making it more flavorful. In November, the most famous brand California Pizza Kitchen announced the expansion of its company to Canada. In August, General Mills extended its services to Sharonville and Ohio.
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