PORTLAND, OR — Allied Market Research released a new report breaking down the growth in frozen pizza, predicting the global market to generate $39.9 billion by 2031.
The report breaks down the market by crust type, topping type and distribution channel, analyzing a wide range of factors. The global frozen pizza industry generated $17.3 billion in 2020 and is expected to witness a CAGR of 7.96% from 2022 to 2031.
It also outlined several factors that contribute to the market growth, including an increase in disposable income, a rise in the standard of living and health-conscious consumers. Key players are also investing in R&D to develop advanced freezing technologies, presenting new opportunities for growth.
Some predictions include the regular thin crust segment maintaining its leadership status throughout the forecast period, which held the highest market share in 2020. This product type is also expected to grow more rapidly than its counterparts such as deep dish and stuffed pizzas due to reduced calorie count.
The report also stated that North America will retain its regional dominance by 2031. It accounted for more than two-fifths of the global frozen pizza market revenue in 2020, but the Asia-Pacific region is expected to see the fastest CAGR by 2031 as a predicted 8.5%.
Market leaders identified in the study include General Mills, Nestle, ConAgra brands, Daiya Foods and more.
A sample report is available for request at this link.
