PORTLAND, Oregon and PUNE, India, April 4, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Frozen Pizza Market by Crust Type, Topping and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global frozen pizza market was valued at $11,113 million in 2016 and is projected to reach $17,296 million by 2023, registering a CAGR of 6.4% from 2017 to 2023. In 2016, the regular thin crust segment accounted for approximately three fifths of the share in the global market, in terms of value.
Frozen pizza consists of a flat round base of dough baked with vegetable or meat toppings. Pizza is one of the most popular foods in Europe and North America and are sold fresh or frozen either whole or in portions across the globe. Freezing preserves the texture, taste, and nutritional value of pizza for a longer duration.
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Factors such as increased disposable income, rise in standard of living, and rapid increase in number of large retail chains drives the growth of the frozen pizza market. Moreover, increase in popularity of gluten-free frozen pizza further fuels the market 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 they offer as compared to the other stuffed and deep-dish frozen pizzas. Thus, growth in health consciousness among the consumer is anticipated to drive the regular thin crust frozen pizzas market.
However, frozen pizza has been perceived as less nutritious and are assumed to consist a high quantity of sodium and preservatives; this notion among consumers is projected to hamper the market growth. 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.
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Key Findings of the Frozen Pizza Market:
- 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 U.S. 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.
The key players operating in the global frozen pizza market are Nestl S.A., Hansen Foods, LLC (Private Label), Schwan Food Co., Dr. Oetker, General Mills, Inc., Freiberger Lebensmittel GmbH & Co. KG., Conagra Brands Inc., Daiya Foods Inc., Amy's Kitchen, Inc., and Palermo Villa, Inc.
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SOURCE Allied Market Research