The global frozen pizza industry generated USD17.3bn in 2020 and is anticipated to generate USD39.3bn by 2031, witnessing a CAGR of 7.96% from 2022 to 2031.
According to a report by Allied Market Research, increase in disposable income, rise in standard of living, health consciousness among the consumers, and surge in number of large retail chains drive the growth of the global frozen pizza market. Moreover, key players are investing in R&D to develop advanced freezing technologies, which in turn, is presenting new opportunities for the growth of the market in the coming years.
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. Moreover, the same segment is projected to manifest the highest CAGR of 8.0% from 2022 to 2031 owing to its reduced calories as compared to the other stuffed and deep-dish frozen pizzas.