KANSAS CITY — The retail frozen and refrigerated pizza market is heating up, and it’s only forecast to get hotter. The global retail pizza market is expected to grow by $3.16 billion between 2019 and 2023, accelerating at a CAGR of more than 4%, according to Technavio.
The rise in demand for convenience food, increase in craving for gluten-free frozen pizza and demand for plant-based frozen pizza have emerged as “critical” retail pizza market trends, Technavio said.
“The health and food safety concerns associated with animal-based food products have driven health-conscious consumers to shift toward a plant-based diet,” Technavio said. “A vegan diet is rich in folate, magnesium, potassium, vitamin A, vitamin C and vitamin E, and offers multiple health benefits, including lowering the risk of cardiovascular disease and other metabolic disorders. The rising popularity of vegan diet has also resulted in increasing demand for vegan frozen pizza among consumers. The increasing vegan population across the world and new vegan frozen pizza product launches will boost the growth of the market throughout the next five years.”
The launch of new pizza offerings — plant-based and otherwise — will greatly contribute to the growth of the market.
“Market vendors are increasingly focusing on new product launches to increase their market share,” Technavio said. “New product launches will increase the number of available options for consumers and consequently fuel the growth of the retail pizza market.”