(MENAFN- IMARC Group) IMARC Group, a leading market research company, has recently releases report titled“Pizza Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The study provides a detailed analysis of the industry, including the global pizza market share , size, trends, and growth forecasts. The global pizza market size reached US$ 141.1 Billion in 2022 . Looking forward, IMARC Group expects the market to reach US$ 192.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.
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Factors Affecting the Growth of the Pizza Industry:
Increasing Demand for Convenient Food Products:
The rising adoption of convenient meal options to cater to busy lifestyles and hectic working schedules of individuals is propelling the growth of the market. In line with this, pizza can be quickly prepared, which makes it an easy-to-go option for people. Moreover, the wide availability of pizza through various food service establishments, such as cafes, restaurants, pubs, and clubs across the globe, makes it a convenient food solution for consumers. Apart from this, the increasing demand for frozen pizza that provides hassle-free cooking experience is bolstering the market growth.
Innovations in Pizza Preparation:
Technological advancements, such as pizza-making robots can prepare pizza dough, spread sauce, and add toppings with precision and speed, which is contributing to the growth of the market. In addition, these machines benefit by improving consistency and reducing labor costs. Besides this, pizzerias are increasingly utilizing data analytics and artificial intelligence (AI) algorithms to analyze ordering habits, feedback, and preferences of individuals. This information helps them tailor promotions, menus, and marketing strategies. Furthermore, advanced ovens are equipped with smart technology that ensures precise cooking times and temperatures, resulting in delicious pizzas.
Rising Demand for Diverse Flavors:
The rising demand for pizza with diverse flavors and toppings is contributing to the growth of the market. In addition, consumers can choose from an array of creative and unique pizza options that cater to various taste preferences. Besides this, innovations in pizza flavors, such as classic pepperoni, margherita, and exotic combinations like barbecue chicken or Hawaiian are attracting a wider consumer base. Moreover, increasing preferences for pizza made from whole wheat options and having fewer preservatives among health-conscious consumers is supporting the market growth.
Leading Companies Operating in the Global Pizza Industry:
Boston Pizza California Pizza Kitchen Inc. CEC Entertainment LLC Chicago Pizza CICI ENTERPRISES LP Domino's Pizza Inc. FAT Brands Inc Godfather's Pizza MOD Super Fast Pizza LLC Papa Murphy's International (Papa Murphy's Holdings, Inc.) PepsiCo Inc. Pizza Capers (Retail Food Group Limited) Pizza Ranch
Pizza Market Report Segmentation:
By Type:
Non-vegetarian Pizza Vegetarian Pizza
Non-vegetarian pizza represented the largest segment due to the rising demand for savory taste among individuals.
By Crust Type:
Thick Crust Thin Crust Stuffed Crust
Thick crust accounted for the largest market share as it provides enhanced satisfaction to consumers.
By Distribution Channel:
Quick Service Restaurants (QSR) Full-Service Restaurants (FSR) Others
Quick service restaurants (QSR) hold the biggest market share due to their enhanced convenience.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America enjoys a leading position in the pizza market on account of the increasing number of cafes and restaurants.
Global Pizza Market Trends:
There is a rise in the number of food delivery apps that offer enhanced access to pizza to a wider consumer base. In line with this, these platforms connect people with a variety of pizzerias, making it easier to order pizza from a range of options.
The growing consumption of pizza due to the rising social media influence on people is offering a positive market outlook. Apart from this, visually appealing pizza creation videos on social media platforms assist in attracting more consumers worldwide.
Other Key Points Covered in the Report:
COVID-19 Impact Porters Five Forces Analysis Value Chain Analysis Strategic Recommendations
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IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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