Rising Demand for Vegan Products is anticipated to boost the Frozen Pizza market during the forecast period 2020-2025. Frozen Pizza Market was $2,976.86 m in 2019, growing at a CAGR of 6.50% during the forecast period 2020-2025.
The Frozen Pizza market is growing at a significant rate owing to the changing lifestyle coupled with growing health concerns and hectic schedules of people around the world. Frozen pizza is half baked pizza made from yeasted flatbread dough, usually overlapped with tomato sauce, different form of cheese, meats, vegetables and fruits such as capsicum, olives, pineapple and others. In many homes, frozen pizzas are preferred as they are simple to make, tasty and convenient.
Rising consumer’s inclination towards vegan frozen pizza as they do not cause any health issues by completely discarding animal-based products from diet is a significant factor driving the frozen pizza market during the forecast period 2020-2025. Also, a vegan diet has several health benefits such as lowering the risk of cardiovascular disease and other metabolic diseases because they are rich in folate, magnesium, Vitamin A, Vitamin C and Vitamin E. Further, these pizzas use tomatoes that are high in a particular antioxidant called lycopene, which is believed to prevent heart disease. Therefore, these are the key health benefits attracting large number of consumers towards it and driving the market. Some studies show that lycopene-loaded foods are metabolized when consumed with fat or oil as this combination helps the intestine absorb lycopene more efficiently. In addition, numerous benefits are offered by these products such as ease of availability, longer storage duration and reasonable price is driving the Frozen Pizza Market during the forecast period 2020-2025. With a larger section of the employed population, the demand for convenience foods is higher which is likely to boost the demand for Frozen Pizza in the coming years.
North America holds a major share of frozen pizza market owing to the technological advancements and growing innovation in product developments like low trans-fat, low fat, whole wheat, multigrain, and low-on-artificial-preservatives products. Moreover, the rising demand of convenient and ready-to-eat products and changing food habits in the region especially in the U.S. is also contributing to the regional market growth. Furthermore, the introduction of dessert pizzas with Nutella and chocolate chips, is a newer trend and food chains are showing interest to look for new varieties in frozen pizza which in turn is boosting the market growth.
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Frozen Pizza Market Growth Drivers:
- Growing Consumption of Ready-to-Eat and Packaged Food:
The growing consumption of ready-to-eat food and packaged food is a key factor projected to drive the frozen pizza market as it requires minimum cooking time. According to BBC, the ready to eat food industry in the United Kingdom creates a market share of approximately $4 billion each year. Moreover, the ingredients such as fruits, herbs and vegetables used in the pizza largely depend on its unique freezing procedure thereby making the producers to use appropriate freezing techniques that enhances pizza’s nutritional content, therefore, propelling the product demand. Furthermore, the growing innovation such as low-on-artificial-preservative product, whole wheat, multigrain, trans-fat and low fat will provide new opportunities for market expansion.
- The Increased Disposable Income:
The increased disposable income is another supporting factor driving the frozen pizza market during the forecast period 2020-2025. Significant upsurge in the working population in past years has led to increase in the demand of frozen pizzas which is turn is boosting its market growth. In addition, inclination of millennials towards pizzas along with the hectic working schedules has increased the demand of frozen food products providing significant opportunities to the frozen pizza market.
- Improved Supply Chain and Growing Facilities of Infrastructure:
Improved supply chain and growing facilities of infrastructure has led to the development of ordering food online, which adds to the value chain services. Therefore, the increase in the number of ordering frozen pizza online is anticipated to provide significant upsurge to the frozen pizza market. Moreover, technological advancement in cold chain storage and retail landscape is further contributing to its market growth. In addition, the retail stores provide consumers with greater variety, convenient packaging sizes and quality frozen food products supporting the growth of frozen pizza market.
The Major Players in this Market Include
The major companies in the Frozen Pizza Market include Amy’s Kitchen Inc., Conagra Brands Inc., Daiya Food Inc., Dr.August Oetker Kg, Freiberger Lebensmittel Gmbh Co, General Mills Inc., Hansen Foods LIc, Nestle S A, Palermo Villa Inc., Schwan’s Shared Services LIc and others.
Over the years, manufactures are mainly focused on developing new products with nutritional benefits in order to meet with the rising demand of consumers. The continuous developments and innovation coupled with limiting harmful impact of fast food to human body has been the key concern for manufacturers and a major factor driving the Frozen Pizza Market during the forecast period 2020-2025.
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