Thanks to pizza lovers in North America the pizza market is projected to grow by $51.38 billion through 2026 with North America accounting for 43% of the growth.
Those are prime findings from a Technavio report called “Pizza Market by Type and Geography – Forecast and Analysis 2022-2026.”
The market will grow at a compound annual growth rate of 6.11%, according to a press release, and the debut of innovative offerings and increasing consumer interests in novel tastes are factors driving market expansion.
In terms of the market, the report calls it “fragmented” with numerous outlets offering slightly differentiated products.
“Most large and established players have extensive sales and global distribution networks, whereas most small players are concentrated in regional markets. Vendors compete based on parameters such as price, quality, grade, brand identity, and distribution. Key vendors have a vast geographical presence and large pizza chains operating across regions,” stated the release.
One key market trend is the growing popularity of online food orders through portals and mobile apps is identified with online food ordering portals having increased significantly over recent years. Online food ordering portals have increased the convenience of ordering food. This trend has
The key challenge for the market, according to the release, is the fluctuation in the prices of food commodities such as wheat, vegetables, tomato sauce, meat and cheese.
“The increase in the price of raw materials not only increases manufacturing costs but also reduces the profit margins for vendors. This has led several vendors to experiment with cheaper substitutes to remain competitive,” stated the release.