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Global pizza market to grow by $66B

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December 16, 2024

The global pizza market size is estimated to grow by $66 billion from 2024 to 2028, according to a Technavio report.

The market is estimated to grow at a compound annual growth rate of 6.79% during the forecast period.

QSRs are leading the charge and have gained popularity due to their efficient and cost-effective business model.

These restaurants offer fast food with minimal preparation time and express service, allowing for shorter delivery times and lower overhead costs. QSRs have standardized processes, enabling them to maintain quality while reducing expenses on space, furniture, air conditioning etc.

The rise of urbanization and increasing disposable income have fueled the growth of QSRs in India, with economic reports indicating a 20-25% increase in the fiscal year 2023. Notable chains like Dominos, Pizza Hut, and La Pinoz Pizza are expanding into tier two and three cities, capitalizing on the growing market and limited competition in these areas.

The Pizza Market encompasses a wide range of Italian-inspired dishes, including pizzas, Italian fries, garlic bread, salads and more. This global market is known for its diverse offerings, from classic pizzas to gourmet and artisanal varieties.

The report said the pizza market outlook remains positive.

Technavio is a global technology research and advisory company.