Market Trends of Pizza Foodservice Industry
Rising Expenditure on Out Of Home Food Consumption
With the change in the consumer's lifestyles, the food consumption habits of the consumer have changed. The major factor that has influenced consumers to prefer these products is the growing per capita income and rising employment rate across the globe. With the rise in the popularity of food consumption outside the home, a large urban population with a fast-paced lifestyle is looking for options that save their cooking time and provide entertainment options for their friend and family members. The average annual amount of money spent on out-of-home food and beverages by residents of Spain increased to over EUR 814.97 per person after having dropped significantly in 2020 which was EUR 667.22 as stated by the Ministry of Agriculture, Food, and Environment of Spain.
Further, the rising income has fascinated the consumer's living culture towards a luxurious lifestyle, thereby, the pizza food service has been accelerating gradually. Moreover, the escalating expenditure is propelling more investment into the market for both existing and new players. Also, branded food chains, such as Domino's and Pizza Hut, entered the market with multiple branches, targeting tier-1 and tier-2 cities while catering to the rising young population. One of the key drivers of the market is the major changes in consumers' food preferences, particularly among the younger population globally. Additionally, with the increasing rate of smartphones replacing the computer as the primary device, consumers are gradually shifting to ordering through their smartphones. Food Delivery apps have been attracting Filipinos in National Capital Region and other regions in the Philippines to obtain the freedom to purchase food regardless of time or place limit. Moreover, there have been increasing developments in terms of online-based foodservice applications.
North America Holds A Prominent Share in The Market
The North American region accounts for a hold of the maximum share of the pizza foodservice market. Moreover, according to the market study, it was understood that the major factor that captivates the consumers towards the consumption of pizza is that it is recognized as a high-consumption food and a contributor of nutrients of public significance in the American diet, including total fat, calcium, and sodium. According to the data based on the U.S. Census data and Simmons National Consumer Survey (NHCS), 4.91 million Americans consumed five or more store-brand pizzas within one month in the United States in 2020.
Additionally, seeking the demand for pizza consumption among consumers, there is a growth in pizza food service outlets as certain new outlets were being infrastructure in the region, Besides, in 2021, the number of Domino's pizza restaurants had 6,185 stores across the United States. Therefore, as the number of outlets is increasing with the rising demand for pizza consumption, the north American pizza food service market is being elevated significantly. According to the annual report of Domino's Pizza, consumer spending in the quick-service restaurant (QSR) pizza category increased to USD 40.6 billion in 2021, with sales in the carryout segment accounting for a share of around 48 percent. Consumer spending in the delivery segment also increased over the year. In contrast, dine-in, drive-through, and other decreased during the same period.
