If there’s one food that can give the burger or even the Chinese takeout a run for its money, it’s a slice (or a box) of pizza. This greasy yet incredibly delicious, mouthwatering Italian dish is extremely popular that the United States even has a National Pizza Day.
If you’re looking for a good food business, you simply need to take a slice. Opportunities, after all, are abundant.
How Large is the Pizza Market?
One of the reasons to make the most of a pizza franchise opportunity is the market. A 2014 study by the U.S. Department of Agriculture showed almost everyone loves to have a pizza. At least one in every eight Americans grab a slice on any given day. About 15% of children between the ages of two to five, meanwhile, eat the dish anytime.
Americans also eat a slice of pizza at any mealtime (28% think of it as lunch and about 2% eat it for breakfast), although a majority of the population consider it as a snack.
The growth of the pizza market isn’t limited in the United States. Franchisees can set their sights on international locations. The projected market growth until 2018 is about 28% in China alone. It even surpasses that of the Asia-Pacific region, which is at 22%. Latin American countries are also a strong market with an expected growth of 18%.
The Challenges to Overcome
If there are opportunities, there are also challenges and threats. With over 75,000 pizza restaurants in the United States, you need to work hard to stand out. Franchising can help in this area, as it usually provides marketing and customer support
Some markets may already feel saturated, including the lower-income demographic. Further, the tastes of consumers have been changing. They’re now looking for healthier options such as gluten-free, low-carb, or vegetarian. Pizza restaurants also face a tough competition with frozen pizzas, which has a compound annual growth rate (CAGR) of 6.5% from 2017 to 2026.
Until the Americans themselves say they already give up on pizzas, you will always have the fighting chance.