US Frozen Pizza Industry: The Pie Keeps Growing

In the frozen section of the grocery store, frozen vegetables, ice cream, and premade meals are common staples, with one of the largest categories being pizza. Pizza is arguably America’s top comfort food, providing a wholesome meal that is particularly kid-friendly while appealing to all ages and demographics. Its popularity has continued to rise post-COVID, with the average American consuming pizza three times per month and over 20% of Americans purchasing frozen pizza monthly.

In today’s fast-paced world, convenience has become an increasingly important factor for consumers who are consistently on the go and may lack the time to prepare a full-course meal. Frozen pizza, in addition to being convenient, is also a more cost-effective option for a family meal compared to purchasing from a pizza-based restaurant.

The U.S. frozen pizza industry generated sales of approximately $7.0 billion in 2024 and is projected to grow at an annual rate of 6%. Globally, the frozen pizza market is valued at $18.5 billion, and it has an expected annual growth rate of 6%. One of the major headwinds in the frozen pizza space is cold storage warehousing availability. Cold storage, which accounts for only 1.7% of the industrial market, faces persistent capacity challenges due to high costs, specialized requirements, and changing technology. Despite this headwind, frozen food brands are experiencing healthy M&A multiples: LTM Revenue multiples average 1.5x, while LTM EBITDA multiples average 14.3x, with a median of 11.9x.

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