Overview
- Once the No. 2 restaurant category in the 1990s, pizza ranked sixth in 2024, according to The Wall Street Journal.
- Chains still generated about $31 billion in 2024 sales, yet store counts have declined since 2019 and coffee and Mexican concepts now outnumber pizzerias.
- Executives say the category is disrupted and normalizing after a pandemic-era boom, with delivery apps putting pizza in direct competition with every cuisine.
- Financial strain persists, with bankruptcy filings at Pieology’s parent in December and Bertucci’s in April, and The Week reporting that Yum Brands is exploring a sale of Pizza Hut.
- Operators are leaning on value and menu diversification, from Domino’s $9.99 large-pizza deal to California Pizza Kitchen’s Smart Swaps, alongside tech-driven loyalty and a growing opening for independents.