Casey's Emerges as Fifth-Largest US Pizza Chain

Casey's, a prominent convenience store and gas station chain primarily located in the Midwest, has emerged as the fifth-largest pizza provider in the United States, according to an analysis by Bank of America Research. The company, which operates nearly 3,000 stores across 19 states, has seen its stock price surge by over 50% in the past 12 months, reaching a market capitalization of $28 billion. This growth underscores a significant expansion of its prepared food and dispensed beverage business, positioning it as a major player in the highly competitive pizza market. Casey's strategic advantage lies in its extensive network, with approximately half of its locations situated in towns with populations of 5,000 or fewer, and about two-thirds in towns under 20,000. This widespread presence allows the company to serve communities often overlooked by larger national chains.

Tom Brennan, Casey's chief merchandising officer, confirmed the company's ranking as the fifth-largest pizza chain in the U.S. He also highlighted Casey's significant standing in other sectors, noting it is the fourth-largest liquor license holder and the third-largest convenience store operator nationwide. Brennan expressed that while larger pizza competitors may not publicly acknowledge Casey's, its consistent growth and market share gains are undeniable indicators of its success. He described the company's growth as "stealthy" from a coastal perspective but acknowledged that residents in its operating states are well aware of the Casey's brand. This local recognition is now beginning to translate into broader online visibility, particularly among younger demographics.

The company's pizza offerings, including distinctive creations like taco pizza and breakfast pizza, are prepared with scratch-made dough and cooked in on-site ovens, contributing to their positive reception. Casey's has also benefited from a growing online trend on platforms like TikTok and YouTube, where creators explore and often praise "gas-station pizza." These "gas-station pizza" videos frequently feature Casey's, with creators initially bracing for a low-quality product but often expressing surprise and satisfaction with the taste and quality. Brennan stated that the company welcomes this organic online attention, which has helped to increase its penetration with Generation Z consumers by 600 basis points, according to Casey's social team. This digital engagement is a key factor in broadening the brand's appeal beyond its traditional Midwestern customer base and solidifying its position as a significant, albeit once underestimated, force in the American pizza industry.