CATEGORY BREAKDOWN

FROZEN FOOD

Often seen as a slow moving ‘aka boring’ category, the domain of stodgy, highly processed food
The frozen aisles are seeing a comeback with soaring growth across some markets
Growth driven by innovation, value and sustainability
How many times have you heard people talking about ‘increasing their freezer’ over the last few years?!

Frozen Category Value
- Global: $242.5bn in 2022
- US: $55.08bn
- UK: £7.1bn (approx. £850 million worth of sales added since 2019)
- EU: $65.24bn in 2022

- Global: $312.2bn / CAGR 4.2% 2023-2028
- US: $84.58bn / CAGR of 4.7% from 2022 to 2030
- UK: Value Growth of +13.5% and Volume Growth of +9.2%
- EU: CAGR of 2.8% in the forecast period of 2023-2028

Often seen as a slow moving, aka boring. category. The domain of stodgy, highly processed food frozen has seen a resurgence since the pandemic that has continued.
Consumer investment in additional fridge, freezer, chest freezers during Covid lockdowns believed to be a key reason for sustained sales growth
Food waste. While inflation takes a bite out of consumer spending power, 81% are looking for money saving measures
Some categories are struggling with engaging younger consumers but millennials over-index for categories such as frozen snacks, breaded chicken, fruit and more
The frozen food category provides a 360 overview covering all major categories and all meal occasions
The frozen category has always had a reputation for value and affordability but not innovation
Brands are now leveraging this opportunity across health, nutrition, plant based, gluten free, high protein and premium options which is catching consumers eyes.

Rapid growth – The frozen food category is growing rapidly, with sales expected to reach $110 billion by 2023.

Growth factors – This growth is being driven by a number of factors, including the increasing popularity of plant-based diets, the growing demand for convenience, and the rising cost of fresh produce.

Innovation – In 2024 we can expect to see even more innovation in the frozen food category, with new and exciting products being introduced all the time.

Some of the key trends to watch for in 2024 include:

The trend towards healthier frozen food options
The growing popularity of frozen meals for one
The increasing demand for frozen food that is convenient and easy to prepare
The frozen food category is a dynamic and exciting one, and is sure to continue to grow in popularity in the years to come.

Note, we will cover additional brands in the frozen categories and subcategories over the coming months!

UK – Little Moons, Northern Bloc, THIS, Griddle
USA – Mila, Must Love, Phil’s Finest
Canada – Wholly Veggie
Europe – Let it V (Spain), Paul & Louise (France), Juit (Germany), Pink Albatross (Spain)

The continuing rise in plant based and meat substitutes will continue to rise despite a cooling in market demand, we expect to see a few big name casualties!
NPD aimed at millennials and younger, creator led brands, collaborations and nostalgic favourites will lead the charge! Think Eggo and Stranger Things
Perceived value in frozen will drive more switching between fresh and frozen so expect growth to be strong and sustained for years to come.

Creator led brands. We have creator-led brands across categories, but frozen has generally been left out. A big name creator or collaboration probably in dessert/novelty or a meal kit is to be expected! Think… Jo-Lo, Delola | KSI & Logan Paul, Prime | Ed Sheeran, TinglyTeds
Unique ingredients and fine food ingredients as well as authentic meal solutions from across the world such as The Belgian Boys and Field Fare
DIY kits, we all like to experiment but we also like to be guided!

All data is correct at time of writing.

Check out some of our Brand Breakdowns in the Frozen Category!

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