The frozen food retail market has achieved value growth in 25 out of the last 26 quarters according to the latest figures released by Kantar Worldpanel. The latest statistics show a year-on-year (yoy) value growth of 5.8 per cent for the year to 25 November 2012.
The data shows that frozen food in retail continues to go from strength to strength with positive volume growth at 1.6 per cent. The retail frozen food market is now valued at just under £5.6 billion in the UK, an impressive figure in light of current economic conditions.
Frozen meat and poultry products are the star performers of the sector and continue to show an impressive 10.3 per cent value yoy growth. Combined with to a 2.8 per cent volume yoy growth, the latest figures represent an extremely healthy year for frozen meat and poultry producers.
Commenting on the impressive statistics, Brian Young, Director General of British Frozen Food Federation said: “The latest figures for the frozen retail sector have again demonstrated that the industry is continuing to thrive despite the ongoing recession.
“As consumers increasingly recognise the benefits of frozen food in helping them provide nutritional, good quality family meals at a fair price, we expect this positive trend to continue.”
The most recent figures demonstrate a value increase across all sectors of the frozen retail industry along with a consistent volume growth for a large part of the sector. Ready meals have shown the most impressive volume growth in the sector with a rise of 3.9 per cent yoy as consumers continue to acknowledge the benefits of reduced preservative levels in frozen meals compared with chilled.
Frozen potato products and frozen vegetables have continued to perform well with a yoy value growth of 8.2 per cent and 6.7 per cent respectively. Equally promising is the volume growth across these sectors, with potato products and vegetables seeing a 2.7 per cent and 3.5 per cent rise as well as frozen savoury products growing by 2.8 per cent yoy.
Mr Young concluded: “With no sign of economic revival on the horizon, household budgets will continue to be under pressure from increasing food inflation and fuel costs.
“As disposable income continues to be squeezed, consumers will need to be ever diligent in managing their household budgets. The quality, nutrition and value of frozen foods mean that the prospects for this retail category continue to be extremely bright.”