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Frozen Foods Market Report 2009
Key Note Publications Ltd, Aug 2009, Pages: 119
Retail sales of frozen foods rose by 5.4% in 2008 to reach a value of £4.96bn. Between 2004 and 2008, the value of the market increased by 10.9%. In this Market Report, the frozen foods market is divided into the following ten sectors: meat and meat products; fish and fish products; ready meals (excluding pizza); ice cream; poultry and poultry products; potato products; vegetables and fruit (excluding potatoes); pizza; cakes and desserts; and vegetarian foods. Meat and meat products comprise the largest sector of the frozen foods market, while the fastest-growing sector between 2007 and 2008 was that of vegetables and fruit (excluding potatoes).
In the past, sales of frozen foods suffered from the popularity of alternative items such as chilled foods and ready meals. However, the economic recession has increased consumer interest in the more competitively priced frozen foods and this has helped to boost sales. The frozen foods producers and retailers have also been able to change consumers' perception of frozen foods from a negative to a more positive image, and the low wastage and hence cost-saving benefits of frozen foods have also appealed to consumers. Promotional campaigns that have highlighted the nutritional goodness of frozen foods have similarly helped to bolster market sales.
Merger and acquisition activity have been a feature of the UK frozen foods market for some years and this trend has continued in 2009, following the acquisition by Dr. Oetker (UK) Ltd of the European frozen pizza business of the US Schwan Food Company (which included the Chicago Town brand) and the acquisition by Foodvest of the Findus license in the UK from the previous license owner Newcastle Production Ltd (formerly Findus Ltd), which went into administration in January 2009. Further consolidation activity is likely to be witnessed in the market later in 2009 and beyond.
The market for frozen foods performed strongly in 2007 and 2008, and this upward trend is expected to be repeated in 2009. A contracting economy, falling disposable income, rising unemployment and increasing taxes will all result in a tightening of household budgets and lead consumers to look to higher-value, lower-wastage foods including frozen foods. Food price inflation will also continue to affect the market value, although market-specific factors — including new product innovations, increasingly positive consumer attitudes towards frozen foods and the healthy image that is associated with some sectors of the frozen foods market — should all aid sales growth.
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