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Meat, Seafood Heat Up $90.8B Frozen Food Market

U.S. demand for frozen foods is forecast to reach $90.8 billion by 2022, according to a report by Freedonia Focus Reports, Frozen Foods: United States.

Demand for frozen meat and poultry is projected to remain the largest segment through 2022, with increasing per-capita consumption driving gains. But frozen seafood demand is expected to rise the fastest of any segment through 2022, fueled by rising disposable personal income and the desirable health benefits of fish consumption.

Overall, population growth and consumers’ increased desire to purchase foods that are convenient will drive gains in the frozen food category through 2022.

While flash freezing is a more recent development, the technique is used by many leading food manufacturers, according to HTF Market Report.

Large food companies are seeing strength in their frozen foods businesses. For instance, The Kellogg Co.’s Eggo waffles and Morningstar Farms meatless products are gaining market share, reported Chicago Tribune (Aug. 2).

Nestle SA is in the midst of a comprehensive plan to modernize its oldest brands and better compete with start-ups, chairman Nestle USA CEO Steve Presley said. It’s doing this by developing new products like its Wildscape line of frozen grain bowls in-house to disrupt itself and the industry before a smaller competitor does, reported The Washington Post (Aug. 2)

Frozen food may be a way for Campbell Soup Co. to rebuild market share, according to industry analyst Brittain Ladd. Ladd believes the company should look to acquire frozen food brands in the frozen food meal category to accelerate its innovation and growth, reported Forbes (Aug. 6).

For the full story, go to this week’s Food Institute Report.