Americans love frozen food, and The Food Institute’s CEO, Brian Choi, recently appeared on CNBC to discuss why – and how – the frozen food space continues to captivate.
Freezing technology hasn’t evolved much in decades, but flash freezing and other technology is changing how the supply and cold chains function and how consumers benefit.
The global frozen food market is currently valued at $265 billion, and demand is rising, CNBC reported. New frozen food sales in the U.S. alone recently surpassed the $72 billion threshold.
“Consumers are buying more frozen products; it’s going to require more storage capability, and a more efficient supply chain,” Choi told CNBC.
Major industry players like Cargill, Conagra, Nestle, General Mills and Unilever are seizing upon the popularity of frozen food. Since 2019, frozen food sales have increased 23%, according to the American Frozen Food Institute.
“When [the COVID-19 pandemic] happened and when the supply chain and everything got shut down, you saw a huge spike in frozen food – sometimes 30 percent, 40 percent, or 50 percent on a year-over-year-basis,” Choi noted.
Over 80% of consumers buy frozen food to reduce food waste and save money, the video noted.
“The main driver is cost. What can consumers afford?” Choi said. “One great study by Cornell [University] looked into how much waste the average consumer has between fresh and frozen food, and what they found was with frozen food you’re five times more likely not to encounter food waste every year.”
To read more about frozen food trends, check out The Food Institute’s landing page devoted to the topic.
About The Food Institute:
The Food Institute is an insights-driven multimedia company that has served the industry for nearly 100 years. Its mission is to provide comprehensive and actionable insights to food industry professionals. With a team of expert analysts and advisors, The Food Institute remains a trusted source of information and guidance for businesses across the food supply chain.
For media inquiries, please contact:
Brian Choi, CFA
Managing Partner & CEO
brian.choi@foodinstitute.com
(201) 791-5570 ext. 700
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