FOOD SECURITY CONCERNS COULD KEEP FROZEN SALES BUOYANT
Frozen food sales are likely to remain buoyant thanks to concerns over food security, analysts have said at a time when global turmoil has pushed up food prices.
Following significant increases in sales for frozen food caused by the Covid-19 pandemic, the war in Ukraine is likely to spark concerns over food security that, in turn, will cause interest in frozen food to remain high.
In comments made to industry media, Clive Black, a director at Shore Capital, in investment group, said that, “Bad times are good for frozen food.”
“Frozen food comes alive when there is concern about food security,” he said.
Meanwhile a recently released report has indicated that the frozen meal market is set to experience “phenomenal growth” up to 2026.
The study from HTF Market Intelligence also highlights the importance of food security on the market.
As reported by Sial Paris Newsroom, the pandemic resulted in significant increases in frozen food sales as consumers stocked up on products in order to reduce their number of visits to the supermarket.
Stockpiling was another factor, with shoppers worried products would run out, and this could also result in strengthened frozen food sales amid war in Europe.
Even before the conflict erupted, food price inflation was running at high levels.
Consumer habits around frozen food have, to some extent, returned to normal following the pandemic. Figures from Kantar, for example, indicated that frozen food sales slumped in the UK last year, although remained above levels seen in 2019.