Frozen food prices are up 17% compared to 2021, but consumers still believe they provide good value, says Acosta.

Frozen food prices are up 17% compared to 2021, but consumers still believe they provide good value, says Acosta.

The average unit price in the frozen food division was up 17% to $4.91 in September 2022 versus September 2021, and up 31.6% over 2019, according to IRI sales data.

The increase comes before overall store-wide inflation, which was +14.3% in September 2022 versus a year earlier.

The frozen categories with the largest year-over-year increase in unit price (September 2022 vs September 2021) included fruits and vegetables (+19.2%), snacks (+19%), meals (+18.8%), and meat/poultry/seafood (+17.9%). ).

Only one region, frozen drinks, averaged a single-digit price increase (+7.1%) year over year.

Total food and beverage sales (measured channels, retail, IRI) were up 9.5% year over year in September 2022, with units down -4.1%, while frozen sales were up 9.7% with units down -6.2%.

Great CPG and Frozen Food

Major players such as Conagra Brands (Bird’s Eye, Marie Callender’s, Banquet and Healthy Choice) and General Mills (Häagen-Dazs and Totino’s) reported strong sales in their frozen food portfolios and investment in frozen food offerings.

“Frozen” achieved significant acceleration in quarterly sales growth on a one-year and three-year basis at 8% and 27%, respectively. It’s clear that our focus on meeting consumers’ preferences for comfort, quality and great taste continues to resonate.”Conagra President and CEO Sean Connolly said on the company’s first-quarter 2023 earnings call.

In August 2022, General Mills announced a $100 million investment in one of its factories to manufacture Totino’s frozen pizza products.

Earlier this year, the US company Nestle owned Sweet Earth Foods expanded its frozen foodsline to meet the demand for convenient and vegetarian nutrition.

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