Frozen meals costs up 17% vs. 2021, however shoppers nonetheless consider it supplies good worth, says Acosta

The typical worth per unit within the frozen meals division elevated 17% to $4.91 in September 2022 vs. September 2021, and up 31.6% vs. 2019, in response to IRI gross sales knowledge.

The rise tracks forward of whole retailer stage inflation, which was +14.3% in September 2022 vs. one 12 months in the past.

Frozen classes with the most important year-over-year per unit worth improve (September 2022 vs. September 2021) included vegetables and fruit (+19.2%), snacks (+19%) meals (+18.8%), and meat/poultry/ seafood (+17.9%).

Just one space, frozen drinks, averaged a single-digit (+7.1%) year-over-year worth improve.

Complete meals & beverage gross sales (measured channels, retail, IRI) have been up +9.5% YoY in September 2022, with models down -4.1%, whereas frozen gross sales have been up +9.7% with models down -6.2%.

Large CPG and frozen meals

Giant gamers reminiscent of Conagra Manufacturers (Chook’s Eye, Marie Callender’s, Banquet, Wholesome Selection) and Basic Mills (Häagen-Dazs, Totino’s) have reported sturdy gross sales in its frozen meals portfolios and funding into its frozen meals choices.

“Frozen generated a big acceleration of quarterly gross sales progress on a one and three 12 months foundation of 8% and 27% respectively. Clearly, our give attention to catering to shopper preferences for comfort, high quality and nice style continues to resonate,”​ stated Conagra president and CEO Sean Connolly on the corporate’s Q1 2023 earnings name.

In August 2022, Basic Mills introduced a $100m funding at one among its manufacturing vegetation making Totino’s frozen pizza merchandise.

Earlier this 12 months, Nestlé USA-owned Candy Earth Meals expanded its frozen meals​​line to fulfill demand for comfort and plant-based vitamin.