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Frozen food market valued at £5.8bn

Frozen food market valued at £5.8bn

The UK's retail frozen food market has recorded a slight boost in growth in the year to September 14th.

New statistics released by Kantar Worldpanel showed that the sector grew by 1.6 per cent during the period and is now valued at £5.8 billion. Savoury frozen food was highlighted as the top performing section of the market with a 4.9 per cent year-on-year boost while volumes had also increased by 2.9 per cent, The Grocer reports.

The UK's positive performance has helped the global frozen food market reach $293.75 billion (£183.17 billion), according to figures released by Transparency Market Research. Across the globe there was an increase in sales of frozen meat, frozen ready meals and frozen soup. This trend was noted across the UK with the British Frozen Food Federation reporting similar findings for the nation.

Officials at the organisation said that frozen potato products had a value growth of 4.1 per cent while ice cream sales had also increased by 3.8 per cent. The British Frozen Food Federation said that a lot of the growth was down to product development, highlighted in the figures.

Brian Young, chief executive of the organisation, told the news provider: "With opposing fortunes in the wider retail industry pitting the value retailers against the previously established big supermarkets, it is reassuring to see such consistency in the frozen food market."

There had been concerns that the sector would come under increased pressure after Russia imposed an embargo on food imports to the country. It came in light of new sanctions levied by the US and European Union in wake of the Ukraine crisis.

Russia spends £115 million on UK produce with a large percentage of this being frozen food. It led to concerns that the industry could be hit by job losses and reduced revenues as Russia reduced its orders.

 

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