The frozen retail market is now valued at £5.8bn, a figure which is growing by 0.9% year on year, according to latest figures from Kantar Worldpanel.
Frozen savoury products and potato products were the big winners, with both seeing strong year-on-year value growth of 4.9% and 4.1% respectively. The ice-cream sector also benefitted from a warm summer and an increase in popularity of premium brands with year-on year value growth of 3.8% alongside a volume increase of 0.4%.
Brian Young, chief executive of British Frozen Food Federation said: “The retail industry as a whole is currently experiencing very mixed fortunes which are bound to have an impact across the entire food industry. While many of the big name retailers are struggling, success in the premium and more so discounter ends of the market is positive for the frozen market.
“We’ve seen some good growth in a variety of sectors from the latest figures. Volume growth in the frozen ready meals is of particular note as consumers start to regain confidence in prepared meals.
“The outlook for 2015 is promising as consumer confidence begins to grow in the run up to the general election. Although typically this confidence can wane once the votes are in and big promises die down, the growth of the UK economy ahead of the rest of Europe may lead to continued confidence in the retail sector.”