Get Cash Back and $0 Commissions
+ The Power of TradeStation
PRNewswire 25-Jan-2024 8:30 AM
Comprehensive sales, social media, and search data point to five key trends driving innovation and change across the U.S. frozen food department.
CHICAGO, Jan. 25, 2024 /PRNewswire/ -- Globally inspired flavors, evolving use of kitchen appliances, and a surge in breakfast foods are just some of the emerging trends identified in Future of Frozen Food 2024, the inaugural, comprehensive, data-driven report from Conagra Brands that examined how the $78 billion1 United States (U.S.) frozen food market may evolve in 2024.
Future of Frozen Food 2024 leveraged Conagra Brands' demand science expertise, combined with robust sales data from NielsenIQ, in-home consumption behaviors from Circana's National Eating Trends®, and in-depth social media trend predictors from Black Swan Data to identify five trends in the U.S. frozen food department.
"The frozen food industry, which began with our own Clarence Birdseye over a century ago, will continue to evolve with product innovation, flavor experimentation and changes to how and when people want to enjoy frozen food," said Bob Nolan, senior vice president of demand science at Conagra Brands. "Unlike conventional consumer surveys or online polls, we leveraged our Demand Science team to dive deep into data and other insights, unearthing tastes and experiences for the year ahead."
2024 Emerging Trends:
A collection of sales data and insights on food consumption and preparation helped identify five trends driving frozen food innovation and growth in 2024, including:
"Americans increasingly want new, exciting and unique frozen food flavors," said Nolan, "These trends point to the vast possibilities for continued innovations."
US Frozen Food Snapshot
The U.S. is by far the world's largest frozen food marketplace.4 Eight in 10 Americans choose frozen food at least once weekly, and most consume them about four times each week.5 More than half of Americans have frozen food on hand, especially vegetables, and nearly half now own at least one secondary freezer.3
The new report found that prepared foods (including meals, handhelds, and appetizers), desserts, and seafood are the three largest categories by dollar share. The report also examined some generational differences in frozen food preferences and habits, including those among Gen Z, Millennials, Boomers, Gen X, and "empty nesters" and senior couples.
About the Future of Frozen Food 2024
The Future of Frozen Food 2024 is a first-of-its-kind report from Conagra, going beyond traditional consumer surveys and online polls and instead leveraging Conagra's cutting-edge demand science and insights expertise. The report includes robust sales data from NielsenIQ, Black Swan Data's analysis of 120 million+ social media conversations, as well as multiple other sources to identify key trends. Together, they shaped a comprehensive, data-driven look at the future of the nearly $78 billion U.S. frozen food department.1 Report research and data spans the past four years, including the most recent NielsenIQ data through November 2023. Future of Frozen Food 2024 can be reviewed in its entirety on the Conagra Brands website.
1 Conagra calculation based on data reported by NIQ through NielsenIQ Discover for the Frozen department for 52 weeks ending 12/02/23 for the Total US xAOC + Conv according to the NIQ standard product hierarchy. Copyright © 2024, Nielsen Consumer LLC.
2 Similarweb U.S. search engine data (desktop + mobile search volume) through November 2023.
3 Circana, LLC, Kitchen Audit, 2020 and 2023.
4 Euromonitor International data as of 12/1/2023. Market sizing includes all frozen categories.
5 Circana, LLC, National Eating Trends: Sourced In-Home/Retail. Data for year ending October 2023
About Conagra Brands
Conagra Brands, Inc. (NYSE:CAG), with headquarters in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, and Slim Jim®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
For all media inquiries, please contact media@congara.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/future-of-frozen-food-2024-uncovers-hottest-frozen-food-trends-emerging-for-2024-302044180.html
SOURCE Conagra Brands, Inc.