Corporate Profiles - 2021 - 26

INDUSTRY REVIEW: PACKAGED FOODS
Packaged Foods
T
Consumers keep flocking to the frozen food aisle
he frozen food industry has begun the decade on a tear thanks to
innovative product launches, at-home eating and consumers seeking
convenience.
Frozen food sales in the United States increased by 21% in 2020 as the
COVID-19 pandemic drove more consumers to the frozen food aisle, according
to the Food Industry Association, Arlington, Va., and the American
Frozen Food Institute, McLean, Va.
In other findings, 39% of shoppers in 2020 said they were core frozen
food shoppers, meaning they consume frozen foods daily or every few days,
which was up from 35% in 2018, and 42% of households that buy frozen
foods have bought the products online, up from 23% in 2018.
MarketsandMarkets, Inc., Northbrook, Ill., forecast the global frozen
food market, estimated at about $244.3 billion in 2020, to reach a value
of about $312.3 billion by 2025 equating to a compound annual growth
rate of 5%. Developments in the retail landscape, rising demand for convenience
food and technological advances in the cold chain market will
drive the growth, according to MarketsandMarkets, which added Europe
accounted for the largest market share in frozen food in 2020, with Germany
being a major contributor.
Sales figures from IRI, a Chicago-based market research firm, showed
how demand in the United States soared during COVID-19 in both 2020
and 2021. US retail sales of single-serve frozen dinners/entrees hit $5.2
billion in the 52-week period ended July 11, which marked a 9% increase
from the previous 52-week period. Sales also were up in frozen handheld
entrees, 2.9% to $3.05 billion, and multi-serve frozen dinners/entrees,
2.8% to $2.27 billion.
Frozen food innovation, particularly with cauliflower, was evident in the
United States in 2021.
Nestle USA, Arlington, Va., under its Lean Cuisine brand launched the
Fettuccini with Meat Sauce Cauli' Bowl, the Creamy Mac and Cheese Cauli'
Bowl, the Creamy Tomato Vodka Pasta Cauli Bowl and the Garlic Parmesan
LEADING SINGLE-SERVE FROZEN
dinner/entree vendors
Dollar sales
1 Conagra Brands, Inc.
2 Nestle USA, Inc.
3 Amy's Kitchen, Inc.
4 Bellisio Foods
5 Kraft Heinz Co.
6 Pinnacle Foods, Inc.
7 Ajinomoto Foods North America
8 InnovAsian Cuisine Enterprises, Inc.
9 Zatarain's
Private label
Total
$1,701,953,053
$1,558,272,819
$374,586,931
$343,101,265
$272,158,004
$233,508,884
$111,154,478
$59,679,328
$42,821,967
$109,812,926
$5,195,709,558
% change
from
year ago
8.7%
16.1%
2.0%
-3.0%
-3.4%
15.4%
-3.2%
17.1%
22.7%
11.9%
9.2%
Alfredo with Broccoli Cauli' Bowl. Lean Cuisine's US retail sales in singleserve,
frozen dinners/entrees jumped 10% to $199 million in the 52-week
period ended July 11, according to IRI.
Conagra Brands, Inc., Chicago, launched Healthy Choice Zero, a ketofriendly
meal featuring riced cauliflower, and Marie Callender's pot pie
that had a crust made with cauliflower. Marie Callender's US retail sales
in single-serve, frozen dinners/entrees increased 14% to $556 million in
the 52-week period ended July 11, according to IRI. Birds Eye Rainbow
Cauliflower from Conagra contained white, orange, green and purple cauliflower
florets.
New plant-based product launches under Conagra's Gardein brand included
Ultimate Plant-based Chick'n, Ultimate Veggie Burgers and Plantbased
Chili.
Midway through the year the Green Giant brand was dealing with supply
chain issues.
" Green Giant had a tough (second) quarter that combined the most
challenging COVID comparison in our portfolio with the most challenging
supply chain constraints as we wait for the new vegetable pack, " said Bruce
C. Wacha, chief financial officer and executive vice president of finance for
B&G Foods, Parsippany, NJ, in an Aug. 5 earnings call.
Green Giant generated $105.7 million in net sales in the quarter, which
was down $58.4 million, or 36%, compared to the second quarter of 2020
and down $7.2 million, or 6.4%, compared to the second quarter of 2019.
" Green Giant will continue to face tough comparisons and supply chain
constraints until the year will largely get through the pack season in the
third quarter of this year, " Mr. Wacha said. " However, we do expect a strong
fourth quarter once we are fully loaded on inventory. "
SOUP SALES FALL FROM '20 HIGHS
Soup sales slipped in 2021 as COVID-19 restrictions eased and more
consumers got out of the house. US ready-to-serve soup sales at retail fell
LEADING SINGLE-SERVE FROZEN
dinner/entree brands
Dollar sales
1 Stouffer's
2 Marie Callender's
3 Healthy Choice Cafe Steamers
4 Lean Cuisine Favorites
5 Banquet
6 Lean Cuisine Comfort
7 Amy's Bowls
8 Michelina's
9 Hungry-Man
10 Banquet Mega Bowls
Total
Data for 52 weeks ended July 11, 2021
Total US - Multi-outlet with C-Store (Supermarkets, Drugstores and Mass Market Retailers, Gas/C-Stores, Military Commissaries and Select Club & Dollar Retail Chains)
Source: IRI
$735,903,668
$555,999,541
$307,229,233
$199,429,936
$191,199,886
$172,993,977
$164,739,228
$159,789,489
$152,406,484
$141,160,441
$5,195,709,558
% change
from
year ago
16.5%
13.8%
4.4%
9.7%
-5.5%
-5.3%
4.6%
-5.8%
21.6%
32.7%
9.2%
26 \ October 2021
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Corporate Profiles

Corporate Profiles - 2021

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