Global Packaged Food – Are consumers trading up to frozen and chilled food?
While 2009 saw a fillip for canned/preserved and frozen processed food at the expense of chilled items, as consumers worldwide grappled with economic uncertainty and sought out more cost-effective meal solutions, Euromonitor’s soon-to-be updated packaged food research indicates 2010 has seen a swift return to trading back up, either from canned to frozen or from frozen to chilled food.
Return to pre-crisis “normalcy”
After 2009 saw many consumers trade down to more affordable canned/preserved and frozen processed food items, 2010 has seen a rapid return to normalcy as economic prospects in many markets slowly improve. Western Europe, for example, is now seeing chilled processed food retail volumes perform more strongly compared to 2009.
Frozen maintains bastion in America
Chilled processed food’s resurgence has come largely at the expense of frozen items. While frozen food retail volumes grew fastest during 2009 in Germany, Italy and Ireland, chilled food is now performing best in 2010. However, frozen food still fares best in North America and across much of Latin America.
Canned food growth mainly confined to emerging markets
Canned/preserved foods’ renaissance has proven short-lived, with consumers returning to frozen and chilled products. However, it is still growing strongest in developing markets, especially where domestic refrigeration remains limited, and in developed markets like the UK where canned food has gone upscale via innovative pouch and carton packaging.