UNLOCK FROZEN OPPORTUNITIES March 2022EXECUTIVE SUMMARY Frozen food sales experienced strong growth in 2020 and most of 2021 due to the pandemic and increased in-home consumption. But as with many other parts of the store, sales of frozen foods have slowed in recent months, compounded by lower in-stock levels and rising prices. This report provides an update on frozen foods and examines pockets of opportunity, including occasion-based, trending benefits and the power of promotions. Current Frozen Trends ? While unit growth of frozen products has slowed in recent months, demand remains elevated from 2019. Current growth is primarily driven by price. ? Consumers perceive higher prices, even if increases are uneven across frozen categories. Manufacturers and retailers have yet to dial up promotions. ? ? ? ? Despite price increases, some categories, including entrées / dinners and breakfast foods, remain in demand. Millennials, Gen X and Boomers purchase frozen foods at an equal rate; seniors/retirees make fewer frozen purchases. Private label is gaining share within the frozen category, especially with strong online growth; brick and mortar sales are mixed. The freezer case ac