In this exclusive video interview, BFFF chief executive Brian Young sets out what he describes as a “bright” prospect for frozen food.
“I think it’s a very optimistic forward-looking report as far as food manufacturers are concerned,” said Young. “[The report] says the frozen food industry is alive and well, [the report] says there are growth opportunities. Generally, good news.”
We also discussed the impact of Brexit on the frozen food industry, and Young believed we could see price inflation as a result of the vote to leave the EU.
Young said: “I think the biggest news as far as the food industry is concerned is that we might actually see inflation reoccur.
“We’ve had deflation for five years, we’ve had a currency devaluation which is going to affect input costs by about 30%. All of these things will add cost. It’s hard to imagine [retailers] can squeeze this cost out of their margins. So I think we’ll see a return to price inflation.”
Meanwhile, watch out for two more video interviews with Young next week. The BFFF boss discussed the opportunities for growth in the frozen food sector and gave advice to his successor.
British Frozen Food Federation Report – at a glance
- Total market value: £8.13bn
- Retail: £3.73bn
- Foodservice: £2.4M
- Retail growth: 2% over next five years
- Foodservice growth: more than 2%
Read more about the report here