Conagra Brands' Future of Frozen Food 2026 Reviews Trends Shaping $93.5 Billion Industry
Rhea-AI Summary
Conagra Brands (NYSE:CAG) released its third annual Future of Frozen Food 2026 report (Jan 14, 2026) outlining four trends reshaping the $93.5 billion U.S. frozen food market.
Key findings: high-protein frozen foods generate $12 billion annually and show double-digit volume growth; takeout-style frozen items total $14.3 billion in sales; multi-serve/value-size frozen products represent roughly $12 billion and account for >40% of aisle sales; frozen breakfast occasions are growing faster than the category, led by Gen Z and Millennials.
Positive
- U.S. frozen market size of $93.5 billion
- High-protein frozen sales total $12 billion annually
- Takeout-style frozen sales of $14.3 billion annually
- Multi-serve/value-size sales about $12 billion and >40% aisle share
- Frozen breakfast occasions growing faster than the total category
Negative
- None.
News Market Reaction – CAG
In the Jan 14 session, CAG gained 3.32%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 19 | Earnings results | Negative | -2.5% | Weaker sales and large goodwill and brand impairment charges. |
| Dec 18 | Dividend declaration | Positive | -0.7% | Quarterly cash dividend of $0.35 per share maintained shareholder payouts. |
| Nov 19 | Earnings date notice | Neutral | +0.1% | Announced timing and access details for Q2 FY26 results release. |
| Nov 13 | ESG/sustainability | Positive | +0.5% | Recognized employee projects delivering cost savings and environmental benefits. |
| Nov 04 | Conference participation | Neutral | -1.0% | Participation in J.P. Morgan U.S. Opportunities Forum investor event. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news reactions show mixed alignment: earnings weakness and impairments aligned with share declines, while dividends and sustainability news saw modest or contrary moves, suggesting no consistent pattern but a tendency to react negatively to fundamental pressure.
Over the last few months, Conagra has navigated weaker fundamentals and portfolio changes. Q2 FY26 results on Dec 19, 2025 showed net sales of $3.0B (down 6.8%) and large non-cash impairments, with shares falling 2.53%. A quarterly dividend of $0.35 per share announced on Dec 18, 2025 saw a slight 0.67% decline. Earlier, sustainability awards with quantified savings on Nov 13, 2025 coincided with a 0.52% gain. Against this backdrop, today’s industry-focused frozen-food trends highlight category strength even as CAG trades near its 52-week low.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Data-Driven Report Identifies Four Key Themes Shaping
Conagra's Demand Science team developed this year's report using insights from Circana, NielsenIQ's Label Insight technology, social media trends from Tastewise, and search data from Similarweb. Together, these sources highlight four transformative trends shaping the future of the frozen food department, along with broader insights into how and when consumers are eating frozen foods.
"Frozen food is no longer just about convenience, it's about meeting consumers wherever and however they're eating," said Bob Nolan, senior vice president of demand science at Conagra Brands. "As households grow more complex and budgets stay top of mind, frozen food delivers on quality, nutrition and affordability in a big way."
2026 Emerging Trends:
While Conagra Brands is a leader in the
- The Power of Protein: Protein remains the most influential nutrition attribute across the store, and frozen food leads the way2. High-protein frozen foods generate
$12 billion - Restaurant Cravings, Frozen Convenience: As the cost of dining out continues to climb, consumers are recreating restaurant experiences at home. "Takeout-style" frozen foods now total
$14.3 billion - Serving Up Connection: Together at the Table: With more meals being shared at home, frozen food is fueling a return to family-style dining. Multi-serve meals, pizzas, and frozen sides represent roughly
$12 billion 40% of frozen aisle sales, helping consumers stretch budgets while supporting shared meals and crowd-pleasing occasions8. - Rise and Dine: The Breakfast Evolution: Breakfast is no longer confined to the morning, and frozen is driving its expansion. Frozen breakfast occasions are growing faster than the total category, as consumers enjoy breakfast items throughout the day as meals or snacks9. High-protein, ready-to-heat formats like handhelds, bowls and breakfast sausage are gaining momentum, particularly among Gen Z and Millennials, who prioritize convenience, nutrition and flexibility at any hour10.
The full report can be viewed here: Conagra Brands' Future of Frozen Food 2026 Report
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), is one of North America's leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company's portfolio is continuously evolving to satisfy consumers' ever-changing food preferences. Conagra's brands include Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, Slim Jim®, Angie's® BOOMCHICKAPOP®, and many more. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2025 net sales of nearly
About the Future of Frozen Food 2026 Report:
Conagra Brands, a leading maker of frozen foods including brands such as Birds Eye®, Healthy Choice®, Marie Callender's®, Banquet®, P.F. Chang's Home Menu®, Gardein® and more, proudly shares the third edition of the Future of Frozen Food report. This report is not based on traditional consumer surveys, and instead leverages Conagra's cutting edge demand science and insights expertise. In addition, we partnered with Circana, LLC to provide robust sales data and in-home consumption behaviors from its National Eating Trends® report. NielsenIQ's Label Insight technology was used to classify and code on-pack claims at the UPC level, enabling accurate sizing of attribute-driven sales across the aisle. The latest social media trends are also layered in from Tastewise, as are Google Search Trends from Similarweb. This report provides a comprehensive, data-driven look at the future of the
Media Inquiries:
media@conagra.com
Sources:
1: Circana, LLC, Total US - MULO+ with Conv, Total Frozen Department, Dollar Sales, 52WE September 21, 2025
2: Circana, National Eating Trends®, Sourced from Home/Retail, % of Respondents Trying to Get More, YE August 2025, not including "Vegetables" or "Hydration" as nutrients
3: Circana, LLC, Total US - MULO+ with Conv, Total Frozen Department, 52WE October 19, 2025 NIQ Product Explorer, Powered by Label Insight Contains High Protein attribute
4: Circana, LLC, Total US - MULO+ with Conv, Total Frozen department and Shelf Stable & Refrigerated categories. Dollar Sales Weighted Average Grams of Protein per Serving, 52WE September 21, 2025
5: Circana, LLC, Total US - MULO+ with Conv, Frozen Department, Dollar Sales, 52WE October 19, 2025
6: Circana, LLC, Scan Panel, Total US - All Outlets, HH Generations and HH Life Stage, % Change Dollar Sales vs Dollar Sales Year Ago, 52WE October 5, 2025
7: Circana, LLC, Total US - MULO+ with Conv, Frozen Subcategories as defined as "Shareable Mains" (including Fz Pizza, Multi Serve Fz Dinners/Entrees, Fz Side Dishes, Fz Pot Pies), Dollar Sales, CAGR % Change Dollar Sales vs Dollar Sales 3 Years Ago, Share of Dollars within Total Frozen Department, 52WE September 21, 2025
8: Circana, LLC, Total US - MULO+ with Conv, Total Frozen Multi Pack / Multi Serve, Frozen Large Format Dollar Sales, Share of Total Frozen Dollar Sales, 52WE September 21, 2025
9: Circana, National Eating Trends®, Sourced from Home/Retail, Frozen Food Summary x Occasions, YE August 2025
10: Circana, National Eating Trends®, Sourced from Home/Retail, Trended Frozen Breakfast Food Occasions, YE September 2025
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SOURCE Conagra Brands, Inc.