Will Ferrell will always have a special place in his heart for Elf. In an exclusive interview with PEOPLE, the actor, 57, reacts to it being over two decades since the holiday film was released and reflects on the impact it still has on audiences new and old to this day.

In the years since its 2003 release, “Elf” has become America’s favorite holiday movie. Every year, families watch director Jon Favreau’s comedy about a human named Buddy (Will Ferrell) who was raised by Santa’s elves at the North Pole and goes to New York City to reunite with his birth father,

Will Ferrell recently reflected on the holiday classic 'Elf' 20 years after its release, expressing gratitude for the film's enduring legacy.

Over 20 years later, Will Ferrell is elated 'Elf' "continues to grow by leaps and bounds" and has a special place in the hearts of audiences, even outside of the Christmas period.

Will Ferrell feels lucky that his 2003 festive classic Elf "continues to resonate" with audiences 20 years later. The Step Brothers actor, who plays Buddy the Elf in the holiday staple, feels grateful to be involved with a film that "really means so much to so many people" even after 21 years.