Schmeichel stressed that the Danish striker is not the only one struggling at Manchester United.
"It has been difficult for him, but I think he is doing absolutely fantastic. He doesn't give up, he fights and he doesn't let it get him down," Schmeichel told Danish media source BT before the premiere of a new documentary about the goalkeeper's own life on Sky Showtime.
Schmeichel knows as much as anyone what it takes to succeed at Manchester United, having won a host of trophies during his eight years at the club. And he believes that Hojlund will eventually succeed at Old Trafford.
"For me, there is no doubt that he is the future, and there is no doubt that he is part of the project," said Schmeichel.
"He's going to learn a lot from what happened this year, and it's going to give him some balance which he can use for the rest of his career."
United are currently languishing in 13th place in the Premier League, their worst position in more than three decades.