Food Union’s product and technology investments in 2019 helped keep them on track to reach a 5% increase in sales in 2020, according to a press release.
Throughout 2019, the Group invested EUR18.8 million in new technologies across every part of its business and in each geographical region. “These investments were prescient and positioned Food Union to both withstand the impact of COVID-19 and to increase revenues and profitability in 2020,” Normunds Staņēvičs, CEO of Food Union Europe said. “This is very encouraging, given the unprecedented market dynamics this year,” said Staņēvičs. “Strategically, it’s worth noting the increase of Food Union’s ice cream market share by an average of 0.5% across markets where we sell our products.”
In Food Union’s core ice cream business, profit margins increased by an average of 1.8%. “This is a significant outcome given the challenging times. Our Group will start 2021 strongly positioned for growth,” Staņēvičs added.
Food Union is currently the leading ice cream producer in the Baltics and Denmark, and the Group holds a strong market position in Norway, Romania, Russia and Belarus. In 2020, Food Union operated in nine European countries, navigated shifting market demands and launched 117 new products based on local consumer insights. Food Union Europe also increased exports into South East Asia, with total exports soaring from near-zero in the first months of 2020 to EUR2.1 million in sales by the end of 2020.