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So, how did the bakery industry perform in Q4 2024?
🟡 Revenue Growth: Revenue performance was mixed, with some companies experiencing flat or declining sales due to pricing pressures, FX fluctuations, and changing consumer demand. Others saw gains driven by premiumization and international expansion.
🟢 Profitability: Companies with strong costcontrol initiatives, such as Ingredion and Kellanova, saw profit expansion despite revenue pressures. However, profitability headwinds exist for chocolate-heavy businesses like Mondelez and Orkla, due to rising cocoa prices.
🟡 Market dynamics: The industry navigated inflation, currency volatility, and shifting consumer demand. Premium bakery (Aryzta,Lotus Bakeries) and plant-based ingredients (AAK) outperformed, while chocolate and commodity-sensitive products saw pressure.
🟡 Growth outlook: Companies are focusing on premiumization, international expansion, and direct-to-consumer strategies to drive growth. However, the growth perspective for those with higher exposure to raw materials costs (e.g. cocoa, dairy, grains) remains uncertain.
🟢 Profitability outlook: Profitability remains a key focus, with most companies expecting cost efficiencies, automation, and portfolio restructuring to support margins in times of rising input costs.
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