Nutreco

At the same time, a number of environmental challenges affected herd sizes and feed volumes. Avian Influenza and African Swine Fever in particular impacted animal protein production, trade, and market balances. Supply chain risks persisted, although disruptions eased as the prices of commodities and energy fell. Even so, volatility risk remains high. Labor shortages stem from aging farming populations and decreasing interest among younger generations, while sustainability and disease-related issues also present significant threats. Sustainability will continue to represent the primary consideration for the industry, creating opportunities for innovation.

Despite these challenges, the future looks bright with growth driven by evolving demand and new opportunities. A diversified presence across chosen geographies, species, and segments of the value chain will continue to strengthen Nutreco’s ability to manage market fluctuations and mitigate risk. This flexibility will enhance business resilience as well as the capability to create more value for customers. The disciplined implementation of an operational efficiency and margin management program, in addition to a stringent focus on capital allocation and working capital management, have significantly improved performance and cash generation over the year. This provides a positive outlook for the future.

A Connected Organization strategy focuses on a species-driven, marketing-led approach that addresses customer pain points and the opportunities this brings. Customer-centric, data-driven internal collaboration across Nutreco, meanwhile, supports fast decision-making and fosters effective innovation. The approach is underpinned by the principles of a high performing organization and a strong people strategy.

Nutreco continues to make strategic investments to increase production capacity in key growth markets, strengthen competitive positioning, meet rising demand, and capitalize on emerging opportunities. The focus remains on optimizing assets to drive operational efficiency, streamlining processes, and improving resource allocation to reduce costs and boost productivity, all of which help to generate greater value for customers.

The strategic focus on Asia as a growth region remains unchanged. Developments in the Norwegian salmon market are positively impacting both demand and margins for salmon feed. 2024 also saw two major milestones. The opening of the Garden of the Future in Thurgau, Switzerland, demonstrates the Group’s long-term vision for phytotechnology. The team of senior scientists offers extensive experience in phytopharmacy, botany, and physiology, with an active discovery process and a full pipeline of over 30 projects based on novel phyto-products. The company also launched the world’s first food-grade powder production facility for cell feed, located in Boxmeer, Netherlands. The new facility underscores a commitment to innovating feed protein cells cost-efficiently, sustainably, and on a large scale for the cellular agriculture industry.

Looking ahead, macro trends are set to support long-term growth in global animal nutrition, with volumes expected to increase during 2025 despite ongoing geopolitical and market uncertainties. Nutreco will continue to drive cost competitiveness and improve organizational agility, reinforce its position as the partner of choice for customers, and develop new innovations to make the most of growth opportunities across the markets.