Food technology and ingredients company Kerry Group has reported a 10.3% increase in revenues for the first quarter of 2023 and said that consumer demand remained resilient.
In a trading statement ahead of its AGM today, Kerry said that overall growth was led by the dairy, snacks and pharma markets, as customers continued to navigate the heightened inflationary environment.
Kerry said its Taste & Nutrition division saw solid overall volume growth in the first quarter despite the effect of increased pricing.
The company said its performance in the Americas Region was hit by customer inventory reductions particularly in the North America retail channel.
But its foodservice business performed well with continued growth and business development in back-of-house efficiency solutions and seasonal menu offerings.
It said the Europe region achieved another strong quarter of growth, while managing significant price inflation.
Meanwhile, growth in the APMEA region was mainly driven by strong performances in the Middle East and Southeast Asia, while China recovered through the period as market conditions improved.
Kerry said its Dairy Ireland business’s performance was reflective of market conditions with volume reductions of 5.8% and increased pricing of 14.4%.