Our industry experienced challenging market conditions. External geopolitical factors and inflation drove up energy, raw material procurement and production costs. Simultaneously, dietary supplements market was impacted by pressure on consumer discretionary spend, especially in North America, and lower demand for immunity-supporting solutions post COVID. Early life nutrition market faced a high comparable period (due to product shortages in North America), further exacerbated by a continuing decline in birth rates (especially in China – the largest ELN market) and ongoing destocking.
Successful launch of vitamin transformation program
In response to the exceptionally challenging macroeconomic environment in the vitamins industry, in mid-2023 the company embarked on a major restructuring program in its vitamin activities to reduce costs and restore profitability. More details on the vitamin transformation program are available under Financial performance.
Health, Nutrition & Care significantly expanded its portfolio and capabilities. This expansion represents a step-change in our ability to serve rapidly evolving customer and consumer needs for enhanced nutrition and well-being solutions.
