Recap of the financial year 2024

In 2024, Fayrefield Ingredients Holding A/S delivered the second-best result in the group’s history – a clear testament to a strong business model and an organisation with a high degree of decisiveness and adaptability.

The year was marked by significant global unrest and volatility across supply chains, markets, and currencies. Despite this, the group succeeded in expanding its organisation and strengthening its global footprint – a strategic initiative that is already beginning to show results.

The ingredients division in particular performed exceptionally well, driven by rising raw material prices, especially within protein products. These significant price increases created challenging sourcing conditions but also led to notably improved margins on inventory.

Our cheese ingredients division based in Rostrup once again delivered a strong set of results, underlining the consistency and quality of this part of the business. Similarly, PB Foods in Funen, which operates within the same sector, also recorded a remarkable year. Both units continue to play a vital role in Fayrefield’s value chain and contribute significantly to our overall performance.

The export division also had a solid year, although revenue in the Middle East came in lower than expected – partly due to a shift in Ramadan timing and a weak US dollar, which impacted margins negatively. Nonetheless, the group managed to maintain momentum and strengthen its presence in the region.

Looking ahead, Fayrefield Foods is optimistic about 2025. The acquisition of two smaller companies in the UAE and Saudi Arabia has created a strong local foothold in a region with massive growth potential – not least driven by the substantial investments now being rolled out in Saudi Arabia. The establishment of local sales teams of 6–8 people over the coming years is expected to further support market development and customer engagement.

Furthermore, the end of 2024 marked a breakthrough in China, where Fayrefield has established a partnership with a local distributor of protein blends. A complex process, shaped by new documentation and registration requirements, is now successfully completed. The first shipments have arrived by air freight, and several containers are already en route. The start has been promising, and the potential in the Chinese market is considered substantial.

Fayrefield’s US office also had a very strong year, driven primarily by sales of whey products to China. However, it is clear that international trade conditions and tariff regimes require continuous attention. For this reason, the group’s office in Argentina and its headquarters in Vejle will play a central role in securing access to non-US-origin products.

There is no doubt that 2025 will be another year where agility and strategic oversight are essential. But these are exactly the qualities in which Fayrefield Foods excels. The organisation is geared for growth and enters the coming year with strong optimism – particularly based on its new market positions in the Middle East and Asia.