Novozymes: Bioenergy Sales Up 23% in 2023

  • Wednesday, 07 February 2024 08:44

Ethanol Producer Magazine

Feb 1, 2024

Novozymes on Feb. 1 released unaudited results for 2023, reporting that bioenergy sales were up approximately 23% last year. The company, which on Jan. 29  merged with Chr. Hansen  to form Novonesis, is expected to release full audited results on Feb. 8

According to the company, bioenergy sales were up 20% in the fourth quarter when compared to the same three-month period of 2022. Bioenergy sales for the full year 2023 were up 23% when compared to 2022.

Novozymes attributed the strong performance in bioenergy sales to continued penetration in the broad and innovative solutions toolbox allowing for higher yields, throughput, and byproduct value-capture for producers in a favorable market environment. In particular, the company said the North American market experienced strong developments supported by a favorable market environment and roughly a 2 percent increase in U.S. ethanol production. 

Performance was also strong outside of North America, driven by innovation as well as capacity expansion of corn-based ethanol production in Latin America. Growth was also supported by solutions for biodiesel production and sales of enzymes used in second-generation biofuel production. In addition, pricing had a positive impact on growth, Novozymes said. 

Bioenergy sales accounted for 25% of total sales last year, according to Novozymes. The company’s household care; food, beverage and human health; grain and tech processing; and agriculture, animal health and nutrition segments accounted for 28%, 22%, 13% and 12% of 2023 sales. 

Overall, Novozymes reported a 6% percent increase in sales for the fourth quarter, and 5% growth for the full year. A full copy of the company’s announcement is available on its  website.

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