Jan 26, 2023
Novozymes released 2022 financial results on Jan. 26, reporting a 25 percent increase in bioenergy sales when compared to 2021. Total sales for the company were up 9 percent in 2022 when compared to the previous year.
Novozymes attributed the growth in bioenergy sales to a 2 percent increase in U.S. ethanol production, expanded corn ethanol production in Latin America, and growth in solutions for biodiesel production. Sales of enzymes used in second-generation biofuels production also contributed to the growth, according to the company.
Bioenergy accounted for 21 percent of total company sales last year. Household care; food, beverages and human health; grain and tech processing; and agricultural, animal health and nutrition accounted for 28 percent, 24 percent, 15 percent, and 12 percent of sales, respectively.
Moving into 2023, Novozymes expects additional growth in bioenergy sales to be driven by pricing, market penetration enabled by innovation, capacity expansion of corn ethanol in Latin America and market penetration with enzymatic solutions for biodiesel production. Growth is also expected to be supported to a degree by sales of solutions for second-generation ethanol production. Growth in bioenergy sales is expected to be in the mid- to high-single-digit rate this year. The mid-point range of this growth forecast assumes flat to slightly declining performance in U.S. ethanol production, according to the company.
A full copy of Novozymes’ 2022 report is available on the company’s website.
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