Global plant-based food producer Upfield has published its 2023 Financial & ESG Summary, reporting significant business growth and sustainability achievements.
The company achieved net sales of €3.3 billion for the calendar year 2023, reaching an additional 55 million consumers globally through brands such as Flora, Violife, Blue Band, Rama, and Proactiv. The total addressable market for Upfield products across the spread, margarine, cheese, and cream categories is estimated to be over €150 billion, indicating significant potential for further growth.
Upfield’s sustainability achievements in 2023 included the reduction of Scope 1 and Scope 2 greenhouse gas emissions intensity by 13.5% per ton of production compared to 2022. This was made possible by responsible sourcing practices and investment in low-carbon energy. Additionally, the company launched a plastic-free recyclable paper tub for its spreads, said to be a category first. The tub took four years to develop and has reportedly been well-received by customers.
Plant-based strategy
Upfield is also working to “make plant-based foods the obvious choice” through initiatives such as the #makeitplant campaign. So far, this campaign has reached 917,000 chefs, encouraging them to offer more plant-based meals.
Meanwhile, the Upfield Food Science Centre in Wageningen, Netherlands, continues to accelerate R&D to create plant-based products with “best-in-class” taste, texture, sustainability, and nutrition. The company has pledged to make its portfolio 100% plant-based in the coming years, removing the small quantities of animal ingredients currently present in some products.
Upfield says it continued to foster an inclusive workplace culture in 2023, noting that gender parity should be achieved by 2030. The company has already reached 43% female representation in management globally, up from 40% in 2020.
“2023 was a milestone year for Upfield as we accelerated our efforts to shape a more sustainable food system through our performance, world-class innovation, and culture,” said David Haines, Group CEO of Upfield. “With our clear purpose and plant-based focused strategy, we are committed to sustainable growth and providing products that are better for people and the planet.”
