Kerry Group PLC on Thursday celebrated an increase in volume for its Taste & Nutrition unit which helped to boost overall volume growth, despite subdued consumer demand.

The Tralee, Ireland-based food ingredients maker announced volume growth of 1.9% in the first quarter of 2024, while Taste & Nutrition volumes edged up 3.1%.

Notably, while in the European region volumes fell 1.4% due to strong comparatives, volumes grew 4.8% in the Asia Pacific, Middle East & Africa segments, boosted by Snacks and Meat. Kerry highlighted that the growth was driven by an especially strong performance in the Middle East.

On the back of the results, the company announced a new share buyback programme of up to €300 million, the same size as the recently completed buyback.

‘Consumer demand remained relatively subdued during the period given the recent inflation across many geographies. Customer innovation and renovation primarily focused on new taste profiles, enhancing product nutritional characteristics and providing relative value options for consumers at different price points,’ the company said.

Looking ahead, the company said: ‘Kerry has a good innovation pipeline and remains well positioned for volume growth and good margin expansion, while recognising consumer demand remains relatively subdued.

The Group will continue to develop its business and portfolio aligned to its strategic priorities.

Kerry shares rose 1.9% to €81.60 each on Thursday morning in London.

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