Ingredient group Novonesis grew 7 per cent in the first quarter of the year, with dairy cheese activities performing particularly strongly – driven by both mature and emerging markets.
Novonesis closed the first quarter of 2026 with revenue of €1.119 billion and overall growth of 7 per cent, ahead of analyst expectations. The Food & Beverages segment led the performance, growing 11 per cent, with the cheese business serving as a central growth driver within that division.
This emerges from an interview with Chief Financial Officer Rainer Lehmann in the Danish financial newspaper Børsen, published alongside the quarterly results.
Novonesis does not produce cheese itself, but supplies enzymes and cultures to dairies, used to manage the process from milk to finished product – including coagulation, flavour development and texture.
Untapped market potential
The company’s solutions are currently used in approximately 60 per cent of global cheese production, but Novonesis believes the potential extends to as much as 85 per cent. This positions the company to grow faster than the global cheese market, which, according to its own data, is expected to expand by only 1–2 per cent per year in volume terms, from a total annual output of around 23 million tonnes.
Lehmann highlighted to Børsen that efficiency gains among dairy customers are part of the explanation for the strong performance:
“Our solutions help directly with the ripening cycle to increase overall yield, and they contribute significantly to the flavour and texture of cheese. That is naturally something that is in very high demand among our customers,” he told the newspaper.
From the US to China
Growth is coming from multiple geographies. In mature markets such as the United States, large categories like cheddar and mozzarella are the primary drivers. In emerging markets, growth is more a matter of cheese gradually making its way into new food habits and products.
China is singled out as a market in motion, despite cheese historically having a limited presence in Chinese cuisine.
Lehmann told Børsen:
“We see growth in cheddar and mozzarella in the US, which is quite a significant part of it. But we also see it, for example, in China, which is not particularly known for cheese consumption. There are a number of different applications on the cheese side that are contributing to our strong performance.”
Protein and GLP-1
The CFO also links the dairy division’s progress to the growing uptake of GLP-1-based weight-loss medication. Users of such treatments have, according to Novonesis, an increased need for protein to preserve muscle mass, which is driving demand for high-protein dairy products. The company’s own data shows that 49 per cent of global consumers plan to increase their protein intake, and that 20 per cent of all new yoghurt launches worldwide are now labelled as high-protein.
Within the Food & Beverages segment, the dairy business is split with cheese accounting for approximately 55 per cent of revenue, while fresh dairy products such as yoghurt make up the remaining 45 per cent.
By Maja Løvstrup
Source: Børsen
Photo: Novonesis
