Baltic markets drove Kormotech’s 2024 growth
The Ukrainian pet food manufacturer exports over half of its production, mainly to Central and Eastern Europe.
Kormotech reported a turnover of $162.7 million (€155.2M) in 2024, a 6.5% increase year over year (YoY).
The Lviv-based firm sold 83,000 tons of dry and wet pet food from January to December 2024, an increase of 7.5% compared to 2023. Kormotech says the premium segment was strongest, accounting for over 37,000 tons sold.
The pet food maker relies heavily on exports, selling 55% of its products abroad. Its top export markets were Romania, Bulgaria, Lithuania, Latvia and Moldova.
Its pet food brands include Optimeal, Club 4 Paws, My Love and Delickcious. Kormotech does not offer all its brands in every export market but “prioritizes” Central and Eastern Europe.
International growth
The company, which has production facilities in Lithuania, achieved strong numbers in the Baltic region.
It said it hit 102% of its annual plan for the region in 2024. Lithuania was the highest-performing market, with sales 14% above planned. Club 4 Paws, in particular, has gained ground there. Kormotech estimates the brand reached 31% brand awareness among Lithuanian pet owners.
The company, which estimates it holds the second position in Moldova’s pet food market, highlights that the country is one of its next big targets.
“By 2028, Kormotech aims to establish itself as Moldova’s number one pet food brand portfolio on the market,” says Eduard Babenko, the company’s Head of Ukraine, Moldova and Southeast Asia.
For 2024, Kormotech posted 1.8% volume growth and 9.1% revenue growth in Moldova.
The Ukrainian pet player expressed confidence that the group will reach its long-term goal of €500 million ($523.8M) in revenue by 2029.
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