Healthy snacks business Kestrel Foods has maintained its rapid ascent as looks to hold its position as one of the UK’s fastest-growing food companies.
Kestrel Foods was ranked among the top 50 fastest-growing brands this year with an annualised growth rate of 21% between 2021 and 2023.
This dipped slightly in its latest accounts, although revenue was still up 19% to £27.6m in the full year to April 2024.
Its brands performed particularly strongly with branded sales up 30% in contrast to an overall sales stagnation in the category. Its biggest brand Forest Feast grew volumes by 21% in the year, while the overall snacking category registered just 1.1%, according to NIQ.
The company said its recent growth was due to more distribution across the UK, growing consumer loyalty and penetration, and new innovations on the market.
“Looking forward we have lots of exciting plans in snacking including geographical expansion for the brands, new innovation and the development of our latest acquisition – Indie Bay snacks,” said Michael Hall, founder and CEO of Kestrel Foods. “We will continue to invest in our capability, brands and people to create a long-term sustainable business that we see a bright future for.”
Kestrel Foods has expanded its portfolio recently with the acquisition of Indie Bay from Nurture Brands in October – as revealed by The Grocer – and the launch of a new granola brand, Just Live a Little Gluten Free, in January as it looks to expand into breakfast.
The company’s strategy is to “carve out space within the snacking market, building brand awareness, distribution, and sales of both the Forest Feast and Acti-Snack brands”.
Innovation will be central to its growth and it looks to launch “revolutionary and on-trend products that delight customers”.
While the UK makes up the majority of sales, Europe grew significantly last year, up 29% to £8m.
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