Global Growth Story

March 18, 2025 – Danone, a global titan in dairy and specialized nutrition, has once again proven its mettle with its full-year 2024 results, released earlier this month. The company reported net revenue of €27,376 million, fueled by a robust organic sales growth (OSG) of 4.3%. Notably, this growth was volume-driven—3.0% from increased volumes and just 1.0% from price/mix adjustments—highlighting strong consumer demand across its diverse portfolio.

Broad-Based Growth Across Divisions and Geographies

Danone’s performance was a showcase of consistency, with all three core divisions—Essential Dairy and Plant-Based (EDP), Specialized Nutrition, and Waters—posting gains. The EDP division, the heart of Danone’s dairy legacy, delivered €13,463 million in revenue with a 3.8% OSG, driven by a 2.7% volume increase. Specialized Nutrition followed with €8,936 million and a 4.6% OSG, while Waters sparkled at €4,977 million with a 5.1% OSG, buoyed by a 2.2% price/mix uplift.

Geographically, Danone’s reach was equally impressive. North America stood out with a 5.2% OSG and a striking 4.1% volume growth, reflecting robust demand for its health-oriented offerings. China, North Asia, and Oceania stole the show with an 8.0% OSG, powered by a 9.1% volume surge—a testament to Danone’s strategic focus on these high-growth markets. Europe, though more tempered at 1.7% OSG, showed resilience, while Latin America and the Rest of the World rounded out a truly global triumph.

Q4: A Strong Finish to a Stellar Year

The fourth quarter sealed FY24 with a flourish, posting €6,716 million in revenue and a 4.7% OSG—almost entirely volume-led at 4.2%. North America dazzled with a 7.7% OSG, while China, North Asia, and Oceania continued their volume-driven dominance at 9.8%. Even Europe gained traction with a 3.0% volume increase, hinting at a potential rebound.

India: An Emerging Powerhouse

While India isn’t singled out in Danone’s geographic breakdown, it falls within the “Rest of the World” segment, which reported €4,506 million in revenue—about 16.5% of the company’s total. This segment, encompassing diverse markets like Africa, the Middle East, and parts of Asia-Pacific, achieved a 5.7% OSG in FY24. India, with its vast population and rising demand for dairy and nutrition, likely contributes an estimated 2-4% of Danone’s global revenue (roughly €548 million to €1,095 million), based on its market potential and Danone’s presence. This would represent 12-25% of the “Rest of the World” pie—a meaningful slice, though dwarfed by giants like North America.

Looking ahead, India’s outlook is bright. The “Rest of the World” segment’s Q4 performance (5.4% OSG, 1.7% volume growth) suggests sustained momentum, and India’s demographic tailwinds—youthful, urbanizing, and increasingly health-conscious—align perfectly with Danone’s portfolio. However, competition from local dairy leaders like Amul and price sensitivity in rural areas pose challenges. Still, Danone’s focus on innovation positions it to tap India’s growing appetite for functional foods and hydration solutions.

Health Trends and GLP-1: Danone’s Ace in the Hole

CEO Antoine de Saint-Affrique’s bullish outlook is well-earned. He emphasized Danone’s readiness to seize an “upcoming inflexion point” in food and health, spotlighting trends like GLP-1 therapies that are reshaping weight management and metabolic wellness. With its EDP stronghold in the U.S. and beyond—plus growth markets like India—Danone is poised to lead this charge. Analysts see staggering potential if Danone perfects its portfolio strategy, omnichannel execution, and consumer engagement, leveraging its unique assets in dairy and nutrition.

Financial Community Cheers On

The markets are taking note. Danone’s stock price has surged 8% year-to-date in 2025 and boasts a nearly 30% gain over the past two years. Analysts praised the FY24 results as a revenue beat, with profitability (adjusted operating income margin of 13.0%, up 39 bps from FY23) meeting expectations. Danone’s guidance of 3-5% like-for-like sales growth, with operating income outpacing sales, reinforces its mid-term vision—and hints at untapped potential in markets like India.

Why This Matters for Dairy

In an industry grappling with evolving tastes, Danone’s blend of volume growth and health innovation offers a roadmap. From yogurt to plant-based options, its EDP division is thriving, while leadership in specialized nutrition and waters cements its future-ready stance. India’s rise as a growth engine only amplifies the story: dairy isn’t just a heritage category—it’s a springboard for tomorrow.

Exciting times lie ahead for Danone—and for the dairy sector at large.