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Sproud’s new go-to-market strategy leads to further European growth, increased revenue, and improved profitability

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  • Focus on European key markets has been an important driver of sustainable growth for the plant-based dairy alternative company

  • New go-to-market strategy introduced during the second half of 2022 includes targeted investments and greater focus on food-service and cafe sectors

MALMÖ, SWEDEN - 06.07.23: Sproud (www.besproud.com) grew sales of its plant-based dairy alternatives made from yellow split peas in 2022 and demonstrated progress in key areas. Despite turbulence in the market affecting the FMCG sector at large, the company increased its Y-O-Y revenue by 42%.

Key contributors to Sproud’s results include an enhanced go-to-market strategy which was implemented during the second half of 2022. This includes a greater focus on food service and HoReCa where several significant deals have been secured, including a recently announced global partnership with Joe & The Juice. Further to this, the renewed strategy entails market-specific investments in central and east Europe, where Sproud has witnessed significant organic growth in recent years. As part of this, Sproud has opened a logistics hub in Warsaw to better serve surrounding regions.

Focusing on specific markets where there is substantial demand for the company’s products has paid off. For the first five months of 2023, Sproud reports further Y-O-Y growth in core markets and strengthened profitability with EBITDA improved by 50%.

In April this year, Sproud announced becoming the first food brand in the world to receive ISO 26000 verification for its sustainability work. The same month, it also declared data from CarbonCloud showing that Sproud’s products have a lower kg CO2e/kg than all the other market-leading brands in the wider plant-based alternative milk category. The sales of new products launched in 2022, including Sproud Vanilla and Sproud Iced Latte, continue to increase alongside the sale of its existing assortment.

Sara Berger, CEO of Sproud comments: “After a strong 2022 and H1 this year, we feel positive entering into the second half of 2023. We look forward to fuelling further growth and bringing to life more ideas in 2023 that we feel confident will excite our customers and partners.”

Sara Berger 
CEO
press@sproud.se

About Sproud

Sproud is headquartered in Malmö, Sweden, with an additional office in London and it employs a team of 15. The company’s investors include VGC Partners, a growth capital investor based in London; Findeln Holding, a Malmö-based, family-owned investment company in which Sproud co-founder Nicklas Jungberg is a majority shareholder; and Swedish investment group Dream Beverage.

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