Today, Unilever released its full-year performance for 2024, reporting a turnover of €60.8 billion, an increase of 1.9% year-on-year. This growth was driven by a solid 4.2% underlying sales growth, which more than offset the negative impacts from currency fluctuations (-0.7%) and disposals net of acquisitions (-1.5%). Notably, Unilever’s Power Brands contributed over 75% of turnover and delivered a strong 5.3% underlying sales growth, with volume growth of 3.8%.
Hein Schumacher, CEO at Unilever, stated: “Market growth, which slowed throughout 2024, is expected to remain soft in the first half of 2025. The steps we have taken in 2024, including the launch of our refreshed GAP2030 strategy, further reinvestment in our brands and strong innovation pipelines leave us better positioned to deliver on our ambitions in the years ahead.”
By business segment, Beauty & Wellbeing delivered a strong full year performance, with turnover recording €13.2 billion, up 5.5% year on year. Its underlying sales was driven by volume at 5.1% and price at 1.3%, up 6.5%. Volume growth was broad-based with strong performances from its Power Brands including Sunsilk, Dove, Vaseline, Ponds, Liquid I.V. and Nutrafol.
Unilever stated that the continued premiumization of its core hair care and skin care portfolios drove the growth in full-year performance, along with the sustained strength of its premium beauty and wellness portfolio, which together accounted for approximately 30% of the Beauty & Wellbeing business turnover.
Hair Care grew mid-single digit with balanced volume and price growth. Our largest hair care brand, Sunsilk, grew high-single digit reflecting the continued success of its 2023 relaunch and introduction of new formats. Dove delivered high-single digit volume-led growth following the launch of Scalp + Hair Therapy, designed for improved scalp health and hair density. TRESemmé grew mid-single digit following the launch of the Lamellar Shine collection. Clear grew low-single digit amidst low market growth in its primary market China.
Core Skin Care grew mid-single digit led by low-single digit volume and positive price. Vaseline grew double-digit with the expansion of its premium Gluta-Hya range to new markets and new formats. Gluta-Hya is now in over 22 markets and has introduced a new serum based suncare range. Dove skin care delivered double-digit growth, with the launch of its body serums and 3-in-1 face care treatments in Brazil, Mexico, and most recently in the US. Pond’s grew double-digit led by volume following its successful relaunch in 2023.
Additionally, Unilever stated that K18, the high-end biotechnology hair care brand it acquired earlier this year, achieved double-digit growth and will be included in the underlying sales growth starting from February 2025.
In the Personal Care segment, the turnover recorded €13.6 billion, down 1.5% and underlying sales grew by 5.2%, led by strong innovation-driven sales in Deodorants.
Personal Care’s full year performance was led by its Power Brands and science-backed innovations. Dove, which represents c. 40% of Personal Care’s turnover, grew high-single digit with the successful launches of a new range of whole-body deodorants and a serum shower collection, using active face care ingredients in body wash formats. Skin Cleansing grew low-single digit with positive volume and price. Good growth in Dove was partially offset by declines in Lifebuoy and Lux, driven by challenges in Indonesia, China, and India. Oral Care grew mid-single digit led by price. Our Power Brands, Close up and Pepsodent, grew mid-single digit with positive price and volume.
Regionally, in Asia Pacific Africa, the turnover recorded €26.0 billion, down 0.7%, underlying sales growth was 3.1% with 1.8% from volume and 1.3% from price. India grew 1.8% driven by underlying volume growth at 2.4%. This was primarily driven by Home Care and Beauty & Wellbeing while Personal Care declined.
China declined mid-single digit with market weakness across all categories apart from Foods. In the context of softer markets, the Group are accelerating our portfolio remiumisation and transforming our go-to-market approach to effectively serve fast-growing e-commerce channels and smaller format stores in lower tier cities.
In The Americas, the turnover recorded €22.5 billion, up 4.7 year on year. Underlying sales growth was 5.5% with 4.0% from volume and 1.4% from price.
North America grew 5.3% with 4.1% volume growth, with all Business Groups delivering positive volumes. This improved volume performance was led by strong growth in Beauty & Wellbeing. Growth in Personal Care improved in the second half, helped by a strong performance of Deodorants in the fourth quarter. Latin America grew 6.0% with 3.9% from volume. Beauty & Wellbeing and Personal Care grew double-digit.
