Novozymes reports 26% increase in bioenergy sales for Q2

By Erin Voegele | August 09, 2023

Novozymes released second quarter financial results on Aug. 9, reporting a 26 percent increase in bioenergy sales for the three-month period. Overall company sales for the quarter were up 2 percent. For the half year ended June 30, bioenergy sales were up 27 percent and total company sales were up 3 percent.

Novozymes attributed the strong performance of its bioenergy segment during the first half of 2023 to “the continued penetration of the broad and innovative solution toolbox allowing for higher yields, throughput, and byproduct value-capture for producers in a favorable market environment.” 

The North American market experienced strong developments despite a roughly 1 percent decrease in U.S. ethanol production during the first half of 2023, according to Novozymes. Performance of the bioenergy segment was also strong outside of North America, driven by innovation, capacity expansion of corn-based ethanol production in Latin America and support by growth in solutions for biodiesel production, the company said. 

Novozymes also noted that sales of enzymes used in second-generation biofuels contributed to growth. Overall, growth was positively impacted by pricing, the company continued. 

Many of these factors are expected to continue into the second half of the year. Novozymes expects sales growth in bioenergy to be in the mid-teens digits range. This growth is expects to be supported by pricing, market penetration enabled by innovation, capacity expansion of corn-based ethanol production in Latin America, and market penetration with enzymatic solutions for biodiesel production. The company also expects growth to be supported to a degree by growing sales of solutions for second-generation ethanol production. 

Bioenergy accounted for 24 percent of Novozymes total sales during the first half of this year. Household care; food, beverages and human health; grain and tech processing; and agriculture, animal health and nutrition accounted for 28 percent, 22 percent, 13 percent and 13 percent of sales, respectively. 

A full copy of Novozymes second quarter report is available on the company’s website


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