Oddlygood, the Finnish producer of plant-based products, has acquired the Nordic brand Planti®. Through the acquisition, Oddlygood becomes the market leader in plant-based dairy alternative spoonable snacks in Sweden and dairy alternative cooking products in Finland. Oddlygood has delivered strong growth in a currently flat market. This transaction further strengthens their offering and aligns with the growth strategy of bringing more tasty products to the market.
Oddlygood, born from the desire to bring to the planet and all its people tasty and healthy plant-based alternatives, such as oat drinks and spoonable snack products, has now made its first acquisition. This is a natural step on the growth journey that began in 2018 and recently landed a record turnover of 23.5 million euros in 2022.
“Planti is our first acquisition and the next step on our growth journey. In the first half of this year, we delivered great momentum with +40% organic growth, compared to 2022, and growing significantly faster than the market. Planti's portfolio complements our existing offering and strengthens our market position especially in spoonables and cooking. This fits right into our strategy in which we, with the support of our owners Valio and Mandatum Asset Management, are actively pursuing opportunities to grow through acquisitions like this one,” says Niko Vuorenmaa, CEO, Oddlygood.
Valio acquires Planti’s production
The transaction, closed on 30.9., is twofold. Through the acquisition, Oddlygood becomes the owner of the Planti products and brand, as well as related intellectual property rights. Oddlygood becomes the market leader in dairy alternative spoonable snacks in Sweden1, and in dairy alternative cooking products in Finland2. The acquisition makes Oddlygood the second largest in the plant-based dairy alternatives market in Sweden3 and the third largest in Finland4.
Simultaneously, Oddlygood's majority owner Valio acquires Planti's production in Turku, including employees at the site.
Oddlygood has grown successfully even though the market is temporarily slowing and many other players are struggling. Long term, the global plant-based dairy alternatives market is expected to grow by double digits, from 2021-2030, to $69 billion at a compound annual growth rate (CAGR) of 12.0%5. The market is driven by consumer interest in different aspects of sustainability along with a demand for tasty and healthy products, variety and the fact that food is becoming even more of a lifestyle marker.
“We see great long-term growth potential in the market for plant-based products and they have a key role in Valio’s growth strategy. As a result of the acquisition, we at Valio continue to strengthen our position as a world-class developer and manufacturer of plant-based products that fulfil the taste, nutrition and texture expectations of current and next product generations,” says Kimmo Luoma, Senior Vice President, Valio Food.
Until today, the Planti brand was part of the Norwegian Kavli Group. Its turnover in 2022 was 10.9 million euros.
“To sell Planti is a strategic decision we have considered thoroughly, aiming to focus on other categories in our business. We have been waiting for the right match and buyer profile who has the capacity and ambition to develop Planti. We are happy that Oddlygood and Valio are coming aboard and wish the new owners the best of luck,” says Kenneth Hamnes, Group CEO of KavliHolding AS.
The companies are not disclosing the amount of the deal. The transaction does not result in any immediate changes in the Oddlygood® or Planti® product range or in their production.
1 Ref.no. 04983299, Date: 2023-09-29 Source: Nielsen ScanTrack, DVH Totalt, Yoghurt Alternative, Sales Value, MAT TY, 2023 W.36 (Copyright © NielsenIQ.)
2 NielsenIQ Homescan Finland. Non-dairy cooking. Value purchases. MAT end 13 Aug 2023
3 Ref.no. 04983299, Date: 2023-09-29 Source: Nielsen ScanTrack, DVH Totalt, Non-milk based Alternative Dairy,
Sales Value, MAT TY, 2023 W.36 (Copyright © NielsenIQ.)
4 NielsenIQ Homescan Finland. Non-dairy drinks, cooking, snacks. Value purchases MAT end 13 Aug 2023
5 Precedence Research. Dairy Alternatives Market (By Source; By Product; By Formulation; By Distribution Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030.