LOTUS Bakeries - Love at first bite
The Billion-Euro Biscuit You Didn’t Know You Were Obsessed With.
WARNING: Reading this blog may cause sudden cookie cravings and an uncontrollable urge to buy Biscoff in bulk.
You thought it was just a biscuit? Think again
Cookies have brands. But Biscoff?
Biscoff has fans.
Lotus Biscoff is a unique cookie with a surprisingly crunchy bite and distinctive flavour. It is vegan-friendly and free of artificial colors, flavors, and preservatives. It's crispy yet chewy, with a delightful caramel tinge.
The ingredients are natural and include wheat flour, sugar, vegetable oils, brown sugar syrup, and spices like cinnamon. The unique caramelization process is key to their distinctive flavor.
Not only its biscuit, but it's also well known for its cheesecake. It's typically made with a biscoff biscuit base, a creamy cheesecake filling, and often a layer of Biscoff spread on top
It's a symphony of textures and flavors that will leave you craving for more and it's 100% eggless.
Be it land or the sky! The craving for Biscoff is all over the place. Sounds crazy. Well, let me give you some more flavour. Biscoff is so famous even outside of Europe largely because people love eating them at 30,000 feet. That’s right. When it comes to food in a flight, American airlines have served up to 124 million packs of Biscoff in the year 2024. Lotus Biscoff has a place in every major airline as of today.
Biscuit + Coffee = Biscoff
Even Starbuck adds a Biscoff to its coffee for the perfect flavour.
Wait, who’s behind this delicious madness?
Let’s get straight to Lotus Bakeries - a nearly 100-year-old Belgium company known for its tasty branded snacks like Biscoff cookies and spreads. Founded in 1932 by the Boone brothers in Lembeke, Belgium, the company began as a small bakery and has grown steadily and is loved by people around the world. The name "Lotus" was chosen to symbolize purity.
How Lotus Biscoff is Taking Over the World (One Bite at a Time)
Product Portfolio -
Lotus Bakeries operates through three main brand segments:
Lotus Biscoff:
→ The flagship brand which includes the iconic Biscoff cookies and spreads, accounting for 56% of branded revenue in 2024.
→ In 2024, it generated over €600 million (~5300 cr Rs.) in revenue, with a volume growth exceeding 20%.
Lotus Natural Foods:
→ Lotus Natural Foods has become a strong brand pillar since its launch in 2015, realising a compounded annual growth rate of 17% in the past 9 years.
→ It includes health-focused brands like BEAR,TREK, nākd, Kiddylicious, and Peter's Yard. contributing 24% to branded revenue.
→ In 2024, it achieved a turnover of €250 million (~2200 cr Rs.), reflecting a 16% growth.
→ Lotus Natural Foods activities outside the UK – the international activities - grew by more than 20% in 2024 and already account for 35% of total Lotus Natural Foods sales.
Lotus Local Heroes:
→ This segment includes regional favorites such as Dinosaurus, Annas, Peijnenburg, and Snelle Jelle, making up 20% of branded revenue.
→ In 2024, it experienced a 15% growth, contributing significantly to the company's overall revenue.
These segments collectively highlight Lotus Bakeries' diversified portfolio, catering to both traditional and health-conscious consumers across global markets.
Revenue mix by Geography -
Global Ranking -
Lotus Bakeries has solidified a Top 5 position globally in cookie rankings as of 2024.
Biscoff has steadily climbed up from 7th place (in 2021) and 6th place (in 2022) to now sit firmly among the top 5 cookie brands in the world.
Shareholder’s Wealth creation -
The company's stock price has experienced a remarkable 2156% appreciation over the past 15 years compounding at 23%, a performance that significantly surpasses its peer group company - Mondelez International which delivered 268% and its home index BEL20 delivered 72% in the same time.
Not only stock price appreciation but the company has a history of 24 consecutive years of dividend growth -
Why limit your portfolio to one country when the world is full of such opportunities?
Your Gateway to Global Wealth Starts Here -
We’re proud to introduce Global Investing at Proinvest Nirmiti.
Connect with us at research@proinvestnirmiti.com
From New York to Tokyo, unlock new opportunities with Proinvest Nirmiti’s Global Investing service.
Whether it's the innovation of Silicon Valley, the resilience of European markets, or the growth potential of emerging economies, our expert research and advisory team will guide you every step of the way.
What's Next for Lotus Bakeries ?
Capacity Expansion -
Biscoff’s production lines have been running at full capacity in Belgium and US, generating over €600 million (~Rs. 5300 cr Rs.) in revenue.
To meet growing demand, the company is building a new plant in Thailand, which will be operational in mid-2026 and will help strengthen its presence in Asia, which already accounts for 15% of global sales. This entails a capex of around €160 million. (~ 1400 cr Rs.)
In 2024, the company expanded its production facilities in South Africa, doubling capacity for BEAR fruit snacks.
New Products -
Launched new snacks like Lotus Cake Donut and expanded Suzy® waffles and is witnessing good growth in Belgium and France.
Mondelez International and Lotus Bakeries have rolled out the first product from the licensing deal the companies announced last year.It have launched a Cadbury Dairy Milk Biscoff in UK and Ireland currently and plans to to expand in Europe this year.
Geographic Expansion -
Brands like BEAR, nākd, TREK, and Kiddylicious are growing well outside the UK.
Now, 35% of sales come from international markets.
Growing presence in countries like Australia, the US, South Africa, and China.
The company also plans to expand in India with a strong partner, Mondelēz, to tap into the large cookie market. While some Biscoff products are currently imported, Mondelez plans to produce Biscoff locally to reduce import duties and lower costs.
Ambition -
The company aims to build Lotus Biscoff to a top 3 global cookie brand
It also aims to be a leader in Better for You snacking segment
Financials -
The company has grown its revenue at 11.6% CAGR over the last 15 years.
Coming to its performance for 2024.
For CY24, the revenue grew +16% to Eur 1232 mn (~10850 cr Rs.) , and EBITDA grew even faster at +17%, meaning profitability is growing slightly faster than sales, which is a very healthy sign.
The high-quality organic growth in 2024 is driven almost exclusively by record volume growth of 14.1%. Price increases have, combined with foreign currency impact, a limited contribution of less than 2% in the total revenue growth of 15.9%.
Free cash flow, crucial for internal funding and dividends, also rose by +15% and 31% respectively, showing strong cash generation alongside net profit growth of 19% to Eur 15.6 mn (~ 1372 cr Rs).
Investments dipped sharply in 2023 but rebounded by +38% in 2024: This suggests the company held back spending in 2023, possibly to strengthen finances, and then strategically reinvested in 2024 for growth or operational expansion
Debt dropped by 8%, and the NFD/EBITDA ratio improved from 0.9 (2022) to 0.5 (2024)
Overall , the company is achieving balanced growth — improving both revenues and profitability without taking on more debt.
Lotus is a family-run company with a long-term vision, but also quick in adapting as a public company. They focus on quality, sustainability, local talent, and responsible finances. The company is well-positioned for continued global growth.
Conclusion -
Borders are political. Your investments shouldn't be.
At Proinvest Nirmiti, we believe your portfolio deserves more than local limits. The world is full of thriving companies, innovative industries, and high-growth economies—many of them outside your home country. Our expertise helps you diversify your portfolio and capture returns from the world’s most exciting opportunities.
Connect with us at research@proinvestnirmiti.com
Always hungry for the opportunities like Lotus Bakeries -
From a small Belgian bakery to a global snacking sensation, Lotus Bakeries has mastered the recipe for success. With its iconic Biscoff leading the way, the company continues to grow, innovate, and win over taste buds across the world.
Along with strong growth, smart expansion, and a loyal fanbase, it’s clear the company is just getting started. As it sets its sights on becoming a top 3 global cookie brand and a leader in better-for-you snacking, Lotus Bakeries remains a true symbol of taste, tradition, and tenacity.