Unilever has reported sales growth of 4.7 percent for the first quarter of 2016, reporting strong sales in emerging markets, particularly in Latin America.

The Anglo-Dutch FMCG giant now generates 60 percent of total sales from emerging markets, such as Latin America, India and Africa, and demand is growing fast. Sales in emerging markets were up 8.3 percent for the three months ended March 31, 2016, with Latin America in particular growing rapidly  –  up 18 percent thanks to a 15 percent price increase designed to offset currency devaluation in both Brazil and Argentina.

Sales in Europe were down 0.6 percent for the first quarter, thanks to strong competition in the food sector from supermarket own-label ranges, although sales of personal care products were up 5.8 percent.

However, despite a strong performance, turnover was down 2 percent overall to €12.5 billion, attributed to the strength of the euro versus the falling value of emerging market currencies.

Unilever confirmed its growth target of between 3 and 5 percent for 2016.