Founded in 2013, the company has ridden the wave of growing health and fitness interest and is the market leader in Latvia as well as in its home country. Revenues have grown by over 50 percent each year over the past seven years, while Iconfounder and CEO Kenneth Kutan told ERR, the hope is that this continues to be the case this year as well.

He said, "The secret to growth could be called a combination of an expanding product range, high-quality products at affordable prices, and a rapidly growing distributor network."

The company's product range has already been expanding into other countries' markets, Kutan noted. "With our exports, we've taken a different path from most other Estonian food producers. Instead of looking for distributors, we build our own local sales teams in key target countries, whose focus is 100 percent on growing our brand and reseller network. Local marketers also support local sales."

So far, Iconfit has local sales and marketing teams in Estonia, Latvia, Lithuania, and Finland, and employs 45 people internationally. The company says it is preparing to hire teams more broadly in Scandinavia, with expansion into other countries further afield also planned, though Kutan did not disclose specifically where. Iconfit has exhibited in Dubai, however.

"As our main market, we want to become much stronger in Europe first but gradually also focus on more distant countries. At the start of the year, thanks to the Enterprise and Innovation Foundation, we took part, with our products, in Gulfood, one of the world's largest food fairs, held in Dubai. We got a lot of attention at the Estonian pavilion and gained numerous new contacts from around the world. It will take time to realize these, but we've already sent small-scale trial orders to one exotic target country," Kutan went on.

The company's main consumer base remains domestic, however, and it cooperates with Estonian nutritionists and athletes. Kutan noted that "Estonians' interest in health and sports has also grown," adding this is part of a broader global trend towards diet, health foods, and supplements.

Some of Iconfit's best-selling items from its range of over 150 products are its magnesium B6, vitamin D3, and omega 3 capsules, while sales of the more controversial Ashwagandha capsules are also climbing. Collagen and creatine products are also in high demand, the company says.

Production and product development take place in Estonia, and the plan is for this to remain the case. The company recently expanded its product development team and moved into a new 5,400-square-meter production and warehouse facility. This move was accompanied by immediately starting the ISO 22000 food safety certification process, Kutan said.

Sales revenue in Estonia last year came to €4.1 million, while in Latvia the figure was €1.3 million, and €572,000 in Lithuania. Revenue from all other EU states came to €162,000 in 2024. Overall 2024 Iconfit's sales revenues were reported at €6.1 million, with profits at €688,000. This was up from €4.1 million in revenue and €435,000 in profit for 2023. For 2022, the figures were €2.5 million and €32,000, respectively.

Projected revenue for this year is close to €8.3 million, the company says.

Iconfit products are available in over 1,500 sales locations across 20 retail chains, 10 pharmacy chains, and 100 specialty stores, with a growing presence in Latvia and Lithuania. "In Latvia, we had to help create the entire category in retail from scratch, as such products simply weren't sold in local food stores before," said Kutan. In Finland, despite being newcomers in a highly advanced retail market, Kutan added, "The reception has been positive, and we see a good opportunity for our products in Finland to increasingly reach customers' shopping baskets."

Nevertheless, the founder of Iconfit says he is concerned about the business climate in its home country, citing tax hikes, regulation, and a fall in inward investment as concerns.

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