Last year, the company shed underperforming businesses and invested in growth areas such as plant based food.

It also saw strong demand for pet food and health products in the Americas.

On Thursday, Nestle said it wanted to boost organic sales growth towards a mid single digit rate this year.

Full year organic sales, which strip out currency effects and acquisitions, grew 3.6% in 2020.

That was ahead of Nestle Zone guidance.

It also topped rival Unilever's 1.9% underlying sales growth.

France's Danone is due to post its 2020 results on Friday, with analysts expecting negative like for like growth.

Net profit of Nestle fell 3% to $13.5 billion also beating expectations.

The year ago period had benefited from a one off gain linked to the sale of its skin health business.