Food group Nestle missed forecasts with a 4.2% rise in annual underlying sales and predicted a similar outcome this year.
Nestle said it was getting harder to raise prices in a tough economic backdrop.
Like rivals, Nestle has had to deal with slower growth and more demanding consumers in emerging markets, notably China, while sales in India have been dented by a recall of its popular Maggi noodles.
The group behind Nescafe instant coffee and Kitkat chocolate bars has been slow to adjust to changing consumer demands in China.
It is reformulating some of its recipes to satisfy more health-conscious consumers and is also pushing e-commerce.
2015 was the third year in a row Nestle fell short of its long-term target of 5-6% underlying sales growth, pushing the maker Gerber baby food and Pure Life bottled water to set out more modest expectations for 2016.
Underlying, or organic, sales exclude currency moves, acquisitions and divestments.
"We anticipate that our trading environment in 2016 will be similar to previous years with even softer pricing," the group said in a statement today.
"As such we expect to deliver organic growth in line with 2015, with improvements in margins and underlying earnings per share in constant currencies, and capital efficiency," the company said.
Last month, rival Unilever warned of a difficult year ahead, forecasting sales growth of 3-5%.
Nestle's net profit fell more than expected last year, by over a third, to 9.1 billion Swiss francs ($9.2 billion), partly due to a one-off gain in 2014. Sales of 88.8 billion francs also missed estimates in a Reuters poll.
Nestle raised its dividend as expected to 2.25 francs per share, but did not propose the new share buyback programme some analysts had hoped for.