Ingredients Thermometer: Europe: The Sixth Scent

In our monthly product, we share investor feedback and key points of debate across the Ingredient space. Across investors, we see currently valuation taking a backseat with focus on (1) which ingredient players hold the best FY27 LFL/profit prospects (we believe IFF/NSISB/SYM/CRDA, we hear investors gravitating to NSISB/DSFIR), (2) 2027 input inflation (esp. oil-derivatives/natural ingredients) and hence margin risk and consequential scope for margin expansion/risk, as well as sector-wise (3) ongoing relative preference for Ingredients over concurrent (sub-)sectors. The report also compiles global market shares across fragrance ingredients, specialty food and flavour ingredients, enzymes, probiotics, pet food palatants and food colours, retail end-market growth rates, and EV/EBITDA and PER valuation ranges for Croda, DSM-Firmenich, Givaudan, IFF, Kerry, Novonesis and Symrise. Industry view: In-Line.