Symrise AG has reported it continued its profitable growth in the first nine months of the year, posting an 11.1% increase in organic sales. Group revenue reached €3.82 billion (US$4.13 billion), a 5.9% rise from the same period last year, despite challenges in the global economy. The company said it recorded an organic sales growth of 10.2% in the third quarter alone, overcoming adverse currency effects.
Symrise's CEO Jean-Yves Parisot expressed optimism for the remainder of the year despite geopolitical and inflationary pressures, emphasizing the company's diversified portfolio and global footprint as key drivers of its resilience.
"Despite the current volatile market environment due to geopolitical tensions and continued inflation pressure, we are confident for the rest of the year and expect robust demand," said Parisot. "Our diversified portfolio and broad, international footprint will continue to help us realize our growth potential and create sustainable value this year. We are firmly convinced that we have set the right course for the future."
The strongest growth was seen in Latin America, which posted a 27.4% organic increase, followed by Asia/Pacific and Europe, Africa and the Middle East (EAME) at 11.2% and 11.1%, respectively. The Food & Beverage, Fragrance, Aroma Molecules and Pet Food divisions were the main contributors.
Pet Food division has double-digit growth
The company's Pet Food division, in particular, showed double-digit growth, especially in the Asia/Pacific and Latin America regions, highlighting its critical role in Symrise's continued success. The Taste, Nutrition & Health segment also saw a 10.4% rise in sales, driven by the Food & Beverage and Naturals divisions.
Symrise plans to streamline its portfolio by selling its Aqua Feed business unit, allowing the company to focus on high-margin growth areas like pet food and probiotics.
Based on the business performance in the first nine months, Symrise is specifying its sales target for the full year 2024. It is now aiming for organic sales growth of around 7%. The group's long-term organic growth expectation of 5% to 7% (CAGR) remains unchanged.
Symrise supplies fragrances, flavorings, cosmetic active ingredients and raw materials, as well as functional ingredients. Its clients include producers of nutritional supplements and pet food. The company had sales of approximately €4.7 billion (US$5.08 billion) in the 2023 fiscal year. Headquartered in Holzminden, Germany, the group is represented in more than 100 locations in Europe, Africa, the Middle East, Asia, the U.S. and Latin America.