Tate & Lyle Has Built Scale in Sweeteners, Mouthfeel, and Fortification Amid Near-Term Headwinds

Tate & Lyle is focused on the increasing use of alternative ingredients in food and beverages to remove unhealthy components (such as sugar, fat, and salt), improve nutritional credentials through added fiber, enhance "mouthfeel," and increase the shelf life of products. We assign the company a narrow moat rating as we believe that efforts over the last few years to optimize the portfolio have improved its pricing power and competitive position.