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International Flavors & Fragrances Inc Stock Quote IFF

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Morningstar's International Flavors & Fragrances Inc Stock Analysis

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IFF's Attractive Specialty Ingredients Should See Long-Term Growth Despite Near-Term Cost Inflation

Seth Goldstein, CFA Senior Equity Analyst

Business Strategy and Outlook

| Seth Goldstein, CFA |

International Flavors & Fragrances is a global leader in the specialty ingredients space. The company has grown rapidly via acquisition, having added DuPont's nutrition and biosciences business in 2021 and Frutarom in 2018. IFF holds an enviable asset portfolio focused on value-added products used in food and beverages, fragrances, personal care, enzymes, probiotics, and pharmaceuticals. Its legacy business operated in the $20 billion-plus flavors and fragrances industry with a roughly 25% market share. Key competitors include Givaudan (25%), Firmenich (16%), and Symrise (12%). These four flavor and fragrance companies command nearly 80% of the global market. IFF's products affect the desired taste, smell, or mouth feel based on customer specifications.

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Company Profile - IFF

Business Description

International Flavors & Fragrances is the largest specialty ingredients producer globally. The company sells ingredients for the food, beverage, health, household goods, personal care, and pharmaceutical industries. The company makes proprietary formulations, partnering with customers to deliver custom solutions. The nourish segment, which generates roughly half of revenue, is a leading flavor producer and also sell texturants, plant-based proteins, and other ingredients. The health and biosciences business, which generates around one fourth of revenue, is a global leader in probiotics and enzymes. IFF is also one of the leading fragrance producers in the world. The firm also sells pharmaceutical ingredients such as excipients and time-release polymers.

521 West 57th Street
New York, NY, 10019-2960
T +1 212 765-5500
Industry Specialty Chemicals
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 24,000

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