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1、October 2024The Ingredients LandscapeOur Perspectives on Ingredientsuncommon sense3|OC&C Strategy Consultants 20241A Large and Growing Market Robust aggregate market growth in the long term,with the higher-margin value-added subsegments(30-40%market value)growing 5%;some supply normalization occurri

2、ng after rapid growth during COVID With Attractive Structural DynamicsHigh technical or capital requirements to participate;sticky customer relationships,given low share of cost stack,but high criticality(as many ingredients are formulation specified),and economic resiliency result in attractive cat

3、egory fundamentals and high barriers to entryNuanced Subcategory Trends&Growth Hot Spots Subcategories align differently to evolving consumer trends(e.g.,natural,clean label,etc.),resulting in hot spots of growth,while also seeing differing levels of participation from the major scaled players Leadi

4、ng to Differing Archetype Business Models(and Value Creation Levers)This landscape is served by a range of different archetype business models winners in the market typically have specialist knowledge and experience of ingredient applications in specific end markets,with an operating model aligned t

5、o specific value creation leversAll Supporting an Active M&A LandscapeThese factors have supported a fertile space for M&A,with many of the major players actively shaping their portfolios/capabilities;and private equity driving professionalization and consolidation across a still-fragmented landscap

6、e2345Key Themes of the Ingredients Landscape2The Ingredients Landscape_Harris Williams and OCC_2H 20244|OC&C Strategy Consultants 2024The overall market has seen muted,but steady,volume growth value-added segments have grown well above commoditized ingredients2011201220132014201520162017201820192020

7、2021202220231.61.71.71.71.81.81.81.91.92.01.92.02.02.02010+2%0%+2%Volume Evolution of Ingredients,Global2010-2023(bn tons)Source:Euromonitor,OC&C analysisValue-added ingredients account for 30-40%of the total market value and have historically grown at 5%p.a.(vs.1-2%for more commoditized ingredients

8、)1Large and Growing MarketIngredients Market Growth3The Ingredients Landscape_Harris Williams and OCC_2H 20245|OC&C Strategy Consultants 2024Return to Steady State GrowthCOVID-Driven SurgeDe-Stocking&End Market Headwinds0.5%-4.6%-0.3%4.2%4.1%15.4%6.5%6.0%4.4%1.9%2.4%0.2%-3.4%-6.0%-4.1%-2.2%3.1%6.7%-

9、8%-6%-4%-2%0%2%4%6%8%10%12%14%16%2020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2The market saw a significant volume increase through COVID,which led to a downswing in 2022/23 growth before returning to strong growth through 24Ingredients W

10、eighted-Average Organic Volume YoY Growth1(%)as of October 2024Heightened demand through COVID,driven by 2 factors:1.Threat of supply disruption due to COVID caused CPGs to over-stock in 2020 to early 20222.Heightened consumer/end market demand through periods of lockdownSource:Capital IQ,Company we

11、bsites,UBS,JP Morgan,Berenberg&Credit Suisse broker reports,OC&C analysis1.Novonesis,Croda,Givaudan,IFF,Symrise,(2022-24)Kerry,DSM-firmenich,Ingredion;(2020-24)2)Unilever,Nestle,Danone,Kraft Heinz,Mondelez,P&G,Reckitt,Colgate;3)Ingredients minus Consumer Staples Reversing trend driven by 2 factors:1

12、.De-stocking as CPGs returned to more normal levels of stock holding as the threat of COVID-related supply disruption dissipated2.More challenging end consumer demand as inflation and declining disposable incomes adversely impacted demand for F&B productsBoth CPG stock holdings and consumer demand n

13、ormalize and return to steady-state growth(assuming no further material supply/demand disruptions)3.81.54.12.53.83.22.72.70.81.1-0.4-1.10.1-1.8-1.1-1.4-1.10.4-3.3-6.1-4.51.70.412.23.83.33.60.82.81.3-3.5-4.2-3.0-0.84.26.3Consumer Staples2(%)Delta3(%)Volume trends from public listed ingredients player

14、s as such skew toward CPG vs Foodservice 1Large and Growing MarketLapping effect accentuates YoY fluctuation4The Ingredients Landscape_Harris Williams and OCC_2H 20246|OC&C Strategy Consultants 2024End of COVID and InflationPrice increases mostly offset the slower volume growth over 2022/23 and appe

15、ar to be normalising through 20241.4%-2.2%0.0%4.0%5.6%12.2%9.2%9.0%9.9%9.9%9.9%7.9%2.8%-1.3%0.4%-0.5%1.9%5.6%-4%-2%0%2%4%6%8%10%12%14%2020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2Source:Capital IQ,Company websites,UBS,JP Morgan,Berenberg

16、&Credit Suisse broker reports,OC&C analysis1.Novonesis,Croda,Givaudan,IFF,Kerry,Symrise,DSM-firmenich,Ingredion,Tate&Lyle,Sensient,Treatt;2)Unilever,Nestle,Danone,Kraft Heinz,Mondelez,P&G,Reckitt,Colgate;3)Value Growth Delta Ingredients vs CPGIngredients Weighted-Average Organic Value Growth1(%)as o

17、f October 20242.85.34.35.05.55.46.16.58.38.68.510.77.96.85.03.94.04.6-5.0-5.4-0.30.66.73.82.93.41.61.3-0.5-8.0-9.2-6.3-5.5-2.01.6-3.2Consumer Staples2(%)Delta3(%)1Large and Growing MarketVolume trends from public listed ingredients players as such skew toward CPG vs Foodservice 5The Ingredients Land

18、scape_Harris Williams and OCC_2H 20247|OC&C Strategy Consultants 2024Beyond volume growth,the ingredients market benefits from attractive market fundamentals it is large,resilient,and sticky Ingredients Market Fundamentals1524Enduring Structural Growth DriversValue chain significance and the clean l

19、abel/natural trends,which are increasing ingredient inclusion rates,generate strong volume growthoften 1-3%above end-market growthfor leading players.Much higher growth is possible in certain niches,with pricing typically in line with or above inflationSticky Customer RelationshipsIngredients are ty

20、pically low proportion of cost stack,but key to end product differentiation and processing.Winners in the market typically have specialist knowledge and innovation capabilities catered toward certain end-market applications.Barriers to entry are high from both demand and supply side.Resilience Throu

21、gh Economic Challenge&InflationBroadly resilient through these periods,but subject to end-market trends and exposure3At the Forefront of InnovationIngredients players are typically at the forefront of innovation for CPG/Foodservice trends as these customers look to align product offerings to specifi

22、c claims/features(e.g.,ongoing conversion to clean label driving accelerated growth across categories with natural colors/flavors,clean label preservatives,etc.)Diverse Channels and End MarketsLeading players have the ability to service CPG and foodservice customers,as well as multiple end-market ap

23、plications(beverage,ice cream,bakery,etc.)giving flexibility to pursue growth hot spots,while offering insulation from end-market-specific disruptionSource:OC&C analysis6The Ingredients Landscape_Harris Williams and OCC_2H 20248|OC&C Strategy Consultants 2024Sticky customer purchasing behavior and s

24、pecialist capabilities on the supply side mean incumbents benefit from high barriers to entryBarriers to EntrySupply SideDemand SideIngredient and raw material access,including global sourcingFormulation expertise and substantial product complexityProcessing scale and efficiency while maintaining fl

25、exibilityCustomers unlikely to move suppliers given specified nature of many ingredients(switching risks,taste,texture,quality,etc.)Distribution/RTM complexity,often serving a fragmented customer base with individual ingredients often a small share of the overall cost stack,driving“sticky”customer r

26、elationships2Attractive Structural DynamicsStickiness&Barriers To EntrySource:OC&C analysis7The Ingredients Landscape_Harris Williams and OCC_2H 20249|OC&C Strategy Consultants 2024However,the space is not homogenous,and there are specific hot spots of growth across ingredient typesMomentum in core

27、end markets;new end usages(alternative proteins)and new applicationsDemand driven by input cost increase and sustainability concernsKey ingredient types:Probiotics,Specialty Carbs&FibersEnzymesProteinsStrong dynamics in core end markets;new applications emerging from food functionalityPositive consu

28、mer trends,offer-and innovation-driven categories with opportunities for brandingIngredient Hot SpotsKey ingredient types:EnzymesCulturesKey ingredient types:Plant extractsProbiotics,Specialty Carbs.&FibersEnzymesKey ingredient types:Flavors Base NotesFlavor MaskingKey ingredient types:Flavors&Color

29、sPreservativesTexturants&StabilizersPlant-Based IngredientsConsumers demanding natural alternatives out of health and sustainability concerns3Subcategory NuanceConsumer demand for innovative and novelty snacking productsKey ingredient types:Ice Cream&Yoghurt InclusionsMix-insSnack InclusionsProcessi

30、ng aids&bio-solutionsCosmetics&VMS active ingredientsValue-added inclusionsFlavors and attached value chainNutritionalsNatural ingredientsSource:OC&C analysis8The Ingredients Landscape_Harris Williams and OCC_2H 202410|OC&C Strategy Consultants 2024Difference in performance can be seen at the produc

31、t level,with divergent performance across product typesSource:The Grocer,Euromonitor,Previous OC&C Market Modelling,OC&C analysis1.Market concentration reflecting to what extent most of the market is controlled by a few playersSterols&StanolsPolyphenols&FlavonoidsSpecialty Fatty AcidsCarotenoidsMark

32、et Concentration1Relative Volume Growth Rate(2018-23)FlavorsColorsTasteEnhancersEnzymesCulturesTexturantsHIS&SpecialtySweetenersAcidulantsPreservativesSpecialtyCarbs&FibersVitamins&MineralsProbioticsSweet-WetSweet-DrySpice&SeasoningFruit&VegIngredientsDairy IngredientsIngredient CategoriesHighMedium

33、LowExtraction-based ingredients range from very low to medium concentration depending on specificationMedium(+1-3%pa)Size,Growth&Competitiveness by Ingredient CategoryGlobal,2018-2023High(+3-5%pa)Low(1%pa)Taste&ColorTexture&PreservationProcessing AidsNutritionValue Added/InclusionsAverage positionin

34、g for each category with variance within each segment(e.g.,natural preservatives high growth vs relatively flat for artificial)3Subcategory Nuance9The Ingredients Landscape_Harris Williams and OCC_2H 202411|OC&C Strategy Consultants 2024There are 3 primary player archetypes in ingredients,with diffe

35、rent sources of competitive advantage for each groupSources of competitive advantageIndicators of advantageExamplesInput ProcessorsProcessors of commodity/raw ingredients typically large scaleReturn on raw materials($/tonne)Advantaged access to raw materialsFocused on a raw material&monetizing that

36、across applications Built on differentiated or preferential upstream access to raw material(s)and primary processing scale efficiency/capability,and a superior ability to valorize products enabling downstream expansion to serve different end products/value-added applications to generate a superior r

37、eturn on inputs(further enhancing advantaged raw material access)Highly TechnicalSpecialty ingredients providers offering highly technical product ranges(e.g.,flavor,color,texturant,etc.)Advantaged cost positionProduct quality advantage Product or process-led IPSuperior manufacturing/technical capab

38、ility or cost positionSuperior R&D capability,manufacturing capability,or cost position provides a differentiated product proposition(either via quality,bespoke-ness,or cost positioning)Opportunity to leverage core capability/product offering into emerging high-growth product categories,and to targe

39、t the latest cross-category trends(e.g.,specific functional benefits)Value-Added Ingredients Enhance basic/input ingredients through processing&innovation to offer specialized products(e.g.,bakery mixes,frozen novelties)Relative customer share of walletSolution breadth a one-stop shopSuperior breadt

40、h of product offering&service proposition result in an advantaged solution for customer segments(e.g.,typically industry vertical-led)Expansion focused on growth in these customer segments(new sub-segments/channels,new markets,increasing share of wallet)or customer groups with a similar need for the

41、 business core productsPlayer Archetypes&Sources of DifferentiationSource:OC&C analysis4Business Model ArchetypesIngredient Player Archetypes10The Ingredients Landscape_Harris Williams and OCC_2H 202412|OC&C Strategy Consultants 2024Assessing asset attractiveness and growth opportunities varies by t

42、he different archetypesBelief Conditions To Test To Have Confidence in Asset AttractivenessCharacteristics of attractive businessesAchievable opportunities to drive future growth The business has advantaged access to raw materials from a cost or quality perspective The business is better able to val

43、orize inputs,through a combination of differentiated processing and commercial relationships The advantage in access or knowledge is defensible and not easily replicable by others The business differentiates itself through scale,cost position,technical expertise,or a protected niche The businesss of

44、fering is highly advantageous today,with positive perceptions from customers Current products are competitive compared to known or upcoming alternatives The brand or proposition is strong among target industries and customers Customer relationships are sticky,with significant barriers to switching T

45、he business captures a significant share of the customers wallet The breadth of potential applications is wide,with many applications already proven There is a substantial scale of opportunity in new applications/end industries New product development Continued ability to drive up valorization per i

46、nput The business can extend its reach to new end markets and customers with its current product offering There is significant opportunity for growth in new markets and customers The businesss offer in new markets is differentiated compared to competitors There is substantial headroom for growth wit

47、h existing customers through new products or services There is potential for international growth Other customers with similar needs are attractive for expansion,with high growth and profit potentialBelief Conditions To Build Confidence In AttractivenessInput ProcessorsHighly TechnicalValue-Added In

48、gredients 4Business Model ArchetypesSource:OC&C analysis11The Ingredients Landscape_Harris Williams and OCC_2H 202413|OC&C Strategy Consultants 2024The complex landscape creates a broad competitive field,but there is potential to create clear moats vs the largest players,as seen in flavors Small bat

49、ch flexibilityVery high volume runsSpecialized Flavor OfferingBroad Flavor OfferingFull Taste SolutionFull Taste Solution+Related Offerings(e.g.,fragrances,non-taste ingredients,etc.)Breadth of OfferingScale of Manufacturing CapabilityLarge VendorsMid-size VendorsSmall VendorsSize of contract maps c

50、losely to customer size such that large vendors align to large customersConceptual Flavor Capability Example;Not ExhaustiveSource:Desk Research,Expert Interviews,OC&C analysisIncreasing involvement in broader“ingredient systems”Flavor Provider Landscape Deep DiveSeveral large vendors have recently a

51、cquired mid-size players(often still operated with standalone fascia,e.g.,Tastepoint by IFF)xxx4Business Model Archetypes12The Ingredients Landscape_Harris Williams and OCC_2H 202414|OC&C Strategy Consultants 2024There are clear value creation levers but these will vary,depending on the business mod

52、el and category participationAct as a one-stop shop to CustomersConsolidate and Optimize subscale BusinessesTake advantage of NichesLook for Divestments of Big PlayersPush AdjacenciesCapture Margin along the Value ChainBrands are increasingly outsourcing R&D,and looking for comprehensive solutionsEs

53、tablishing strong customer intimacy allows for better value extraction and premium pricingOperate within a fragmented market with often unsophisticated businesses,presenting opportunities for top-line growth through cross-selling and R&D scalePricing,industrial optimization,and enhanced commercial p

54、otential are achievableDiverse customer needs and product technicalities have resulted in multiple niches,often dominated by a single playerThese niches frequently hold untapped pricing powerResulting from redeployment toward flavors/nutritionValue creation rationale coming from increasing commercia

55、l impact and taking advantage of superior scale&reach of businessSeveral ingredient families(biotics,flavors,active cosmetics ingredients)spreading out of their traditional end market/applications as traditional frontiers between categories are blurringDownstream opportunities(e.g.,formulation,distr

56、ibution)with benefits on pricing and ROCEOpportunities in upstream integration as clients want shorter supply chainsDescription of Value Creation PotentialPrevious ExamplesSpecialty Base Aromas,VMS&Cosmetics Active Ingredients,Processing aids,Bakery Ingredients in EuropeSweeteners,Excipients,Natural

57、 Extracts,Bakery and Ice Cream Ingredients in Europe,Savory SolutionsNatural Value-added Ingredients in F&B,VMS,and CosmeticsFlavors,Nutritionals,Specialized Dairy Derivatives,Bio SolutionsValue Creation Levers4Business Model ArchetypesSource:OC&C analysis13The Ingredients Landscape_Harris Williams

58、and OCC_2H 202415|OC&C Strategy Consultants 2024All of these factors make Ingredients a fertile space for M&A,especially when the value creation levers and synergy potential are consideredResilient Through Times of Economic Challenge&Inflationary PeriodsDifferent Competitor Archetypes,Driving Varyin

59、g Sources of Competitor AdvantageAbility to Drive Growth Across Channels and End-Market ApplicationsSticky Customer Relationships Due to Formulation Specifications&High Barriers to EntryLarge Market Opportunity Supported By Structural&Enduring Growth DriversNumerous Value Creation Plays,and Signific

60、ant Synergy and Returns Opportunity Through Platform Development5M&A OpportunityReasons Why Ingredients Is An Attractive Investment Space Source:OC&C analysis14The Ingredients Landscape_Harris Williams and OCC_2H 202416|OC&C Strategy Consultants 2024Large players are actively shaping their portfolio

61、s through divestments and acquisitions which has implications for potential investorsSource:MergerMarket,OC&C analysisXXXX2024XXRecent M&A Activity from Large-Scale PlayersImplications for Investors 20242023202320222021Liquid market for bolt-on acquisitions from scaled strategics present opportunity

62、 for broader set of exit optionsDivestments of non-core BUs from strategics offer opportunities for professionalized bolt-on acquisitions Competitive landscape within ingredients categories continually evolving diligence is key123Nutrition&BiosciencesSweet Ingredients5M&A OpportunityLarge-Scale Ingr

63、edients Players M&A ExamplesSelect Examples Shown15The Ingredients Landscape_Harris Williams and OCC_2H 202417|OC&C Strategy Consultants 2024And there is also significant private equity investment,capitalizing on the scope for professionalization201820192020201720222021Recent Ingredient M&A involvin

64、g Private Equity,2017-24Not ExhaustiveSource:MergerMarket,OC&C analysis202320245M&A OpportunityLand Animal Protein Division16The Ingredients Landscape_Harris Williams and OCC_2H 202418|OC&C Strategy Consultants 2024Ingredients continues to be an active space for M&A,with a number of assets expected

65、to come to market in the near futurePlease reach out to the Harris Williams and OC&C teams to discuss more about potential future transactionsWestern Europe and USA Near-Term Potential TargetsSource:MergerMarket;desk research,OC&C analysis5M&A Opportunity17The Ingredients Landscape_Harris Williams a

66、nd OCC_2H 2024Thank you!Introduction to OC&C&Harris Williams Teams20|OC&C Strategy Consultants 2024CredentialsHARRIS WILLIAMSG L O B A L I N V E S T M E N T B A N KWith Robust Experience Across the Globe8 I N D U S T R Y G R O U P SProviding Award-Winning Advisory Services3 D E C A D E SBringing Fir

67、mwide Dedication to Every Engagement 1 U N I F I E D T E A MOC&CThe Ingredients Landscape_Harris Williams and OCC_2H 202421|OC&C Strategy Consultants 2024MICHAEL BROOKSAssociate Partner Michael.BT:+1 332 262 4138M:+1 347 231 8230WILL HAYLLARPartner Will.HT:+44 20 7010 8041M:+44 7799 896 929ContactsO

68、C&CHARRIS WILLIAMSCOYE NOKESPartner Coye.NT:+1 212 301 0754M:+1 646 369 5890JEAN-BAPTISTE BRACHET Partner Jean-Baptiste.BT:+33(0)1 73 44 56 00 M:+33(0)6 12 59 29 20 ANDREAS POTHManaging DT:+49 69 3650638 20M:+49 173 6514686BRANT CASH Managing DT:+1(612)359-2709M:+1(612)219-7622KONSTANTIN MOLINARIDT:

69、+49 69 3650638 25M:+49 170 333 6627TIM ALEXANDERManaging DT:+1(612)359-2716 M:+1(612)807-3984ANDY WARCZAKDT:+1(612)359-2714M:+1(612)222-8818NILPESH PATELPartner Nilpesh.PT:+44 20 7010 8234M:+44 7890 250 203OLIVER ROWSONPartner Oliver.RT:+44 20 7010 8053M:+44 7584 487 748The Ingredients Landscape_Har

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81、experience in matters relating to investments falling within Article 19(5)of the U.K.Financial Services and Markets Act 2000(Financial Promotion)Order 2005,as amended(the“Order”);(c)high net worth entities and other persons to whom it may otherwise lawfully be communicated falling within Article 49(

82、2)(a)and(d)of the Order;or(d)any other person to whom this document may otherwise lawfully be communicated or caused to be communicated(all such persons in b to d together being referred to as“Relevant Persons”).This document must not be acted on or relied on by persons who are not Relevant Persons.In the U.K.,any investment or investment activity to which this document relates is only available to,and will be engaged with,Relevant Persons.The Ingredients Landscape_Harris Williams and OCC_2H 2024