Symrise forecasts robust demand for the rest of 2024 despite market volatility

The German company’s pet food portfolio posted double-digit organic growth in the first 9 months of this year.

The Taste, Nutrition & Health segment, which includes Symrise’s pet food business, generated €2.35 billion ($2.54B) in sales between January and September 2024. This means a 3.6% year-on-year (YoY) increase from €2.27 billion ($2.45B) last year.

The category witnessed an organic YoY growth of 10.4% or €236 million ($254.9M).

In Q3 2024, this segment generated €777 million ($839.2M), 5.1% more than the €739.2 million ($798.4M) during the same period in 2023. Symrise’s organic growth from January to March 2024 hit €83.3 million ($89.9M).

Overall revenue

The German firm’s total revenue increased by 5.9%, reaching €3.8 billion ($4.1B) in the first 9 months of the year, compared to €3.6 billion ($3.89B) during the same period in 2023. This includes an organic growth of 11.1%, amounting to €399.3 million ($431.3M).

In Q3, revenue grew by 5.2% YoY to €1.2 billion ($1.3B), compared to €1.19 billion ($1.28B) during the same period in 2023.

2024 outlook

Based on this 9-month earnings report, Symrise targets 7% organic sales growth for the year. Its long-term organic growth expectation of between 5% and 7% has remained unchanged.

“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,” comments CEO Jean-Yves Parisot.

“Our diversified portfolio and broad, international footprint will continue to help us realize our growth potential and create sustainable value this year.”