Symrise reports dynamic growth for its pet food business
The company highlights the strong performance of the segment in the first six months of 2024 and plans to divest its aquaculture business this year.
Symrise’s taste, nutrition and health segment – which includes its pet food business — hit €1.57 billion ($1.72B) in sales in H1 2024, a 2.9% increase from last year’s €1.52 billion ($1.66B). Organic sales grew at a rate of 10% during this period.
The German corporation notes that its pet food division was “able to sustain its growth trend” from January to June.
The Asia-Pacific and Latin American markets witnessed dynamic sales development in Symrise’s pet food portfolio, with markets such as China, Malaysia, Thailand, Columbia, Brazil and Mexico displaying a double-digit organic growth rate in H1 2024.
Spain, Turkey and Belgium reported strong growth in the EMEA (Europe, the Middle East and Africa) region.
Aquaculture
On the other hand, the performance of the company’s aqua feed division was weak. According to the latest earnings report, the segment witnessed double-digit negative organic growth. The EMEA and Asia-Pacific regions lagged “well behind expectations.”
Symrise intends to divest the business by the end of the year.
2024 outlook
Symrise admits it is “well positioned” to continue on this profitable group path, with a target of 5% to 7% organic sales growth this year.
The company says it is focusing on both organic and inorganic growth. It hopes to maintain strict cost awareness and pursue sustainability management programs across all areas of the company.
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