Symrise’s pet food portfolio witnesses double-digit growth in Q1 2024

Symrise’s Taste, Nutrition & Health segment—which includes pet food—registered 7.5% in organic growth from January to March 2024. This is in line with the growth rate registered in the 12 months of 2023.

The German company says that the negative currency effects of €55.1 million ($59.16M) impacted sales in the reporting currency. In the first 3 months of the year, sales in the segment reached €775.2 million ($831.5M), compared to €776.1 million ($832.5M) during the same period last year.

Symrise cites the segment’s performance in Latin America and Asia-Pacific as one of the quarter’s relevant drivers.

“The addition of capacities in growth markets is continuing and will provide the foundation for further international business expansion,” reads a company statement. 

Symrise posted global sales of €1.29 billion ($1.38B) in Q1 2024, an increase of 5%. The firm attributes 2024’s successful start to the “strong demand” and “solid positioning” of the portfolio.

Profitability targets

The company confirmed it’s “on course” to achieve its profitability targets for 2024 as well as long-term growth. It forecasts sales between €7.5 billion ($8B) and €8 billion ($8.5B) by the end of 2028.

Symrise’s recently appointed CEO, Jean-Yves Parisot, says that despite sustained market volatility, they are “very optimistic” about the upcoming months and “expect robust demand.” 

“Our diversified portfolio, our innovative offers and global positioning give us the necessary strength to continue leveraging our growth potential and thus create sustainable value for our customers and ourselves,” he concludes.