Symrise's Portfolio Mix Contributes to Near-Term Growth Headwinds, but Long-Term Thesis Intact

Symrise is one of the four largest companies in the global flavor and fragrance industry. It creates bespoke flavor and fragrance formulations from over 10,000 natural and synthetic raw materials for its customers, which manufacture consumer staples such as food, beverages, and household care products. F&F companies occupy a strong position in the value chain because their products make up only a small portion of the final product cost but play a decisive role in a consumer’s purchasing decision.