Located upstream of the value chain, ingredients companies provide their clients with the essential elements needed to create their products, and can also help them design their
end products. The worldwide ingredients market can be valued at around EUR 440bn is steadily growing (+4% per year on average). Since the early 2000s, the ingredients industry has undergone real consolidation, driven by the aim of small players to find reliable partners with access to capital markets, brand exposure and geographical reach. We see clean labelling and plant proteins as the main growth drivers for the industry. Clean labelling meets consumer demand for natural products and requires adaptation by major groups, whether food or HPC giants. And a number of ingredients groups have strengthened their exposure to plant proteins via acquisitions. This segment is very dynamic, posting double-digit growth rates on a global level. Three different sources
of proteins exist: animal proteins (including insects, an industry which is in its infancy and we believe has significant sources of growth and optimization in biological and operational terms); plant proteins; and alternative proteins such as micro-algae and artificial meat.