With a global presence in all major regions and a synergistic, on-trend portfolio predicated on taste, texture, and health, we support our customers in all food and beverage markets.
We do this across beverages, dairy, baked goods, confectionery, savory, and plant-based, as well as in pet food. We work with a variety of customers, such as global accounts, distributors, regional players, private labels, food services, and start-ups.
Key market trends
Although impacted by consumer concerns regarding inflation and the economic environment, the food and beverage market is expected to continue growing at a compound annual growth rate (CAGR) of 2.1%, with the highest growth occurring in emerging economies. This diverse market is built on local tastes and traditions, with global, regional, and local players. In 2025, it was shaped by the following key trends:
Holistic health and well-being: Consumers are increasingly seeking products with reduced sugar, salt, and fat, along with greater protein content, nutritional value, and health benefits. Focus on cleaner labels is increasing, while the popularity of home cooking is growing in an attempt to offset rising prices
The availability of raw materials: Fluctuations in the pricing and availability of raw materials are obliging manufacturers to reformulate and optimize their recipes
Global shifts in volume growth: In the coming five years, two-thirds of volume growth is projected to come from India, the Middle East & Africa, Asia-Pacific, and Latin America
Regulations: The current regulatory focus on food safety, health, and sustainability will only increase, the latter supported by growing consumer concerns about climate
Rapid changes in food systems: Manufacturers need to adapt faster and more flexibly to structural changes to food systems through food innovation
With our two divisions and the synergy between them, we possess a unique ability to co-create taste, texture and health solutions with the optimal food and beverage matrix. For some of the highlights of our innovation activities in 2025, see Innovation in this section.
Performance
Taste, Texture & Health delivered organic sales growth of 4%, supported by sales synergies, against a high prior-year comparable of 10% and more cautious customer demand in the second half of the year.
Local and regional customers generated stronger growth compared to global customers. China and India drove growth over the full year. Europe performed well, although softening in the second half. North America, APAC, and Latin America remained comparatively weaker. By segment, Beverages was soft, while Dairy including Cheese performed well, along with Bakery and Pet Food.
Adjusted EBITDA improved by 7% when excluding an adverse 3% foreign exchange effect, driven by good organic sales growth and favorable mix effects. The Adjusted EBITDA margin of 20.6% continued to improve.
2025 was a strong year. We continued to grow our divisions, are on track to meet our synergy targets, and are now focusing on shaping an even more customer-centric business. I’m honored to be leading the best team I could have asked for.