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Here are a few analogies to describe Ingredion:

• It's like Intel for the food and beverage industry, providing essential, specialized ingredients rather than computer chips.
• Think of it as 3M, but focused on transforming agricultural products like corn and tapioca into a vast array of ingredients like starches, sweeteners, and proteins for other manufacturers.

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• Sweeteners: A range of products including glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, and glucose syrup solids.
• Starches: Both food-grade and industrial starches derived from corn, tapioca, potato, and rice.
• Biomaterials: Materials produced from starch-based sources for various industrial applications.
• Nutrition Ingredients: Ingredients designed to enhance the nutritional profile of food and beverage products.
• Edible Corn Oil: Refined corn oil used by food packers and producers for cooking and various food products.
• Corn Gluten Feed: A protein-rich byproduct used as feed for chickens, pet food, and aquaculture.
• Fruit and Vegetable Products: Offerings such as concentrates, purees, essences, pulse proteins, and hydrocolloids systems and blends.

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James P. Zallie, President and Chief Executive Officer

James P. Zallie has served as President and Chief Executive Officer of Ingredion Incorporated since January 2018, and was elected to its Board of Directors in September 2017. He joined Ingredion in 2010 when the company acquired National Starch LLC, a specialty starches leader, where he had served as President and CEO. At National Starch, he oversaw strategic investments, restructured assets, and led the business through its acquisition by Ingredion. During his tenure at Ingredion, he has been instrumental in executing the company's growth strategy, overseeing the global specialty portfolio, and leading the integration of several key acquisitions. He also was the architect of Ingredion Idea Labs, a global network of innovation centers.

James D. Gray, Executive Vice President and Chief Financial Officer

James D. Gray is the executive vice president and chief financial officer at Ingredion, responsible for setting the financial direction and overseeing global accounting, finance, internal audit, treasury, investor relations, and tax functions. He joined Ingredion in 2014, following a 12-year tenure with PepsiCo, Inc., where he held executive leadership functions as chief financial officer of the Gatorade division, and vice president of finance for PepsiCo, Inc. and PepsiCo Beverages North America. Prior to PepsiCo, Inc., Gray worked at Bain & Company for ten years, leading strategic growth projects in the U.S. and Europe.

Tanya Jaeger de Foras, Senior Vice President, Chief Legal Officer, Corporate Secretary and Chief Compliance Officer

Tanya Jaeger de Foras was appointed Senior Vice President, Chief Legal Officer, Corporate Secretary and Chief Compliance Officer, effective November 29, 2021. She is responsible for the oversight of Ingredion's global legal, corporate governance, compliance, and government relations functions. Prior to joining Ingredion, Ms. Jaeger de Foras held leadership roles at Whirlpool Corporation and Luxottica S.p.A., and spent 10 years at Pfizer, Inc., in roles of increasing responsibility including assistant general counsel and chief counsel for the company's specialty care European business unit.

Eric Seip, Senior Vice President, Global Operations and Chief Supply Chain Officer

Eric Seip joined Ingredion as Senior Vice President, Global Operations and Chief Supply Chain Officer, effective January 11, 2021. In this role, he leads the company's global manufacturing, supply chain, and procurement functions, and is accountable for transitioning the company to a global operating model. Before joining Ingredion, Seip worked with Ecolab and its spin-off ChampionX as a senior vice president of global supply chain. Prior to Ecolab, he led global operations and supply chain for Isola Group, which was a TPG portfolio company. He brings more than 30 years of global operations and supply chain experience.

Michael Leonard, Senior Vice President, Chief Innovation Officer and Head of Protein Fortification

Dr. Michael Leonard was appointed Senior Vice President, Chief Innovation Officer, and Head of Protein Fortification, effective May 13, 2024. He brings over two decades of experience in product development and commercialization within the food and beverage sector. His career includes leadership positions at MycoTechnology, where he served as CEO, and Motif FoodWorks, where he was both CEO and CTO, focusing on plant-based food ingredient innovation.

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Key Risks for Ingredion (INGR)

1. Volatility in Raw Material Costs and Supply Chain Reliance: Ingredion's core business relies heavily on agricultural commodities, particularly corn and other starch-based materials. The company is exposed to significant risks from price fluctuations and availability issues of these raw materials. Challenges in passing increased raw material costs to customers can directly impact profitability and financial performance.

2. Operational Disruptions and Production Challenges: As a global ingredient solutions provider with numerous manufacturing facilities, Ingredion is susceptible to operational difficulties and disruptions. Incidents such as the fire at its largest U.S. facility, the Argo Chicago plant in late June 2025, have demonstrated a material negative impact on operating income and production capabilities. Broader supply chain disruptions, including those caused by pandemics or climate change, also pose risks to the company's operations.

3. Market and Demand Headwinds: Ingredion operates in a highly competitive environment and is sensitive to shifts in consumer preferences and macroeconomic conditions. The company has experienced reduced volume demand for its industrial ingredients and sweeteners, particularly in regions like Latin America (due to a brewing industry slump) and the U.S., influenced by factors such as rising retail prices and overall macroeconomic uncertainty. This softening demand impacts sales volumes and the company's ability to maintain or grow its market share.

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Ingredion (INGR) operates in several addressable markets for its main products and services, with global market sizes detailed below:

• Food Starches: The global food starch market size was valued at USD 23.74 billion in 2025 and is projected to grow to USD 38.68 billion by 2034.
• Industrial Starches: The global industrial starch market size was valued at USD 137.08 billion in 2025, projected to grow to USD 279.55 billion by 2034.
• Sweeteners (overall): The global sweeteners market size stood at USD 109.18 billion in 2024 and is expected to grow steadily from USD 113.17 billion in 2025 to reach nearly USD 156.26 billion by 2034.
• Caramel Colors: The global caramel color market size was worth around USD 1.14 billion in 2024 and is predicted to grow to around USD 1.98 billion by 2035.
• Dextrose: The global dextrose market size was valued at USD 7.62 billion in 2025. The market is projected to grow from USD 8.30 billion in 2026 to USD 16.41 billion by 2034.
• Maltodextrins: The global maltodextrin market size was valued at USD 4.6 billion in 2025 and is projected to reach USD 7.9 billion by 2034.
• Biomaterials: The global biomaterials market size was estimated at USD 236.99 billion in 2025 and is projected to reach USD 836.54 billion by 2033.
• Nutrition Ingredients: The global nutritional ingredients market reached US$ 182.5 billion in 2022 and is expected to reach US$ 325.4 billion by 2031.
• Edible Corn Oil / Refined Corn Oil: null
• Corn Gluten Feed: The global corn gluten feed market size is expected to be valued at US$ 8.2 billion in 2026 and projected to reach US$ 11.4 billion by 2033.
• Pulse Proteins: The global pulse protein market size was valued at USD 20.31 billion in 2024 and is expected to reach USD 35.69 billion by 2032.
• Functional Food Ingredients (for fruit and vegetable products, hydrocolloids systems and blends): The global functional food ingredients market size was estimated at USD 128.12 billion in 2025 and is predicted to increase from USD 135.18 billion in 2026 to approximately USD 210 billion by 2035.

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Here are the expected drivers of future revenue growth for Ingredion (INGR) over the next 2-3 years:

1. Growth in Texture and Healthful Solutions: Ingredion is strategically focused on its Texture and Healthful Solutions (T&HS) segment, which is characterized by higher average selling prices and gross margins. The company anticipates mid-single-digit to high-single-digit increases in net sales and operating income for this segment in 2025, and expects operating income to be up substantially by high double-digits for the full year 2025, demonstrating market demand for these specialized, nature-plus-technology solutions. This segment is a key driver, with strong Q4 2024 performance showing double-digit sales volume growth.
2. Expansion in Plant-Based Proteins: Ingredion has identified plant-based proteins as a high-growth, high-value market opportunity, aligning with consumer demand for sustainable and great-tasting alternatives to animal-based proteins. The company has made significant investments to accelerate the production of plant-based proteins, expanding its portfolio of pulse-based flours, concentrates, and isolates. This strategic focus aims to aggressively capture market share in the rapidly growing plant-based category. The plant-based protein segment is expected to reach cash breakeven towards late 2024, indicating a path to profitability.
3. Innovation and New Product Development (especially Clean Label and Sugar Reduction): Innovation is a core engine for Ingredion's profitable growth, particularly in developing differentiated ingredient solutions that address evolving market trends like health and wellness, clean label requirements, and sugar reduction. The global sugar reduction trend is a major tailwind for Ingredion's portfolio, and the company leverages its Idea Labs to co-create solutions with customers, enabling rapid prototyping and higher product success rates, including AI-driven predictive formulation.
4. Strategic Geographic Expansion and Strengthening Market Presence: Ingredion is focused on strengthening its presence in key global markets. For instance, the company expects its Latin America (LATAM) operating income to grow by mid-single digits in 2025, building on positive results in regions like Mexico and the Andean countries in 2024. Additionally, Ingredion has made strategic investments in India to expand into high-value pharmaceutical applications, acquiring Amishi Drugs & Chemicals and securing a majority position in Mannitab Pharma Specialities, recognizing India as one of the fastest-growing pharmaceutical markets globally.
5. Operational Efficiencies and Cost Savings Programs: While not a direct revenue driver, Ingredion's focus on operational streamlining and cost savings through programs like "Cost2Compete" is expected to contribute to future profitability, which can support further investments in growth areas. The Cost2Compete program, launched in 2024, targets $50 million in run-rate savings by the end of 2025. These efficiencies, coupled with targeted investments, boost profitability and position the company for sustained expansion.

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Share Repurchases

• Ingredion's Board of Directors authorized a new stock repurchase program in November 2025 to repurchase up to 8 million shares of its outstanding common stock, effective through December 31, 2028. This program replaced an existing one that had approximately 2.1 million shares remaining.
• In 2025, Ingredion repurchased 1.8 million outstanding common shares at a net cost of $224 million.
• In 2024, the company executed $216 million in share repurchases.

Share Issuance

• No significant information is available regarding large dollar amounts of share issuances over the last 3-5 years. The company's shares outstanding have generally declined, indicating net repurchases.

Inbound Investments

• No information is available regarding large investments made in Ingredion by third-parties, such as a strategic partner or a private equity firm, over the last 3-5 years.

Outbound Investments

• In June 2022, Ingredion acquired Amishi Drugs, a manufacturer of pharmaceutical drugs based in Ahmedabad.
• In April 2021, the company acquired KaTech, a firm specializing in texture and stabilization solutions for food and beverages.
• In November 2020, Ingredion acquired 100% ownership of Verdient Foods Inc. to bolster its plant-based protein offerings, increasing its total investment in plant-based proteins to over $200 million by year-end 2020.

Capital Expenditures

• Net capital expenditures for full-year 2025 were $433 million, representing an increase of $138 million from 2024. This increase was primarily directed towards high-return projects, including leveraging incentives from the Inflation Reduction Act (IRA) for its Indianapolis plant to improve cost efficiency.
• For the full year 2024, capital expenditures amounted to $301 million, following $316 million in 2023.
• Ingredion anticipates capital expenditures for the full year 2026 to be approximately $400 million to $440 million, with a continued focus on strategic investments such as a starch modernization project at the Indianapolis facility and expanding the Belcamp blending center to support growth in customized texture solutions.