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Here are 1-2 brief analogies for Ingredion:

• Ingredion is like "The Intel Inside for food products". They provide essential, specialized ingredients that go into a vast array of food and beverage items, much like Intel provides the processors that power computers, often without consumers seeing the Ingredion brand on the final product.
• Alternatively, think of Ingredion as "The Amazon Web Services (AWS) for food ingredients". They supply foundational, behind-the-scenes building blocks (starches, sweeteners, texturizers, etc.) that other food and beverage manufacturers use to create their finished products, similar to how AWS provides essential digital infrastructure for countless businesses.

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• Starches: Provides native and modified starches used for thickening, texturizing, and binding in food, beverage, and industrial applications.
• Sweeteners: Offers a wide range of caloric and non-caloric sweeteners, including glucose syrups, high fructose corn syrup, dextrose, polyols, and plant-based stevia sweeteners.
• Plant-Based Proteins: Supplies protein isolates and concentrates derived from pulses like peas, lentils, and chickpeas for nutritional and functional food solutions.
• Nutritional Ingredients: Delivers dietary fibers, prebiotics, and other ingredients designed to enhance the nutritional profile and health benefits of food products.
• Specialty Flours: Manufactures functional flours from various crops to improve texture, binding, and stability in food and beverage formulations.

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Ingredion (NYSE: INGR) primarily sells its ingredients solutions to **other companies (B2B)** rather than directly to individuals. Due to the proprietary nature of customer relationships in the ingredients industry, Ingredion does not publicly disclose the names of its specific major customer companies. However, they serve a broad range of industries globally. Based on their product portfolio and public statements, their major customer categories include:

1. Food and Beverage Manufacturers

   This is Ingredion's largest customer segment. These companies use Ingredion's starches, sweeteners, texturizers, and nutritional ingredients to formulate a vast array of consumer products. Examples of sub-segments include:

   • Beverage companies: For sodas, juices, sports drinks, and dairy alternatives.
   • Bakery and snack manufacturers: For breads, cakes, cookies, crackers, and chips.
   • Dairy producers: For yogurts, ice creams, and cheeses.
   • Confectionery companies: For candies, chocolates, and gums.
   • Savory product manufacturers: For sauces, dressings, soups, and processed meats.

   While specific names are not disclosed, major global food and beverage companies (e.g., The Coca-Cola Company (NYSE: KO), PepsiCo, Inc. (NASDAQ: PEP), Nestlé S.A. (SWX: NESN) (as a general type of customer, not specifically confirmed by Ingredion)) are typical clients for ingredient suppliers.

2. Industrial Customers

   Ingredion supplies a range of modified starches and biomaterials to various industrial applications. These include:

   • Paper and Corrugating: For improving paper strength, printability, and sizing.
   • Textile industry: For sizing and finishing fabrics.
   • Personal care and Pharmaceutical industries: For various excipient and functional ingredient uses.
   • Building materials: For construction applications.

3. Animal Nutrition Companies

   This segment involves manufacturers of animal feed and pet food products. Ingredion's starches and nutritional ingredients are used to improve the texture, palatability, and nutritional content of these products.

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James P. Zallie, President and Chief Executive Officer

James P. Zallie was appointed president and CEO of Ingredion in January 2018 and elected to the Board of Directors in September 2017. He joined Ingredion in 2010 following the Company's acquisition of National Starch LLC, a leading specialty starch company. Prior to joining Ingredion, Mr. Zallie served as president and CEO of National Starch, where he developed and executed a strategy that led to double-digit compound annual sales growth during his four-year tenure. He was also instrumental in the successful integration of National Starch into Ingredion. Mr. Zallie earned a bachelor's degree in food science from Pennsylvania State University and holds master's degrees in food science and technology and in finance from Rutgers University.

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

James D. Gray has served as Executive Vice President and Chief Financial Officer of Ingredion since March 2017. He joined Ingredion in 2014. Before joining Ingredion, Mr. Gray spent 12 years at PepsiCo, Inc., where his executive leadership roles included chief financial officer of the Gatorade division, vice president finance for PepsiCo, Inc., and vice president finance for PepsiCo Beverages North America. Prior to PepsiCo, Inc., he worked at Bain & Company for ten years, leading strategic growth projects in the U.S. and Europe. Mr. Gray holds a bachelor's degree in business administration from the University of California, Berkeley, and a master's degree from the Kellogg School of Management at Northwestern University.

Larry Fernandes, Senior Vice President, Chief Commercial and Sustainability Officer

Larry Fernandes is the Senior Vice President, Chief Commercial and Sustainability Officer at Ingredion.

Michael O'Riordan, Senior Vice President, Texture and Healthful Solutions, EMEA and Asia-Pacific

Michael O'Riordan is the senior vice president of texture and healthful solutions for Europe, the Middle East, Africa, and Asia-Pacific. He began his career with National Starch LLC as a production engineer and has held various roles in operations, sales, and innovation. In 2011, he was appointed to lead the Ingredion business in China, and in 2016, he became vice president for global marketing and growth platforms. In 2023, Mr. O'Riordan was appointed chairman of the board of Rafhan Maize in Pakistan. He holds a master's degree in chemical and process engineering from the University of Newcastle-upon-Tyne and an MBA from the Maastricht School of Management.

Nancy Wolfe, Senior Vice President and Chief Human Resources Officer

Nancy Wolfe is the Senior Vice President and Chief Human Resources Officer at Ingredion.

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Ingredion (INGR) faces several key risks to its business operations and financial performance:

1. Fluctuations in Raw Material Prices: As a global ingredients solutions provider that transforms plant-based materials, Ingredion is highly susceptible to volatility in the costs of its primary raw materials, such as corn and natural gas. These commodity price swings can significantly impact the company's profitability and operating costs. While Ingredion utilizes derivative hedging contracts, particularly in North America, to manage some of this exposure, the risk remains substantial.
2. Operational Risks and Manufacturing Difficulties: The company's manufacturing processes are capital-intensive, and any disruptions can adversely affect its financial results. Recent challenges, such as production issues at its Chicago facility following a fire, demonstrate how operational snags can impact earnings and product supply. Risks related to product safety and quality, as well as the need for continuous maintenance and improvement of facilities, also fall under this category.
3. Softening Consumer Demand and Intense Competition: Ingredion operates in a highly competitive market for starches, sweeteners, and other food and industrial ingredients. The company has experienced headwinds from softening consumer demand, particularly in response to rising retail prices for beverages and food, which can lead to lower sales volumes and impact pricing. This competitive environment, where rivals focus on product functionality, price, and quality, makes it challenging for Ingredion to preserve operating margins and maintain market share.

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The rapid advancement and commercialization of precision fermentation technology poses a clear emerging threat. This technology enables the production of functional ingredients, such as specific proteins, enzymes, fats, and novel sweeteners, directly from microorganisms rather than through the traditional agricultural processing of crops like corn, tapioca, or potatoes. As precision fermentation scales and reduces costs, it could disrupt Ingredion's core business by offering an alternative, and potentially more sustainable or cost-effective, method for sourcing key ingredients, thereby disintermediating traditional ingredient processors.

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Ingredion (NYSE: INGR) is a global ingredients solutions company primarily producing and selling starches, sweeteners, and nutrition ingredients.

The addressable markets for Ingredion's main products and services are as follows:

• Sweeteners: The global sweetener market size was valued at approximately USD 88.1 billion in 2023 and is projected to reach USD 154.6 billion by 2035.
• Starches (including industrial starches and starch-based texturizers): The global industrial starches market size was valued at USD 60.46 billion in 2024 and is expected to reach USD 97.89 billion by 2033.
• Plant-Based Proteins (Nutrition Ingredients): The global plant-based protein market is projected to grow from USD 20.3 billion in 2025 to USD 46 billion by 2035.

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Ingredion (NYSE: INGR) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and market trends:

1. Growth in Texture and Healthful Solutions Segment: The company expects continued robust performance from its Texture and Healthful Solutions segment. This growth is primarily fueled by increasing consumer demand for clean label ingredient solutions and strong market interest in protein fortification. For example, the segment reported a 4% sales volume growth across the U.S., Canada, and EMEA in Q3 2025, with double-digit sales increases for clean label ingredients reflecting strong demand.
2. Expansion and Innovation in Specialty Ingredients: Ingredion is focusing on expanding its portfolio of specialty ingredients, which include starch-based texturizers, natural alternative sweeteners like stevia, and plant proteins for alternative dairy and snacks. This focus allows for premium pricing and is a key driver of higher margins, offsetting slower demand for traditional products. The company's ongoing research and development in this area are expected to open fresh revenue streams.
3. Strategic Diversification in Latin America: Ingredion is making deliberate progress in strategically diversifying its customer and product mix in Latin America, shifting towards higher-margin sweeteners. This regional strategy aims to enhance profitability and growth despite some recent market challenges in the area.
4. Operational Efficiencies and Cost Savings: While primarily impacting profitability, the company's commitment to operational excellence and cost management, particularly through its Cost2Compete program, indirectly supports revenue growth. Surpassing its $50 million cost savings target, with expectations to achieve over $55 million in run-rate savings by the end of 2025, allows Ingredion to allocate resources to growth initiatives and maintain competitive pricing.

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Share Repurchases

• Ingredion repurchased $134 million of common stock year-to-date through September 30, 2025, exceeding its initial $100 million target for the year.
• In 2024, the company repurchased 1.65 million outstanding shares of common stock at a net cost of $216 million, more than doubling its initial goal for the year.
• A new stock repurchase program was authorized on November 4, 2025, allowing for the purchase of up to 8 million shares through December 31, 2028.

Outbound Investments

• In April 2020, Ingredion agreed to acquire a controlling 75% stake in PureCircle, a leading producer of stevia sweeteners, aligning with its sugar reduction growth platform.
• In November 2020, Ingredion acquired the remaining ownership of Verdient Foods Inc., increasing its total investment in plant-based proteins to over $200 million by the end of 2020 to expand manufacturing capability and meet consumer demand.
• During the third and fourth quarters of 2022, Ingredion made strategic investments in India, acquiring Amishi Drugs & Chemicals and securing a majority position in Mannitab Pharma Specialities, to expand into high-value pharmaceutical ingredients.

Capital Expenditures

• Capital expenditures were approximately $300 million in 2022, $316 million in 2023, and $301 million in 2024.
• Expected capital expenditures for the full year 2025 are projected to be approximately $400 million to $450 million.
• These investments are focused on organic growth opportunities, including expanding and strengthening the Texture & Healthful Solutions portfolio, enhancing operational efficiency, and upgrading facilities like the Indianapolis plant.