Ingredion Inc (NYSE: INGR)

Ingredion Inc transforms grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing, and industrial markets. The company operates as a leading global ingredient solutions provider, developing, producing, and selling a variety of food and beverage ingredients, primarily starches and sweeteners, for over 60 industries worldwide. Ingredion's purpose is to bring the potential of people, nature, and technology together to make life better, focusing on innovative ingredient solutions that cater to evolving consumer preferences and industry demands.

Ingredion generates revenue by processing corn and other starch-based materials such as tapioca, potato, peas, and rice into a range of products. The company's product lines include starches and sweeteners, animal feed products, and edible corn oil. Starch-based products encompass both food-grade and industrial starches, as well as biomaterials and non-GMO products. Sweetener products include glucose syrups, high maltose syrups, high fructose corn syrup, caramel color, dextrose, polyols, maltodextrins, glucose and syrup solids, high-intensity sweeteners, and various non-GMO products. Additionally, Ingredion offers pulse-based protein ingredients made from yellow peas, which add protein, dietary fiber, micronutrients, and texture to food and beverages. The company's customers span a broad range of industries, including food production, brewing, beverages, paper manufacturing, textiles, adhesives, pharmaceuticals, and cosmetics.

• Texture & Healthful Solutions (T&HS): This segment focuses on providing global customers with a wide array of innovative ingredient solutions that maintain or enhance texture and deliver healthful product attributes. T&HS product categories include modified and native starches, clean-label texturizers, hydrocolloids, and customized formulations. The segment caters to global and regional customers, offering ingredients that add additional customer value and achieve higher average selling prices. T&HS faces competition from Archer-Daniels-Midland Company (ADM), Tate & Lyle, Cargill, and Roquette, among others. The segment operates a global manufacturing footprint with 20 facilities in the U.S., Canada, Asia-Pacific, and Europe, producing ingredients based on raw materials like corn, potato, tapioca, fruit, rice, and tree extracts.

• Food & Industrial Ingredients—Latin America (F&II—LATAM): This segment consists of nine manufacturing facilities in Mexico and South America that convert primarily corn, but also some tapioca and sugar, into starches, sweeteners, and co-products for the local needs of food and industrial markets in Latin America. Product applications include food production, brewing, beverages, paper manufacturing, textiles, adhesives, pharmaceuticals, and cosmetics. F&II—LATAM has a significant presence in the brewing industry in Latin America, which uses high maltose corn syrup and starches in its brewing products. The segment faces competition from U.S. imports into Mexico and from local producers, including ALMEX, a Mexican joint venture between ADM and Primient. In South America, the market is more fragmented with local producers, but Cargill maintains starch processing operations in Brazil and Argentina.

• Food & Industrial Ingredients—U.S./Canada (F&II—U.S./Canada): This segment consists of six manufacturing facilities in the U.S. and Canada that convert corn into starches and sweeteners and co-products for the local needs of food and industrial markets. F&II—U.S./Canada has a significant presence in the industrial market. Product applications include food and beverages, paper and packaging, pharmaceuticals, and personal care. The segment manufactures liquid or dry products that require minimal modification and are usually shipped using bulk rail cars or tanker trucks. The manufacturing process also generates co-products that customers use for animal nutrition and corn oil production. The starch and sweetener industry in the U.S. and Canada is highly competitive, with competition largely based on product functionality, price, and quality. Key competitors include ADM, Cargill, and Primient.

• All Other: This segment includes sweetener and starch sales by the Pakistan business, sales of stevia by the PureCircle business, sales of other sweeteners from the Sugar Reduction businesses, and pea protein from the Protein Fortification business. In September 2025, Ingredion entered into a definitive agreement to sell a 51 percent ownership interest in the Pakistan business, with an option for Nishat Group to purchase additional shares.

Ingredion holds a strong position within the ingredient solutions industry, leveraging its global network of manufacturing facilities and joint venture partnerships to support its product lines. The company's competitive advantages include its extensive research and development capabilities, a strong focus on innovation, and a commitment to sustainability. Ingredion's intellectual property portfolio, including patents and proprietary know-how, supports its strategic innovation initiatives and reinforces its commitment to delivering differentiated, high-performance ingredients to customers worldwide. The company's centralized production planning, distribution, and financial functions enable it to serve global customers, leverage digital solutions and artificial intelligence, and maximize the benefits of its global presence.

Ingredion's customer base is diverse and spans over 60 industries worldwide. The company's products are used by manufacturers and distributors in the food, beverage, animal nutrition, brewing, and industrial markets. No single customer or group of related customers accounted for 10 percent or more of Ingredion's net sales in 2025, 2024, or 2023, indicating a well-diversified customer portfolio. The company's products cater to a wide range of applications, from food production and brewing to paper manufacturing and pharmaceuticals, ensuring a broad and stable revenue base.