Symrise’s cosmetic ingredients division recorded double-digit percentage sales growth in 2023 with particularly strong results in the EMEA (Europe, Middle East and Africa) and Latin America regions.
The German company said sales also increased in North America and Asia-Pacific but by a smaller, single-digit percentage.
The strongest growth was posted by the sun protection business and the Micro Protection business unit, it added.
The cosmetic ingredients division is part of Symrise’s Scent & Care segment, which generated total full-year 2023 sales of €1.752 billion ($1.9 billion), up 2.7% on the previous year.
In 2023, Scent & Care generated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of €277m, which was 4.9% lower than in the previous year.
Symrise said the dip was mainly due to increased raw material prices and higher operating costs.
Across the group, Symrise generated total sales of €4.73 billion in 2023, an increase of 2.4%.
At €903.5m, adjusted EBITDA in 2023 was €18m lower than the previous year’s figure of €921.5m.
“2023 was again a successful year of growth for Symrise. The ongoing geopolitical crises, rising operating costs and high volatility in our core markets had a negative effect on our profitability,” said CEO Heinz-Jürgen Bertram.
“We reacted quickly and immediately initiated measures to improve the cost situation. We enhanced our portfolio very positively through targeted acquisitions and strategic partnerships,” he added.
“For this reason, our outlook for 2024 is correspondingly optimistic. Symrise is ideally positioned for the future.”
