BNP Lim Consumer Ingredients Fibre is the new protein 21 Aug 2026

Protein sells 21 AUGUST 2026 Sector Research Report The use of GLP-1s has reignited protein mania in the past year, with many new food & beverage Production time: 05:16* (London time) launches now marketed as high-protein. Nonetheless, formulating with protein comes with complex Research Analysts & Publishing Entities challenges such as sedimentation, product stability and texture. With whey costs on the rise, it is Joan Lim likely that more food & bev companies will innovate using alternative sources of animal or plant- BNP Paribas London Branch based protein, where Ingredient companies like Kerry, dsm-firmenich and Tate are well positioned +( to provide flavours and texture technologies to mask off-flavours and chalkiness of protein. Novonesis and IFF will also benefit from continued demand for high protein yogurts. Nicola Tang, CFA BNP Paribas London Branch ( Fibremaxxing is the latest new trend Fibremaxxing is the latest new trend as consumers look for nutrient dense and functional foods. Consumers globally don’t consume enough fibre daily, as fibre has historically been viewed as the ‘unsexy nutrient’ associated with flatulence. According to Innova Market Insights, fibre has now overtaken probiotics in digestive health product claims, with 38% of products with a digestive health claim now carrying a high fibre claim while just 19% feature a probiotic claim. The global dietary fibre market is estimated to be ~USD9.6b and is forecasted to grow at a CAGR of 9.6% (2025-34).

Protein+: Consumers looking for functional benefits on top of protein With global GLP-1 penetration still at low levels, the protein trend looks set to continue its momentum. This momentum will also drive the growth of other functional ingredients as consumers seek ‘better- for-you’ options. Fibre is increasingly used together with protein to deliver satiety (‘natural GLP-1’), gut health and reduce the risk of heart disease, but adding more fibre can be challenging for food & beverage product formulation (stability, viscosity, phase separation). Ingredient companies are well positioned to step in to provide the technical expertise on how to incorporate fibre without compromising on taste. Tate & Lyle / Ingredion is best positioned, as it has the highest relative exposure to soluble fibres which can help replace sugar and improve the mouthfeel of the product.

Key valuation metrics Stock Price* TP / Upside Mkt cap P/E (x) EV/EBITA (x) ESG Rating (LC) (EURm) CY26e CY27e CY26e CY27e Rating AAK (-) % 4, Laggard Croda (=) 3,335.0 3,360.0 1% 5, Leader DSM-Firmenich(1) (+) % 22, Leader Givaudan (=) 3,259.0 3,500.0 7% 32, Average Glanbia PLC (=) 22.1 22.5 2% 5, Laggard IFF (+) 83.4 95.0 14% 18, Average Kerry Group (+) % 13, Average Novonesis(1) (=) % 28, Leader Robertet (+) 790.0 1,017.0 29% 1, Average Sensient Techno (+) % 4, Average Symrise (+) % 12, Average Tate & Lyle(1) (=) % 2, Average * Closing prices at 20 August 2026 (1) BNPP also covers the ADRs of these companies.

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BNP Paribas Research Consumer Ingredients 21 AUGUST 2026 page 2