IFF is a global B2B ingredients company that makes flavors, fragrances, and specialty ingredients used by consumer products manufacturers. IFF's products are embedded in everyday consumer goods — food and beverages, laundry detergents, perfumes, dairy products — but are invisible to end consumers. IFF operates through three core segments: Taste (flavor compounds and natural taste solutions for food and beverages), Scent (fragrance compounds for fine perfumes and consumer goods like fabric care and personal care products), and Health & Biosciences (a biotech-driven portfolio of enzymes, food cultures, and probiotics used in food production, household products, and health applications). IFF sells almost entirely to large multinational CPG companies and mid-sized manufacturers, with no single customer accounting for more than 10% of sales. IFF's products are proprietary formulations developed in close collaboration with each customer, which makes switching costly and creates recurring volume as products enter mass production. Because IFF's ingredients represent a small fraction of total product cost but have a large impact on consumer appeal, pricing pressure from customers is limited. IFF is actively reshaping its portfolio toward its three core segments — it divested its Pharma Solutions business in May 2025 and has launched a formal sale process for its Food Ingredients segment (specialty proteins, emulsifiers, sweeteners), with proceeds earmarked for debt paydown and share repurchases. IFF's growth strategy centers on R&D investment, applying its biotech capabilities across segments, and capacity expansion in Health & Biosciences.