CARIBBEAN Flavours and Fragrances (CFF) is mixing in a new ingredients portfolio and targets regional markets for growth.
The company, which operates chiefly in the flavours markets, supplying products to all major beverage, ice cream, baking, and confectionery manufacturing companies and an assortment of fragrances for household and personal care to local and regional manufacturing companies, added the ingredients portfolio in November last year.
"It is a natural progression now, because what is happening is that companies are looking for full solutions," Derrick Cotterell, managing director of Caribbean Flavours and Fragrances, told the Jamaica Observer as part of the reason behind the company's push into that market.
He said in the past, companies were content to get raw materials from various suppliers but are now looking to consolidate their supplier base, of which CFF is taking advantage to enter the ingredients market.
"CFF has primarily been strong in beverages...and now we are going to be strong in other areas, including baking and savoury lines because a lot of ingredients and technology are consumed in those areas," Cotterell added. The savoury line refers to products that are salty or spicy rather than sweet, and incorporates most snacks sold by retailers.
Cotterell said the push comes with International Flavours and Fragrances acquisition of DuPont Chemical Company, it now has access to a wide range of ingredients produced by the American multinational. International Flavours and Fragrances is a former parent company of CFF and both entities maintain a relationship even with different owners now.
"Right now we are focusing on customers in the region, but we are also looking at other partners who can supply us with products from outside the region that we can sell to manufacturers in the region. For example, we have relationships with manufacturers from the other side of the world and they are looking for representation in this side of the world," Cotterell said.
"We are looking to get our ginger flavour into other parts of the world. We are looking to expand outside the region with certain products and ginger is one of our main ones."
The company said it will also be working more with Derrimon, its parent company, to export its cordials and other products to New York through Marnock LLC. "Derrimon is planning to further build out its Delect brand and other associated brands which will be great for CFF, which can supply our parent and fellow subsidiaries," the company noted in its annual report.
Cotterell said that CFF will also be designing and offering products to various manufacturers.
It said key management and board members travelled to Guyana and other Caribbean markets recently to initiate new talks in those markets and make CFF the preferred partner.
"We are trying to increase our ingredients portfolio to reach a wider cross section of customers in the region and extra region."
Caribbean Flavours and Fragrances reported sales of $772 million in 2022, which is up 21 per cent. Its profit, however, fell from $80 million in 2021 to $62 million in 2022. The dip in profits was attributed to higher administrative expenses as the company hired new talent and faced higher utility and travelling costs.