Davy Research

Foods

Beyond dairy: the next frontier
Foods
DSM | Danone | Symrise | Kerry Group

DAVY VIEW

Starbucks’s new range of Evolution Fresh Daily Probiotic smoothies will reach shelves in February 2018, signalling the arrival of probiotics to fast moving consumer goods (FMCG) categories beyond dairy. Largely driven by acquisition, capabilities in probiotics have evolved from specialist players (Chr Hansen, Probi, Danisco and Ganeden) to value-add ingredient solution providers (Kerry, Symrise and DSM). A broadening of the application canvass beyond dairy presents a sizable and immediate opportunity with demand pull and positive pricing attributes. While technical and regulatory hurdles remain (shelf-life, stability), we are optimistic on the burgeoning revenue opportunity for more integrated players.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • DSM

    Closing Price: 8080c

  • RATING 11/02/15

  • PREVIOUS RATING 16/07/14

    Neutral

  • Kerry Group

    Closing Price: 8620c

  • RATING 30/06/09

  • PREVIOUS RATING N/A

  • Symrise

    Closing Price: 6612c

  • RATING 21/06/12

  • PREVIOUS RATING N/A

  • Danone

    Closing Price: 6850c

  • RATING 09/02/17

  • PREVIOUS RATING 16/04/15

    Outperform

Analyst(S)

Foods

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