Business Strategy and Outlook
| Seth Goldstein, CFA |Ingredion manufactures starches and sweeteners by wet milling and processing corn and other starch-based raw materials. The company steeps these raw materials in a water-based solution before separating the ingredients from co-products (animal feed and corn oil). Starches are the largest category, generating around 45% of revenue, followed by sweeteners at roughly 35%, and co-products at 20%. The starches are then further processed into starch and sweetener ingredients used primarily by the food and beverage industries.