"A focus on moving towards specialty products is linked to the necessity to innovate, which in turn is linked to climate change and the general challenges we are seeing in each market."
Of the different markets that Croda works in, which have proven to be the most resilient in Mexico throughout the pandemic?
The personal care and healthcare markets in Mexico have contributed significantly to the company’s success and record sales. The pandemic encouraged higher interest in personal care and we have seen significant growth in the consumer health market over the past year. With the green agenda receiving ever more attention everyone is looking for cleaner and greener solutions and are increasing their bio-based content in products. Croda is committed to be climate, land and people positive by 2030 and we want to be the most sustainable supplier of innovative ingredients where we will help provide solutions to some of the world’s biggest challenges in the coming decades.
65% of Croda’s raw materials currently come from bio-based resources and the company wants to increase this percentage to 75% by 2030. How does the company intend to achieve this?
Croda’s goal to achieve 75% bio-based content by 2030 is directly connected to the company’s investments in its facilities and M&A activities. All of our plants have a decarbonization program as well as an increase of bio-based content plan for each of our operations. We are running specific projects in each of our business sectors to incorporate bio-based materials. Croda’s progress in this regard was recently ranked first in Barron's Most Sustainable International Company’s list.
Croda acquired the fragrances and flavors company Iberchem in 2020 and Alban Muller in 2021. How have these M&S transaction boosted the company’s offerings in different sectors?
The Iberchem acquisition complemented our personal care business as a whole and Croda is now one of the few companies in the world that can provide an integrated solution in all perspectives in the personal care markets – such as active, functional and base ingredients. Today we offer complete formulas, fragrance included, to the haircare and skincare space.
Croda acquisition of Alban Muller, a company with an important portfolio of botanical ingredients, increases our bio-base content and the naturality of our ingredients. We offer an integral solutions to our customers while ensuring naturality.
Why do you think many chemical companies are increasingly focusing on specialty products?
A focus on moving towards specialty products is linked to the necessity to innovate, which in turn is linked to climate change and the general challenges we are seeing in each market. There is a strong requirement for innovation stemming from changing market needs. Croda has always had a focus on innovation and sustainability and we are continuously reinforcing these pillars to stay ahead of the competition.
How has Croda’s partnership with Pfizer developed since signing a contract to supply components for the Covid-19 vaccine?
Entering into the partnership with Pfizer has been very strategic and we continue developing this relationship. The relationship has strengthened from a manufacturing and supply perspective as well as from a collaboration and innovation perspective. We are proud to say that Pfizer and the healthcare market can count on Croda’s innovations and technologies for future challenges.
Can you elaborate on Croda’s three pillars for innovation?
The company’s three pillars of innovation are internal innovation, open innovation, and technology investment. Internal innovation is delivered by our people and managed through our innovation centres to give our customers access to the expertise and knowledge that will develop and deliver the products that will deliver against their unmet needs. Our open innovation pillar is focussed on having collaborations with institutions and universities as we recognize that a collaborative and open approach to innovation often accelerates time to market and provide product or process differentiation. Croda’s technology investment group is the function that drives the acquisition and licensing of innovative technologies and currently we focus on bio-technologies.
Where does Croda see room for growth within the Mexican market by 2023?
Croda strives to grow significantly within the entire life sciences sector and aims to accelerate in the prescription drug and vaccine areas. We also want to see strong growth in the crop care sector. In the personal care space we are adapting our solutions to new market needs and will continue to provide integral and sustainable solutions to our customers.