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May 29 (Reuters) - International Flavors & Fragrances IFF.N is nearing a deal to sell its food ingredients business to private equity firm CVC Capital Partners for more than $4 billion, the Wall Street Journal reported, citing people familiar with the matter.

The flavor maker has been looking to sharpen its focus on fragrances and health businesses, as consumer spending on health and wellness remains resilient.

The company sold its pharma solutions business to French plant-based ingredients maker Roquette last year, in a deal valued at $2.85 billion.

Packaged foods companies are focusing on streamlining businesses to cater to shifting consumer tastes, as shoppers trade down or opt for healthier alternatives. The growing adoption of appetite-suppressing weight loss drugs has further accelerated changes in food habits.

Frank's RedHot sauce maker McCormick MKC.N agreed to merge with Hellmann's mayonnaise owner Unilever's ULVR.L food business in April. The merger will create a $65 billion sauce-and-spice giant.

Days later, Unilever said it would buy U.S.-based nutritional supplements brand Grüns to sharpen its focus on wellbeing and beauty products.

A deal with CVC Capital Partners for IFF's food ingredients business, which makes emulsifiers, sweeteners and pastes, could be announced in the coming days, the Wall Street Journal's report added.

IFF's shares were up about 2% in premarket trading. The company has a market capitalization of about $19.9 billion, according to LSEG data.

The company did not immediately respond to a Reuters request for comment.