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Global Flavor and Fragrance Market Report ---------------------------------------------------------------2013

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Executive Summary
The flavor and fragrances (F&F) industry involves companies that develop and supply a variety of flavor and fragrance ingredients and components to food and beverages, perfume, cosmetics, food industries as well as to the suppliers of household products. All F&F companies need to adhere to stringent supervisory, regulatory and environmental standards. The demand for consumer products using flavors and fragrances has been stimulated and broadened by changing social habits and economic growth, especially in emerging markets. In the emerging markets, strong GDP growth and a significant expansion of the middleclass consumer are expanding the demand for better-flavored and fragranced consumer products. Companies are developing new formulas for flavors and fragrances to meet changing consumer preferences and customer needs. During the year 2011, the F&F market growth was driven by currency fluctuations and rising raw materials prices. Many companies have intentionally reduced their spending on R&D in order to compensate for the increase in raw material prices. The F&F market is highly competitive. The industry has witnessed consolidation over the past few years as the share held by the topten companies has consistently declined from 2007 to 2011. Givaudan is the market leader. Other prominent market players include Fermenich, IFF, Symrise, Takasago, Mane SA, Sensient Flavors, T.Hasewaga and Frutarom. The report provides an in-depth analysis of the global flavor and fragrances market. The various drivers and the challenges faced by the market are discussed in detail. The competitive aspect of the market is also highlighted and the key players are profiled with their strategies for this market. By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.

Global Flavor & Fragrance Market Is being Driven by Changing Social Habits and Economic Growth in Emerging Markets…….
Global Flavors and Fragrance Market Size, 2003-2011
 The global flavor and fragrance market remained almost flat in 2011, recording a marginal decline to US$,,,,,, billion from US$,,,,,,, billion in the previous year of 2010.  Demand for consumer products using flavors and fragrances has been stimulated and broadened by changing social habits and economic growth, especially in the emerging economies of Asia, Central and South America, Eastern Europe and Africa. The F&F market is characterized by high entry barriers.  The flavor and fragrance segment accounted for approximately ,,,,,,% and ,,,,,,,, % respectively in 2011.  EAME (Europe, Africa and Middle East) region had a market share of ,,,,,,, % in 2011.

US$ Billion

2003 2004 2005 2006 2007 2008 2009 2010 2011

Segmentation of Global Flavor and Fragrance Market, 2011

Global Flavor & Fragrance Market Split by Geography, 2011

EAME North America

Asia/Pacific Latin America

Flavors

Fragrances

Fine Ingredients

The Industry was Accompanied by Currency Fluctuations and Rising Raw Material Prices……
Global Flavor Market Size, 2009-2011
 The global market for flavors almost remained flat in 2011 as compared to 2010 at US$,,,,,, billion.  Developed countries are projected to witness a moderate growth in the demand for flavor products, while a rapid growth in the demand for the same is expected to come from emerging markets.
US$ Billion

 The performance of global fragrance market remained stable and reached US$,,,,,, billion in 2011.  There is a growing demand for food and beverage products containing natural ingredients and offering dietary values.  Demand of savory flavors in convenience food is on a rapid rise since the past few years.
2009 2010 2011

Competitive Landscape of Flavor and Fragrance Industry , 2011

Global Fragrance Market Size, 2009-2011

US$ Billion

2009

2010

2011

Givaudan Symrise Sensient Flavours Robertet

Firmenich Takasago T. Hasewaga Others

IFF Mane SA Frutarom

GDP Growth, Demand for Better-flavored Products and Rising Middle Class will Drive F&F Market……
Market Forecast of Global F&F Industry, 2011A-2015F

US$ Billion

2011A

2012F

2013F

2014F

2015F

• • • •

The overall flavor and fragrance market is forecasted to grow at a CAGR of ,,,,,,,% over the years 2011 to 2015 to finally reach US$,,,,,,, billion by the end of this period. The past few years have witnessed consolidation in the global industry as the leading ten companies’ share of the overall flavor and fragrance market reached ,,,,,,,% in 2011 from ,,,,,,,,,,% and ,,,,,,,,,,,,,,,,,,,% in 2010 and 2007, respectively. During the year 2011, the F&F market growth was driven by currency fluctuations and rising raw materials prices. Many companies have intentionally reduced their spending on R&D in order to compensate for the increase in raw material prices.

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Table of Contents
1. Industry Structure: Value Chain Analysis 2. Global Flavor and Fragrance Market 2.1 Market Size 2.2 Market Segmentation 2.3 Geographical Segmentation 3. Global Flavors Market 3.1 Market Size 3.2 Features 3.3 Trends 4. Global Fragrances Market 4.1 Market Size 4.2 Features 4.3 Trends 5. Global Fine Ingredients Market 5.1 Market Size 5.2 Features 5.3 Trends 6. Market Drivers 6.1 Improving World Economy 6.2 Demand from Emerging Markets -India -China 6.3 Growth in Worldwide Cosmetics Market 7.Challenges 7.1 Strict Regulations 7.2 Increasing Raw Material Costs 7.3 High Entry Barriers

List of Charts
Flavor and Fragrance Industry – Supply Chain Global Flavor and Fragrance Market Size (2002-2011) Segmentation of Global Flavor and Fragrance Market (2011) Geographical Segmentation of Global Flavor and Fragrance Market (2011)

Global Flavors Market Size (2009-2011)
Global Fragrance Market Size (2009-2011) Global Fine Ingredients Market Size (2009-2011) World GDP (At Current Prices): (2006-2011) India Flavors & Fragrance Market (2011) India- Flavors Segmentation by End Markets (2011) China F&F Industry Sales (2006-2015F) China: Market Segmentation by Volume (2011) China F&F Industry Output by Volume (2006-2011) Global Cosmetics Market Size (2006-2011) Comparison of R&D Spending by Market Players (2008-2011) Competitive Landscape of Flavors and Fragrance Industry (2011) Comparison of R&D as % of Total Sales (2011) Comparison of Average EBITDA Margin (2006-2011) Comparison of Average ROIC (2006-2011) Givaudan’s Revenue Share by Business Segments (2011)

Givaudan’s Revenue Share by Geography (2011)

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Table of Contents
8. Competitive Landscape -Competitive Overview -Market Share -Financial Comparison 9. Company Profiles 9.1 Givaudan SA 9.1.1 Business Overview 9.1.2 Financial Overview 9.1.3 Business Strategies -Expand in Fast-Growing Developing Markets -Focus on Research and Development Activities -Infrastructure Investments in Emerging Markets 9.2 International Flavors & Fragrances Inc. (IFF) 9.2.1 Business Overview 9.2.2 Financial Overview 9.2.3 Business Strategies -Leverage Geographic Reach -Creating Innovative and Distinctive Products 9.3 Symrise AG 9.3.1 Business Overview 9.3.2 Financial Overview 9.3.3 Business Strategies -Extend Product Portfolio -Penetrate in Emerging Markets 10. Market Outlook 10.1 Market Forecast 10.2 Forecast Methodology 10.2.1 Dependent and Independent Variables 10.2.2 Correlation Analysis 10.2.3 Regression Analysis

List of Charts
Givaudan’s Revenues by Business Segments (2006-2011) IFF-Revenues Share by Business Segments (2011) IFF - Revenue Share by Regions (2011) IFF- Net Sales by Business Segments (2009-2011)

Symrise- Revenue Breakup by Business Segments (2011)
Symrise- Revenue Breakup by Regions (2011) Symrise’s Revenues (2006-2011) Market Forecast of Global F&F Industry (2011-2015F)

List of Tables

Forecasted Growth Rates by Regions of Flavors Industry (2010-2015) India-Forecasted Growth Rates of Flavor Categories (2011-2014F) Dependent & Independent Variables (2006-2011) Correlation Matrix Model Summary – Coefficient of Determination Regression Coefficients Output

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Koncept Analytics
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Vikas Gupta
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