Hence, flavors are sold primarily to the food and beverage industries for use in a wide range of consumer products, including soft drinks, confectionery, bakery goods, desserts and prepared foods. Fragrances are designed to emit a pleasant aroma and are mostly used consumer products such as soaps, detergents, cosmetic creams, lotions and powders, lipsticks, after shave lotions, deodorants, hair preparations, candles, air fresheners and all purpose cleaners.
This report analyzes global flavor and fragrance industry in terms of market size (based of value), key drivers and resistors, industry trends and competitive positioning of the top 10 players in the global flavor and fragrance market. It includes profiles of the top ten companies in the industry and also involves brief write-up on other major players in the industry. The top 10 companies in the global flavor and fragrance industry were assessed on following parameters:
Each company’s financial results for the global market for flavors and aromas created by each company’s growth strategies and significant acquisitions and disposals on the market, key partnerships and alliances of businesses, business-related strengths and weaknesses of their companies and expertise to capture the opportunities and threats.
Key Benefits of this report
Learn from the strategies of the global flavor and fragrance companies to target future growth markets effectively, avoid their mistakes, replicate their successes and learn of the threats they face.
Benchmark your performance against the leading flavor and fragrance companies by comprehending their strategies.
Understand the major issues affecting the global flavor and fragrance market.
Predict the key growth areas in the global flavor and fragrance market arising from the change in consumers’ preferences and global recession.
Save time, money and resources on analyzing the performance of the key flavor and fragrance companies using this report.
Key findings from this report
The global flavor and fragrance market was valued at approximately $16bn in 2008. Business Insights anticipates that the value of global flavor and fragrance market will grow at a CAGR of 2. 5% during 2008–13 to reach a total value of approximately $18bn in 2013.
Acquisitions have been ongoing in the industry for some years now creating a distinct two tier industry structure. The top ten players accounted for about 90. 3% of the total market size in 2008 and smaller companies operating in niche and often domestic markets represent the remaining share.
Increasing demand for consumer products in emerging markets supported by rising disposable income will primarily drive demand for flavor and fragrance. Demand for differentiated products in developed markets such as natural and functional products will further increase consumption of flavor and fragrance as they serve as a key component to building product differentiation.
The limited market size coupled with the consolidated nature of the industry sets high barriers to entry in the industry. Substantial capital investment and R&D expenses as well as significant investment in quality assurance system further elevate barriers to entry.
T. Hasegawa was the only company among the top 10 players that registered a decline in CAGR of 2. 3% during 2004–08. Shift in customer preference in end consumer products market in Japan swayed demand away from related flavor and fragrance, adversely impacting the financial performance of T. Hasegawa during 2004–08.
Burgeoning aging population in developed nations such as the US and Japan is driving the trend towards healthy lifestyle. In response to this trend, major flavor and fragrance companies are investing in the development of R&D capabilities in the field of natural ingredients applicable mostly in food and beverages, and cosmetic industries.
To answer the fundamental question of this report
What was the market size of the global flavor and fragrance industry by value in 2008? What will be the market size of the global flavor and fragrance industry during 2008-13?What are the trends in the global flavor and fragrance industry?Which geographies are expected to be the frontrunners in flavor and fragrance consumption through 2009-10? Who are the top 10 players in the market?What are the growth strategies of the top 10 companies?What are the strengths of the top 10 players in the global flavor and fragrance industry?What are the weaknesses of the top 10 players?What are the growth opportunities for the global top 10 flavor and fragrance companies?What are the problems faced by the global flavor and fragrance companies in the industry? Table of Contents : Table of ContentsThe Top 10 Flavor and Fragrance CompaniesExecutive summary 12Industry overview 12Givaudan 13Firmenich 13International Flavors & Fragrances (IFF) 14Symrise 14Takasago 15Sensient 15Mane 16Frutarom 16Robertet 17T. Hasegawa 17Chapter 1 Introduction 20What is the report about? 20Methodology 21Chapter 2 Industry overview 24Summary 24Introduction 25Market dynamics 25Global flavor and fragrance market size 25Drivers and resistors 26Competitive landscape 27Competitive positioning of the top 10 flavor and fragrance companies 27Trends 30Expansion into emerging markets 30The pace of consolidation will gain momentum 32Shift towards natural flavor and fragrance 33Chapter 3 Givaudan 36Summary 36Company overview 37Recent financial performance 37Performance by business segments 39Growth strategies 39Expansion in emerging markets 39Strengthening R&D to attain competitive advantage 40Investing in in-house R&D to drive growth in the long term 40Alliances fostering development of new ingredients 40Acquisitions and divestments 41SWOT analysis 42Chapter 4 Firmenich 44Summary 44Company overview 45Recent financial performance 45Performance by business segments 46Growth strategies 46Expanding production capabilities 46Strengthening R&D to drive growth through development of new ingredients 47Acquisitions and divestments 47SWOT analysis 48Chapter 5 IFF 50Summary 50Company overview 51Recent financial performance 51Performance by business segments 53Growth strategies 53Improving margins through cost reduction 53Strengthening foothold in emerging markets 53Acquisitions and divestments 54SWOT analysis 54Chapter 6 Symrise 56Summary 56Company overview 57Recent financial performance 57Performance by business segments 59Growth strategies 59Investing in R&D to drive growth in the long term 59Fortifying growth in potential sectors through partnerships and alliances 60Investing in emerging markets to accelerate growth 61Acquisitions and divestments 61SWOT analysis 63Chapter 7 Takasago 66Summary 66Company overview 67Recent financial performance 67Performance by business segments 69Growth strategies 69Strengthening R&D to deliver new flavors 69Acquisitions and divestments 70SWOT analysis 71Chapter 8 Sensient 74Summary 74Company overview 75Recent financial performance 75Performance by business segments 76Growth strategies 77Strengthen distribution network in and commercial presence in emerging markets 77Improving margins through debt reduction 77Acquisitions and divestments 77SWOT analysis 78Chapter 9 Mane 80Summary 80Company overview 81Recent financial performance 81Performance by business segments 82Growth strategies 83Expanding in international markets to accelerate growth 83Acquisitions and divestments 83SWOT analysis 84Chapter 10 Frutarom 86Summary 86Company overview 87Recent financial performance 87Performance by business segments 88Growth strategies 89Expanding investments in R&D to drive long term growth 89Acquisitions and divestments 90SWOT analysis 92Chapter 11 Robertet 94Summary 94Company overview 95Recent financial performance 95Performance by business segments 96Growth strategies 97Investing in capacity expansion and emerging markets to accelerate its sales growth 97Acquisitions and divestments 97SWOT analysis 99Chapter 12 T. Hasegawa 102Summary 102Company overview 103Recent financial performance 103Performance by business segments 105Growth strategies 105Penetrate new and under-represented sectors in Japan to drive growth 105Investing in facility expansion outside Japan 106Acquisitions and divestments 106SWOT analysis 107Chapter 13 Other major players 110Soda Aromatic 110Company overview 110Recent financial performance 110Ogawa 112Company overview 112Recent financial performance 112Agilex Flavors and Fragrances (Agilex) 112Company overview 113Cargill Flavor Systems 113Company overview 113Recent financial performance 114Bell Flavors and Fragrances 115Company overview 116Huabao International (Huabao) 116Company overview 116Recent financial performance 117Etol 118Company overview 119Recent financial performance 119Mastertaste 120Company overview 121China Flavors and Fragrances (CFF) 121Company overview 121Recent financial performance 121Wanxiang International (Wanxiang) 123Company overview 123Recent financial performance 123Chapter 14 Appendix 126Glossary 126Index 127
List of FiguresFigure 2. 1: Global flavor and fragrance market size ($bn), 2008–13 26Figure 2. 2: Flavor and fragrance industry drivers and resistors 27Figure 2. 3: Top 10 flavor and fragrance companies market share, 2008 28Figure 2. 4: Performance of top 10 flavor and fragrance companies, 2004–08 29Figure 3. 5: Givaudan financial performance ($m), 2004–08 38Figure 3. 6: Givaudan SWOT analysis 42Figure 4. 7: Firmenich financial performance ($m), 2004–08 46Figure 4. 8: Firmenich SWOT analysis 48Figure 5. 9: IFF financial performance ($m), 2004–08 52Figure 5. 10: IFF SWOT analysis 54Figure 6. 11: Symrise financial performance ($m), 2004–08 58Figure 6. 12: Symrise SWOT analysis 63Figure 7. 13: Takasago financial performance ($m), 2004–08 68Figure 7. 14: Takasago SWOT analysis 71Figure 8. 15: Sensient financial performance ($m), 2004–08 76Figure 8. 16: Sensient SWOT analysis 78Figure 9. 17: Mane financial performance ($m), 2004–08 82Figure 9. 18: Mane SWOT analysis 84Figure 10. 19: Frutarom financial performance ($m), 2004–08 88Figure 10. 20: Frutarom’s SWOT analysis 92Figure 11. 21: Robertet financial performance ($m), 2004–08 96Figure 11. 22: Robertet SWOT analysis 99Figure 12. 23: T. Hasegawa financial performance ($m), 2004–08 104Figure 12. 24: T. Hasegawa SWOT analysis 107Figure 13. 25: Soda Aromatic financial performance ($m), 2004–08 111Figure 13. 26: Cargill financial performance ($m), 2004–08 115Figure 13. 27: Huabao financial performance ($m), 2005–08 118Figure 13. 28: Etol financial performance ($m), 2006–08 120Figure 13. 29: CFF financial performance ($m), 2004–08 122
List of TablesTable 2. 1: Global flavor and fragrance market size ($bn), 2008–13 26Table 2. 2: Performance of top 10 flavor and fragrance companies, 2004–08 29Table 2. 3: Select investment in emerging markets by flavor and fragrance companies, 2007–09 31Table 2. 4: Select acquisitions in flavor and fragrance industry, 2007–09 32Table 3. 5: Givaudan snapshot 36Table 3. 6: Givaudan financial performance ($m), 2004–08 38Table 3. 7: Givaudan business segment performance ($m), 2008 39Table 3. 8: Givaudan partnership and alliances, 2007–09 41Table 4. 9: Firmenich snapshot 44Table 4. 10: Firmenich financial performance ($m), 2004–08 45Table 5. 11: IFF snapshot 50Table 5. 12: IFF financial performance ($m), 2004–08 52Table 5. 13: IFF business segment performance ($m), 2008 53Table 6. 14: Symrise snapshot 56Table 6. 15: Symrise financial performance ($m), 2004–08 58Table 6. 16: Symrise business segment performance ($m), 2008 59Table 6. 17: Symrise partnerships and alliances, 2007–09 60Table 6. 18: Symrise investment in emerging markets, 2007–09 61Table 6. 19: Symrise acquisitions, 2007–09 62Table 7. 20: Takasago snapshot 66Table 7. 21: Takasago financial performance ($m), 2004–08 68Table 7. 22: Takasago business segment performance ($m), 2008 69Table 8. 23: Sensient snapshot 74Table 8. 24: Sensient financial performance ($m), 2004–08 75Table 8. 25: Sensient business segment performance ($m), 2008 76Table 9. 26: Mane snapshot 80Table 9. 27: Mane financial performance ($m), 2004–08 81Table 9. 28: Mane business segment performance ($m), 2008 82Table 10. 29: Frutarom snapshot 86Table 10. 30: Frutarom financial performance ($m), 2004–08 88Table 10. 31: Frutarom business segment performance ($m), 2008 89Table 10. 32: Frutarom acquisitions, 2007–09 91Table 11. 33: Robertet snapshot 94Table 11. 34: Robertet financial performance ($m), 2004–08 95Table 11. 35: Robertet business segment performance ($m), 2008 96Table 12. 36: T. Hasegawa snapshot 102Table 12. 37: T. Hasegawa financial performance ($m), 2004–08 104Table 12. 38: T. Hasegawa business segment performance ($m), 2008 105Table 13. 39: Soda Aromatic snapshot 110Table 13. 40: Soda Aromatic financial performance ($m), 2004–08 111Table 13. 41: Ogawa snapshot 112Table 13. 42: Agilex snapshot 112Table 13. 43: Cargill Flavor Systems snapshot 113Table 13. 44: Cargill financial performance ($m), 2004–08 114Table 13. 45: Bell Flavors and Fragrances snapshot 115Table 13. 46: Huabao snapshot 116Table 13. 47: Huabao financial performance ($m), 2005–08 117Table 13. 48: Etol snapshot 118Table 13. 49: Etol financial performance ($m), 2006–08 119Table 13. 50: Mastertaste snapshot 120Table 13. 51: CFF snapshot 121Table 13. 52: CFF financial performance ($m), 2004–08 122Table 13. 53: Wanxiang snapshot 123
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