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 middle-class 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 top-ten 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.

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Global Flavor and Fragrance Market Report
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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 middle-
class 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 top-
ten 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.

3. 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
US$ Billion
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.
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 Asia/Pacific
North America Latin America
Flavors Fragrances Fine Ingredients

4. 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
Givaudan Firmenich IFF
2009 2010 2011 Symrise Takasago Mane SA
Sensient Flavours T. Hasewaga Frutarom
Robertet Others

5. 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 List of Charts
1. Industry Structure: Value Chain Analysis Flavor and Fragrance Industry – Supply Chain
2. Global Flavor and Fragrance Market Global Flavor and Fragrance Market Size (2002-2011)
2.1 Market Size Segmentation of Global Flavor and Fragrance Market (2011)
2.2 Market Segmentation
2.3 Geographical Segmentation Geographical Segmentation of Global Flavor and Fragrance Market (2011)
Global Flavors Market Size (2009-2011)
3. Global Flavors Market
3.1 Market Size Global Fragrance Market Size (2009-2011)
3.2 Features Global Fine Ingredients Market Size (2009-2011)
3.3 Trends
World GDP (At Current Prices): (2006-2011)
4. Global Fragrances Market India Flavors & Fragrance Market (2011)
4.1 Market Size
4.2 Features India- Flavors Segmentation by End Markets (2011)
4.3 Trends China F&F Industry Sales (2006-2015F)
5. Global Fine Ingredients Market China: Market Segmentation by Volume (2011)
5.1 Market Size China F&F Industry Output by Volume (2006-2011)
5.2 Features
5.3 Trends Global Cosmetics Market Size (2006-2011)
Comparison of R&D Spending by Market Players (2008-2011)
6. Market Drivers
6.1 Improving World Economy Competitive Landscape of Flavors and Fragrance Industry (2011)
6.2 Demand from Emerging Markets Comparison of R&D as % of Total Sales (2011)
-India
-China Comparison of Average EBITDA Margin (2006-2011)
6.3 Growth in Worldwide Cosmetics Market Comparison of Average ROIC (2006-2011)
7.Challenges Givaudan’s Revenue Share by Business Segments (2011)
7.1 Strict Regulations Givaudan’s Revenue Share by Geography (2011)
7.2 Increasing Raw Material Costs
7.3 High Entry Barriers

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Table of Contents List of Charts
8. Competitive Landscape Givaudan’s Revenues by Business Segments (2006-2011)
-Competitive Overview
-Market Share IFF-Revenues Share by Business Segments (2011)
-Financial Comparison IFF - Revenue Share by Regions (2011)
9. Company Profiles IFF- Net Sales by Business Segments (2009-2011)
Symrise- Revenue Breakup by Business Segments (2011)
9.1 Givaudan SA
9.1.1 Business Overview Symrise- Revenue Breakup by Regions (2011)
9.1.2 Financial Overview Symrise’s Revenues (2006-2011)
9.1.3 Business Strategies
-Expand in Fast-Growing Developing Markets Market Forecast of Global F&F Industry (2011-2015F)
-Focus on Research and Development Activities
-Infrastructure Investments in Emerging Markets
List of Tables
9.2 International Flavors & Fragrances Inc. (IFF)
9.2.1 Business Overview
9.2.2 Financial Overview Forecasted Growth Rates by Regions of Flavors Industry (2010-2015)
9.2.3 Business Strategies India-Forecasted Growth Rates of Flavor Categories (2011-2014F)
-Leverage Geographic Reach
-Creating Innovative and Distinctive Products Dependent & Independent Variables (2006-2011)
Correlation Matrix
9.3 Symrise AG
9.3.1 Business Overview Model Summary – Coefficient of Determination
9.3.2 Financial Overview Regression Coefficients Output
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

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