The flavor and fragrance (F&F) industry involves companies that supply a variety of flavor and fragrance ingredients and components to food and beverages, perfume, cosmetics, food industries as well as household products’ suppliers. All F&F companies need to adhere to stringent supervisory, regulatory and environmental standards. 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 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 in order to meet changing consumer preferences and customer needs.
During the year 2011, the F&F market was accompanied 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.