Table of Contents The Top 10 Flavor and Fragrance Companies Executive summary 12 Industry overview 12 Givaudan 13 Firmenich 13 International Flavors & Fragrances (IFF) 14 Symrise 14 Takasago 15 Sensient 15 Mane 16 Frutarom 16 Robertet 17 T.Hasegawa 17 Chapter 1 Introduction 20 What is the report about? 20 Methodology 21 Chapter 2 Industry overview 24 Summary 24 Introduction 25 Market dynamics 25 Global flavor and fragrance market size 25 Drivers and resistors 26 Competitive landscape 27 Competitive positioning of the top 10 flavor and fragrance companies 27 Trends 30 Expansion into emerging markets 30 The pace of consolidation will gain momentum 32 Shift towards natural flavor and fragrance 33 Chapter 3 Givaudan 36 Summary 36 Company overview 37 Recent financial performance 37 Performance by business segments 39 Growth strategies 39 Expansion in emerging markets 39 Strengthening R&D to attain competitive advantage 40 Investing in in-house R&D to drive growth in the long term 40 Alliances fostering development of new ingredients 40 Acquisitions and divestments 41 SWOT analysis 42 Chapter 4 Firmenich 44 Summary 44 Company overview 45 Recent financial performance 45 Performance by business segments 46 Growth strategies 46 Expanding production capabilities 46 Strengthening R&D to drive growth through development of new ingredients 47 Acquisitions and divestments 47 SWOT analysis 48 Chapter 5 IFF 50 Summary 50 Company overview 51 Recent financial performance 51 Performance by business segments 53 Growth strategies 53 Improving margins through cost reduction 53 Strengthening foothold in emerging markets 53 Acquisitions and divestments 54 SWOT analysis 54 Chapter 6 Symrise 56 Summary 56 Company overview 57 Recent financial performance 57 Performance by business segments 59 Growth strategies 59 Investing in R&D to drive growth in the long term 59 Fortifying growth in potential sectors through partnerships and alliances 60 Investing in emerging markets to accelerate growth 61 Acquisitions and divestments 61 SWOT analysis 63 Chapter 7 Takasago 66 Summary 66 Company overview 67 Recent financial performance 67 Performance by business segments 69 Growth strategies 69 Strengthening R&D to deliver new flavors 69 Acquisitions and divestments 70 SWOT analysis 71 Chapter 8 Sensient 74 Summary 74 Company overview 75 Recent financial performance 75 Performance by business segments 76 Growth strategies 77 Strengthen distribution network in and commercial presence in emerging markets 77 Improving margins through debt reduction 77 Acquisitions and divestments 77 SWOT analysis 78 Chapter 9 Mane 80 Summary 80 Company overview 81 Recent financial performance 81 Performance by business segments 82 Growth strategies 83 Expanding in international markets to accelerate growth 83 Acquisitions and divestments 83 SWOT analysis 84 Chapter 10 Frutarom 86 Summary 86 Company overview 87 Recent financial performance 87 Performance by business segments 88 Growth strategies 89 Expanding investments in R&D to drive long term growth 89 Acquisitions and divestments 90 SWOT analysis 92 Chapter 11 Robertet 94 Summary 94 Company overview 95 Recent financial performance 95 Performance by business segments 96 Growth strategies 97 Investing in capacity expansion and emerging markets to accelerate its sales growth 97 Acquisitions and divestments 97 SWOT analysis 99 Chapter 12 T.Hasegawa 102 Summary 102 Company overview 103 Recent financial performance 103 Performance by business segments 105 Growth strategies 105 Penetrate new and under-represented sectors in Japan to drive growth 105 Investing in facility expansion outside Japan 106 Acquisitions and divestments 106 SWOT analysis 107 Chapter 13 Other major players 110 Soda Aromatic 110 Company overview 110 Recent financial performance 110 Ogawa 112 Company overview 112 Recent financial performance 112 Agilex Flavors and Fragrances (Agilex) 112 Company overview 113 Cargill Flavor Systems 113 Company overview 113 Recent financial performance 114 Bell Flavors and Fragrances 115 Company overview 116 Huabao International (Huabao) 116 Company overview 116 Recent financial performance 117 Etol 118 Company overview 119 Recent financial performance 119 Mastertaste 120 Company overview 121 China Flavors and Fragrances (CFF) 121 Company overview 121 Recent financial performance 121 Wanxiang International (Wanxiang) 123 Company overview 123 Recent financial performance 123 Chapter 14 Appendix 126 Glossary 126 Index 127
List of Figures Figure 2.1: Global flavor and fragrance market size ($bn), 200813 26 Figure 2.2: Flavor and fragrance industry drivers and resistors 27 Figure 2.3: Top 10 flavor and fragrance companies market share, 2008 28 Figure 2.4: Performance of top 10 flavor and fragrance companies, 200408 29 Figure 3.5: Givaudan financial performance ($m), 200408 38 Figure 3.6: Givaudan SWOT analysis 42 Figure 4.7: Firmenich financial performance ($m), 200408 46 Figure 4.8: Firmenich SWOT analysis 48 Figure 5.9: IFF financial performance ($m), 200408 52 Figure 5.10: IFF SWOT analysis 54 Figure 6.11: Symrise financial performance ($m), 200408 58 Figure 6.12: Symrise SWOT analysis 63 Figure 7.13: Takasago financial performance ($m), 200408 68 Figure 7.14: Takasago SWOT analysis 71 Figure 8.15: Sensient financial performance ($m), 200408 76 Figure 8.16: Sensient SWOT analysis 78 Figure 9.17: Mane financial performance ($m), 200408 82 Figure 9.18: Mane SWOT analysis 84 Figure 10.19: Frutarom financial performance ($m), 200408 88 Figure 10.20: Frutaroms SWOT analysis 92 Figure 11.21: Robertet financial performance ($m), 200408 96 Figure 11.22: Robertet SWOT analysis 99 Figure 12.23: T.Hasegawa financial performance ($m), 200408 104 Figure 12.24: T.Hasegawa SWOT analysis 107 Figure 13.25: Soda Aromatic financial performance ($m), 200408 111 Figure 13.26: Cargill financial performance ($m), 200408 115 Figure 13.27: Huabao financial performance ($m), 200508 118 Figure 13.28: Etol financial performance ($m), 200608 120 Figure 13.29: CFF financial performance ($m), 200408 122
List of Tables Table 2.1: Global flavor and fragrance market size ($bn), 200813 26 Table 2.2: Performance of top 10 flavor and fragrance companies, 200408 29 Table 2.3: Select investment in emerging markets by flavor and fragrance companies, 200709 31 Table 2.4: Select acquisitions in flavor and fragrance industry, 200709 32 Table 3.5: Givaudan snapshot 36 Table 3.6: Givaudan financial performance ($m), 200408 38 Table 3.7: Givaudan business segment performance ($m), 2008 39 Table 3.8: Givaudan partnership and alliances, 200709 41 Table 4.9: Firmenich snapshot 44 Table 4.10: Firmenich financial performance ($m), 200408 45 Table 5.11: IFF snapshot 50 Table 5.12: IFF financial performance ($m), 200408 52 Table 5.13: IFF business segment performance ($m), 2008 53 Table 6.14: Symrise snapshot 56 Table 6.15: Symrise financial performance ($m), 200408 58 Table 6.16: Symrise business segment performance ($m), 2008 59 Table 6.17: Symrise partnerships and alliances, 200709 60 Table 6.18: Symrise investment in emerging markets, 200709 61 Table 6.19: Symrise acquisitions, 200709 62 Table 7.20: Takasago snapshot 66 Table 7.21: Takasago financial performance ($m), 200408 68 Table 7.22: Takasago business segment performance ($m), 2008 69 Table 8.23: Sensient snapshot 74 Table 8.24: Sensient financial performance ($m), 200408 75 Table 8.25: Sensient business segment performance ($m), 2008 76 Table 9.26: Mane snapshot 80 Table 9.27: Mane financial performance ($m), 200408 81 Table 9.28: Mane business segment performance ($m), 2008 82 Table 10.29: Frutarom snapshot 86 Table 10.30: Frutarom financial performance ($m), 200408 88 Table 10.31: Frutarom business segment performance ($m), 2008 89 Table 10.32: Frutarom acquisitions, 200709 91 Table 11.33: Robertet snapshot 94 Table 11.34: Robertet financial performance ($m), 200408 95 Table 11.35: Robertet business segment performance ($m), 2008 96 Table 12.36: T.Hasegawa snapshot 102 Table 12.37: T.Hasegawa financial performance ($m), 200408 104 Table 12.38: T.Hasegawa business segment performance ($m), 2008 105 Table 13.39: Soda Aromatic snapshot 110 Table 13.40: Soda Aromatic financial performance ($m), 200408 111 Table 13.41: Ogawa snapshot 112 Table 13.42: Agilex snapshot 112 Table 13.43: Cargill Flavor Systems snapshot 113 Table 13.44: Cargill financial performance ($m), 200408 114 Table 13.45: Bell Flavors and Fragrances snapshot 115 Table 13.46: Huabao snapshot 116 Table 13.47: Huabao financial performance ($m), 200508 117 Table 13.48: Etol snapshot 118 Table 13.49: Etol financial performance ($m), 200608 119 Table 13.50: Mastertaste snapshot 120 Table 13.51: CFF snapshot 121 Table 13.52: CFF financial performance ($m), 200408 122 Table 13.53: Wanxiang snapshot 123
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