Flavor & Fragrance
Industry leaders reflect on the past year and look ahead at the impacts of developing
markets, health and wellness solutions, innovation investments, sourcing strategies,
The global flavor and fragrance market is valued at an estimated $22.9 billion, compared to $21.8 billion in 2011 and $22 billion in 2010. Leffingwell notes that
the strengthening dollar contributed significantly to the high
current totals. Another number to watch is the percentage of the
market represented by the sales results of the top 10 companies.
In 2007, the top-ranked companies comprised 68.7% of the
total market. Today, the top 10 flavor and fragrance companies
comprise 75.8% of the total. These companies are finding new
opportunities in emerging markets, value-added health and
wellness solutions, backward-integrated supply chains, and
other areas amidst ongoing industry consolidation and a more
challenging regulatory environment.
Compare 2012 and 2013 Leaderboards
Read last year’s Flavor & Fragrance Leaderboard
feature at www.perfumerflavorist.com/ffleaderboard.
And so we are pleased to present Perfumer & Flavorist
magazine’s 2013 Flavor & Fragrance Leaderboard, a ranking of
the top 10 companies (see A Note on Rankings) with select
exclusive insights from key executives on the state and future
of the industry.
A Note on Rankings
The 2013 Flavor & Fragrance Leaderboard rankings are based
on sales data and estimates*—gathered by Perfumer &
Flavorist magazine and John Leffingwell, who provided the
majority of the tabulations and market share estimates.**
Rank is based on U.S. dollar equivalents. Conversions are
based on major currency rates as of Dec. 31, 2012, unless
Leffingwell further notes:
“In 2012, based on comparison of major currency rates (on
Dec. 31), the U.S. dollar had an increase of 2.5% against the
Swiss Franc, gained 1.74% against the Euro and 4.74% vs the
British pound, and increased 10% vs the Brazilian Real. The
U.S. dollar had a decrease of 5.18% against the Japanese Yen,
a decrease of 1% against the Chinese Yuan and a decrease
of 3.3% against the Indian Rupee. However, comparing single
points in time can be somewhat misleading as during the
year major currency swings occurred, particularly in the
E.U. countries due to the continuing economic instability.
For a few major companies (e.g., Mane, Givaudan, Symrise
and Frutarom), 2012 was remarkably successful with some
of the largest year-to-year gains in recent years. Overall, we
estimate that the total market grew about 5% in U.S. dollars
“Estimates for Takasago are based on projections from
their first nine month sales for the fiscal year that ends March
31, 2013. The estimate for Firmenich is based on market
conditions and historical performance. Final figures will be
posted when available.
“It should be noted that with the acquisition by Kerry
of Cargill Flavor systems in December of 2011 that Kerry
Ingredients & Flavors possibly should be in the top 10. Similarly,
with the acquisition by Wild Flavors of certain assets of A.M.
Todd’s operations in November 2011, Wild is rapidly becoming
a major player. It should also be noted that Frutarom’s Q2 and
half-year 2012 press release estimated that Frutarom was the
No. 7 company and Kerry was the No. 8 company.”
See individual rankings for details; sales volume includes preliminary estimates as of press time (March 15, 2013)