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Alchemist WebPick Awarded by the webzine of ChemWeb.com
2000 - 2003 Flavor & Fragrance Industry Leaders

2000 - 2003 Estimated Sales Volume in Millions
(Estimate as of December 15, 2004)

..

Company

2000

2000

Est. 2000

2001

2001

Est. 2001

2002

2002

Est. 2002

2003

2003

Est. 2003

...

Rank

..

Country Currency

=US $

Market Share1

Country Currency

=US $

Market Share1

Country Currency

=US $

Market Share1

Country Currency

=US $

Market Share1

Source

1

Givaudan

2356 CHF

$1,462.8

11.3%

2,399 CHF

$1,446.0

11.4%

2,674 CHF

$1,932.8

12.8%

2,715 CHF

$2194.1

13.5%

Givaudan

2

IFF

$1396.9*

$1396.9*

10.8%

$1,843.80

$1,843.8

14.5%

$1,809.20

$1,809.2

12.0%

$1901.5

$1901.5

11.7%

IFF

3(3)

Firmenich

1900 CHF

$1,179.7

9.1%

1900 CHF

$1,145.2

9.0%

1,900 CHF

$1,373.3

9.1%

1,976 CHF

$1596.9

9.8%

Firmenich

4

Symrise

NA

NA

NA

NA

NA

NA

1,240

$1,300.2

8.6%

1160.4

$1462.2

9.0%

Symrise

5

Quest International

687 £

$1,026.0

8.0%

727 £

$1,057.3

8.3%

 716 £

$1,152.7

7.6%

553 £

$987.5

6.1%

ICI

6(4)

Takasago

101013 ¥

$883.4

6.8%

103699 ¥

$791.6

6.2%

100837 ¥

$849.8

 5.6%

96,161 ¥

$897.7

5.5%

Takasago

7(6)

Sensient Flavors

$378***

.$378***

2.9%

$383.7***

$383.7***

3.0%

$423***

$423***

2.8%

$452.0***

$452.0***

2.8%

Sensient Technologies

8(5)

T. Hasegawa

42,779 ¥

$374.1

2.9%

42,483 ¥

$324.3

2.6%

45,196 ¥

$380.9

2.5%

46465 ¥

$433.8

2.7%

T.Hasegawa

9

Danisco

NA

NA

NA

~193

~$171.7

1.4%

~251

~$263.2

1.7%

~253

~$318.8

~2.0%

Danisco

10

Mane SA

1531.9 FF

$220.0

1.7%

~1601 FF

~$ 235

1.9%

256

$268.5

1.8%

246.2

$310.2

~1.9%

Mane SA

...

Top Ten Totals

...

$8,256.7

64.0%

..

$8,316.9

65.5%

 

$9754.6

64.6%

 ...

$10,554.70

64.75%

.....

 

All Others

 

$4,643.3

 

 

$4,383.1

 

 

 $5,345.4

 

 ...

$5,745.3

 ...

 

 

Total Market

 

$12,900

 

 

$12,700

 

 

 $15,100

 

 ...

$16,300

 ...

 ..

11

Degussa Flavors & Fruit Systems

229.1

$215.8

2.00%

236

$210.0

 1.7%

223

$233.8

1.5%

~205

~$258

~1.6%

Degussa

12

Robertet SA

178

$167.7

1.50%

203

$180.6

1.4%

207.50

$217.5

1.4%

202.1

$254.7

1.6%

Robertet

 

Top 12 Totals

 

$8,640.2

 67.0%

 

$8,707.5

 68.6%

 

$10,205.9

 67.6%

 ...

 ...

 ...

 ...

Sales results for 1999 to 2002 are available HERE

Note - It is quite possible that Kerry Ingredients should be included as one of the Top Ten for 2002 and 2003 (particularly in view of numerous recent acquisitions). However, there is a lack of firm sales data information, as the company has not made these disclosures.

Rank is based on US$ equivalents
(1) Estimated 1999 Total World Flavor & Fragrance Sales of US $12.9 Billion. Again in year 2000, we estimate that sales growth in local currencies was about 3-4%, but the continued strengthening of the U.S. dollar against major currencies once again leaves the estimated total market in U.S. dollars at about U.S 12.9 Billion. For 2001 we believe that growth in local currencies was about 2% or less and that in US $ equivalents the market shrank to about U.S $12.7 Billion based on the strength of the dollar. For 2002, we estimate that the total world market is $15.1 billion. This sizable increase reflects a decrease in the value of the U.S. dollar of about 17.8% vs. major currencies at 12/31/02 vs 12/31/01. The continued weakness of the U.S. dollar in 2003 against the worlds major currencies (a decline of about 16%) again has affected the size of the total market in U.S. dollars (the 2003 estimate being about U.S. $16.3 billion).

It should be noted that Givaudan in 2001 estimates the total F&F market at "roughly" 15 billion CHF (U.S. $ 8.7 billion) while in a market study (April , 2001) ChemSynergy estimates the market for flavor and fragrance products is at present globally in the order of $12.24 billion. Also in a market study by The Freedonia Group, they estimated the world F&F market as $14.15 billion in 1999 with a projected growth to $18.4 billion by 2004. Get a copy of the Freedonia Press Release. Finally, Sensient Technologies estimates the global market at $16.2 billion (presumably including herbs & spices?).

(3) Accounting Period of July 1 to June 30
(4) Accounting Period of April 1 to March 31
(5)Accounting Period of Sept. 1 to August 31; Net sales given are Company consolidated sales, See T.Hasegawa Co., Ltd.
(6) Accounting Period of Sept. 1 to August 31 until year 2000. Information in Universal Foods 1999 Annual Report (available online) indicates UF Flavor sales for 1995 ($371 million), 1996 ($359 million), 1997 ($321 million), 1998 ($347 million), and 1999 ($374 million). In year 2000, Universal Foods changed is name to SENSIENT TECHNOLOGIES CORPORATION and the Flavor division is now known as Sensient Flavors. In addition, the accounting period was changed to January 1 - December 31 starting in year 2000 and in the "funny" way of making one look larger than they really are in F&F, Sensient's Flavor sales for 2000 now include "Dehydrated Products" (onion/garlic/chilies/dehydrated vegetables) which are not flavors or fragrances in the conventional sense. In our figures for Sensient, we have removed sales for the "Dehydrated Products".
Note - all foreign currency calculations for the table are based on December 31 rates for the year indicated
Note - for companies with accounting periods that overlap calendar years, sales are stated for the year in which the majority of sales periods occur. For example, if Takasago's year end is March 31, 2002 we treat that as year 2001 sales. Similarly, if Firmenich's year end is June 30, 2002 we report the year ending as 2001 sales. While not exact, we feel that this treatment still provides an accurate overall basis for comparison. Similarly, as noted, currency calculations are based on calendar year end rates for comparison consistency. If fiscal year end rates were employed the U.S. $ figures would be somewhat different, but totally confuse comparisons.
Note - Top Ten Total for market share does not add due to rounding for individual companies.

* IFF Sales comparisons for year 2000 do not include Bush Boake Allen. Consolidated Sales for the full year 2000 totaled $1,462,795,000 - IFF acquired Bush Boake Allen ("BBA") effective November 3, 2000, and the BBA operating results are included in the Company's consolidated results from that date.

** Bush Boake Allen year 2000 sales are estimated based on reported 9 month sales of $362. 5 million f or the nine months ending Sept. 25, 2000 and the sales difference reported by IFF for the 58 days after IFF's acquisition of BBA extrapolated for the full fourth quarter. If IFF and BBA's estimated sales for year 2000 were combined for the full year, we estimate the combined total would have been approximately $1868 million.

*** See Note (6). F&F figures in the table above for Sensient Flavors are estimates as we have removed reported sales of "Dehydrated products" (26% of reported F&F revenues) from their stated "Flavor & Fragrance Sales" of $511,124,000 for 2000 (and 27% of $525,673,000 2001sales) and 26% of reported F&F revenues of $572.2 million for 2002 and 24% of reported F&F revenues of $594.7 million 2003 in order to have a reasonable year to year comparison.

Lazlo Unger, an economist at Givaudan , estimated the world F&F market at US 4.0 billion in 1979, 4.2 billion in 1981 (Source: Perfumer & Flavorist, Vol. 7, August/September, 1982, p. 52) and 7.0 billion in 1987 (Source: Perfumer & Flavorist, Vol .14, May/June, 1989, p. 43). Hans Hartmann of H&R estimated the world F&F market at US $ 7.8 billion in 1990 and 9.6 billion in 1995 (Source: Perfumer & Flavorist, Vol .21, March/April, 1996, p. 22), and the flavor market (only) at 4.5 billion in 1994 (Source: Perfumer & Flavorist, Vol . 20, September/October, 1995, p. 35). Ron Fenn of IFF estimated the total F&F market in 1995 at about US $ 10 billion and projected a market of 12 billion in the year 2000 (Source: Perfumer & Flavorist, Vol .23, March/April, 1996, p. 11 ) in concurrence with (or based on) Hartmann's estimates.

For information, Unger also estimated 1987 world F&F sales by category as follows:

Category
As Percent of Sales (1987)

Fragrance compounds

33.6%

Flavor compounds

32.8%

Aroma Chemicals

17.9%

Essential Oils & Other Natural Products

15.7%

Sensient Technologies Flavors & Fragrances Group has reported 2003 sales rose to $594.7 million; however as about 24% of these sales are in dehydrated onion, garlic, chilies & vegetables, we estimate that "conventional" 2003 F&F sales were about $452 million. Reported sales for 2003 benefited from the strengthening of various currencies, in relation to the U.S. dollar; had exchange rates remained constant, 2003 sales would have declined approximately 2.3% in comparison to the prior year as reported. For a 10 year history of SENSIENT TECHNOLOGIES CORPORATION sales click HERE.

IFF - 2003 Results, Sales for the year ended December 31, 2003 totaled $1,901.5 million, increasing 5% in comparison to the prior year. Sales for 2002 included $9.4 million attributable to non-core businesses that the Company disposed of during 2002; excluding such sales from the 2002 results, 2003 sales increased 6% in comparison to the prior year. Reported sales for 2003 benefited from the strengthening of various currencies, most notably the Euro, the Japanese Yen, the Pound Sterling and the Australian dollar, in relation to the U.S. dollar; had exchange rates remained constant, 2003 sales would have declined approximately 2% in comparison to the prior year as reported. Net income for 2003 decreased 2% in comparison to the prior year. Excluding the impact of restructuring and other charges in both years, 2003 net income increased 9% in comparison to the prior year. Gross margin on sales in 2003, as a percentage of sales, declined in comparison to the prior year, primarily due to the weak sales performance in the higher margin fine fragrance business. Earnings have been sustained by the Company's ongoing cost-cutting efforts and by reduced interest expense.
IFF 3d Quarter 2004 Results - for the nine months ending September 30th, IFF reported net sales of $1,565.4 million compared to $1,429.7 million in 2003. Third quarter 2004 sales totaled $506.2 million, increasing 5% in comparison to the prior year quarter. Earnings per share for the third quarter 2004 of $.44 compared to $.54 for the prior year quarter. The 2004 third quarter results include $20.0 million ($12.7 million after tax or $.14 per share) of restructuring and other charges related to the sale of certain European fruit business assets, the closure of the Company’s Dijon, France manufacturing facility and other related reorganization activities; 2003 third quarter results included $3.9 million ($2.4 million after tax or $.03 per share) of restructuring and other charges. Excluding the effects of these charges, 2004 third quarter earnings per share would have been $.58, increasing 2% over the comparable $.57 per share in the prior year.

Firmenich - Nov. 26, 2004 - Firmenich again posted industry-leading sales growth for the fiscal year ended June 30, 2004. Annual turnover reached CHF 1’976 million, representing a sales increase of 6.6% in local currencies and 4.1% in Swiss Francs.

Symrise - In 2003, Symrise had sales of 1,160.4 m.

Givaudan - Geneva, Switzerland, 2 March 2004. In 2003 Givaudan recorded sales of CHF 2,715 million, resulting in an increase of 9.0% in local currencies and 1.5% in Swiss Francs. On a comparable basis, as if the FIS acquisition had occurred on 1 January 2002, sales increased by 4.2% in local currencies.
Givaudan 3d Quarter 2004 Results - Givaudan maintains above market growth and expects substantially improved full year results. Geneva, Switzerland –
7 October 2004 – From January to September 2004, Givaudan recorded sales of CHF 2065.3 million, growing 4.4% in local currencies and 1.5% in Swiss francs, excluding sales of discontinued fragrance ingredients.

Quest International 2003 Sales - were £ 691 million, however we have subtracted £ 138 million of non flavor/fragrance food ingredients for a total F&F sales of 553 £.
Quest International 3d Quarter 2004 Results - for the nine months ending September 30th, Quest reported net sales of 450 £m vs. 522 £m in 2003. Note that Quest’s Food Ingredients business was sold on 30 April 2004. Quest comparable sales for the quarter were 135 £m, 6% ahead of last year (excluding food ingredients), with strong growth for the Fragrance business offsetting slightly lower sales for Flavours. Gross margin percentages were above last year, with improved performances for both businesses.

T. Hasegawa Co., Ltd - record sales and profits in 2003. T. Hasegawa has reported record sales of 46,465 million yen and record net income of 3,270 million yen for the year ending September 2003.
T. Hasegawa 2004 Annual Results - For the year ending September 30, 2004, consolidated Net sales increased 8.4% to 50,381 million Yen while net profits increased 10.8% to 3,622 million Yen.

Takasago - For the year ending March 31, 2004 sales results for Takasago International were 96,161M ¥. For a 10 year history of Takasago sales click HERE.

Mane - 2002 sales were 256 (million) (personal communication). For 2003 sales results for Mane were 246.2 (million)

Degussa Flavors & Fruit Systems, March 4, 2003 - Business trends were sluggish after an extremely good performance in previous years. Sales were down 6 percent year-on-year at 223 million and EBIT declined substantially. Fruit Systems in particular suffered the effects of price pressure and a clear drop in demand. The weaker dollar also reduced sales and earnings as the USA accounts for about 75 percent of business. We estimate 2003 sales of ~205 million.

Danisco, 17 June 2004, Speciality products (comprised of flavours, bio and feed ingredients) repoted annual sales for 2003/04 of 3,195 DKK (421.9 based on Dec. 31 rates), up 1%. Based on this we estimate the flavor sales to be about 253 .

Disclaimer: The figures reported are derived from reliable published sources and represent our best estimates. We disclaim any material interest in any of the companies for which information is provided. Statements presented here which are not historical facts or information must be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause a company's actual results to differ materially from those expressed or implied by such forward-looking statements. Risks and uncertainties with respect to a company's business include general economic and business conditions, the price and availability of raw materials, and political and economic uncertainties, including the fluctuation or devaluation of currencies in countries in which a company does business. Investors should not accept any information presented here as fact without independent verification. If errors are found in our market analysis, we would gratefully accept factual corrections.

This information is provided gratis as a service to those in the Flavor & Fragrance industry.

June 23, 2000 - A press release from IAL Consultants estimated the World F&F market at $10.4 billion. The following chart shows the estimates as to the market breakdown.

 

 

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