Global demand for flavors and fragrances is projected to increase 4.3 percent annually through 2014. Overall advances will be stimulated by gains in food and beverage processing, the largest market. The best opportunities will be found in developing areas, particularly the Asia/Pacific region.

This study analyzes the $19 billion world flavor and fragrance industry. It presents historical demand data for the years 1999, 2004 and 2009, and forecasts for 2014 and 2019 by product (flavor blends, fragrance blends, essential oils and natural extracts, aroma chemicals), market (e.g., food and beverages, toiletries and cleaners), world region and for 19 countries.

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 37 industry players, including Givaudan, Firmenich and International Flavors and Fragrances.

				    TABLE OF CONTENTS

     SECTION									    PAGE

		Introduction							       X

	I.	Executive Summary						       1

	II.	Market Environment						       4
		General								       4
		World Economic Overview						       5
		   Recent Economic Performance					       5
		   Macroeconomic Outlook					       7
		World Demographic Outlook					      11
		World per Capita Gross Domestic Product				      13
		World Personal Consumption Expenditure Trends			      15
		World Manufacturing Outlook					      17
		World Food & Beverage Manufacturing Outlook			      19
		World Beverage & Soft Drink Outlook				      22
		World Toiletry & Cleaner Outlook				      27

	III.	Overview							      31
		General								      31
		Product Overview						      31
		   Flavor Blends						      33
		   Fragrance Blends						      36
		   Essential Oils & Natural Extracts				      39
		   Aroma Chemicals						      43
		Market Overview							      46
		   Food & Beverages						      48
		   Toiletries & Cleaners					      51
		   Other Markets						      54
		Regional Overview						      57
		   Demand							      58
		   Per Capita Consumption Trends				      60
		   Production							      63
		World Trade Outlook						      65

	IV.	North America							      68
		General								      68
		Supply & Demand							      70
		Markets								      73
		United States							      74
		Canada								      81
		Mexico								      87

	V.	Western Europe							      94
		General								      94
		Supply & Demand							      96
		Markets								      99
		France								     100
		Germany								     107
		Italy								     113
		Netherlands							     119
		Spain								     124
		Switzerland							     130
		United Kingdom							     135
		Other Western Europe						     141

	VI.	Asia/Pacific							     147
		General								     147
		Supply & Demand							     149
		Markets								     152
		Australia							     153
		China								     158
		India								     166
		Japan								     172
		South Korea							     178
		Taiwan								     185
		Other Asia/Pacific						     191

	VII.	Other Regions							     199
		Central & South America						     199
		   Brazil							     203
		   Other Central & South America				     208
		Eastern Europe							     213
		   Russia							     217
		   Other Eastern Europe						     223
		Africa/Mideast							     228

	VIII.	Industry Structure						     235
		General								     235
		Market Share							     238
		Acquisitions & Divestitures					     243
		Competitive Strategies						     246
		   Product Differentiation					     246
		   Market Segmentation						     247
		   Cooperative Agreements					     248
		Research & Development						     251
		Manufacturing Methods						     254
		Marketing & Distribution					     256
		Company Profiles						     258
		   Agilex Flavors & Fragrances Incorporated			     259
		   Aromatech France						     261
		   BASF SE							     263
		   Bell Flavors & Fragrances Incorporated			     265
		   Belmay Incorporated						     267
		   Cargill Incorporated						     268
		   Charabot, see Robertet
		   China Flavors & Fragrances Company Limited			     270
		   ConAgra Foods Incorporated					     271
		   CPL Aromas Limited						     273
		   DERA Holding, see Kerry Group
		   Derives Resiniques et Terpeniques				     275
		   ETOL dd							     276
		   Firmenich SA							     278
		   Frutarom, see ICC Industries
		   Gilroy Foods & Flavors, see ConAgra Foods
		   Givaudan SA							     282
		   Hasegawa (T.) Company Limited				     289
		   Huabao International Holdings Limited			     291
		   ICC Industries Incorporated					     293
		   International Flavors & Fragrances Incorporated		     297
		   Kao Corporation						     303
		   Kerry Group plc						     305
		   LyondellBasell Industries NV					     308
		   Mane (V.) Fils SA						     310
		   Manheimer Fragrances, see Symrise
		   McCormick & Company Incorporated				     312
		   Michael (David) & Company Incorporated			     313
		   Nagaoka Perfumery Company Limited				     315
		   Ogawa & Company Limited					     316
		   Plantes Aromatiques du Diois, see Robertet
		   Polarome International Incorporated				     317
		   Quest International, see Givaudan
		   Rhodia SA							     318
		   Robertet SA							     321
		   Sensient Technologies Corporation				     324
		   Soda Aromatic Company Limited				     328
		   Symrise AG							     329
		   Takasago International Corporation				     334
		   Todd (AM) Company						     337
		   Treatt (RC) plc						     338
		   Wanxiang International Limited				     340
		   WILD Flavors GmbH						     342
		   X-Café, see Kerry Group
		   ZEON Corporation						     345
		Additional Companies Mentioned in the Study			     347


				      LIST OF TABLES

    TABLE NUMBER								    PAGE


		SECTION I -- Executive Summary
		   Summary Table						       3

		SECTION II -- Market Environment
	1	World Gross Domestic Product by Region				      11
	2	World Population by Region					      13
	3	World per Capita Gross Domestic Product by Region		      15
	4	World Personal Consumption Expenditures				      17
	5	World Manufacturing Value Added by Region			      19
	6	World Food & Beverage Manufacturing Value Added
		   by Region							      22
	7	World Soft Drink Consumption by Region				      26
	8	World Toiletry & Cleaner Shipments by Region & Type		      30

		SECTION III -- Overview
	1	World Flavor & Fragrance Demand by Product			      32
	2	World Flavor Blend Demand by Region				      35
	3	World Fragrance Blend Demand by Region				      38
	4	World Essential Oil & Natural Extract Demand by Region		      42
	5	World Aroma Chemical Demand by Region				      45
	6	World Flavor & Fragrance Demand by Market			      47
	7	World Food & Beverage Market for Flavors by Region		      50
	8	World Toiletry & Cleaner Market for Fragrances by Region	      53
	9	World Other Markets for Flavors & Fragrances by Region		      56
	10	World Flavor & Fragrance Demand by Region			      59
	11	World Flavor & Fragrance Production by Region			      64
	12	World Net Exports of Flavors & Fragrances by Region		      67

		SECTION IV -- North America
	1	North America -- Flavor & Fragrance Market Environment		      70
	2	North America -- Flavor & Fragrance Supply & Demand		      72
	3	North America -- Flavor & Fragrance Markets			      73
	4	United States -- Flavor & Fragrance Market Environment		      76
	5	United States -- Flavor & Fragrance Supply & Demand		      78
	6	United States -- Flavor & Fragrance Markets			      80
	7	Canada -- Flavor & Fragrance Market Environment			      83
	8	Canada -- Flavor & Fragrance Supply & Demand			      84
	9	Canada -- Flavor & Fragrance Markets				      86
	10	Mexico -- Flavor & Fragrance Market Environment			      89
	11	Mexico -- Flavor & Fragrance Supply & Demand			      91
	12	Mexico -- Flavor & Fragrance Markets				      92

		SECTION V -- Western Europe
	1	Western Europe -- Flavor & Fragrance Market Environment		      96
	2	Western Europe -- Flavor & Fragrance Supply & Demand		      98
	3	Western Europe -- Flavor & Fragrance Markets			     100
	4	France -- Flavor & Fragrance Market Environment			     102
	5	France -- Flavor & Fragrance Supply & Demand			     104
	6	France -- Flavor & Fragrance Markets				     106
	7	Germany -- Flavor & Fragrance Market Environment		     109
	8	Germany -- Flavor & Fragrance Supply & Demand			     110
	9	Germany -- Flavor & Fragrance Markets				     112
	10	Italy -- Flavor & Fragrance Market Environment			     115
	11	Italy -- Flavor & Fragrance Supply & Demand			     117
	12	Italy -- Flavor & Fragrance Markets				     118
	13	Netherlands -- Flavor & Fragrance Market Environment		     121
	14	Netherlands -- Flavor & Fragrance Supply & Demand		     122
	15	Netherlands -- Flavor & Fragrance Markets			     123
	16	Spain -- Flavor & Fragrance Market Environment			     126
	17	Spain -- Flavor & Fragrance Supply & Demand			     128
	18	Spain -- Flavor & Fragrance Markets				     129
	19	Switzerland -- Flavor & Fragrance Market Environment		     132
	20	Switzerland -- Flavor & Fragrance Supply & Demand		     133
	21	Switzerland -- Flavor & Fragrance Markets			     134
	22	United Kingdom -- Flavor & Fragrance Market Environment		     137
	23	United Kingdom -- Flavor & Fragrance Supply & Demand		     139
	24	United Kingdom -- Flavor & Fragrance Markets			     140
	25	Other Western Europe -- Flavor & Fragrance 
		   Market Environment						     143
	26	Other Western Europe -- Flavor & Fragrance
		   Supply & Demand						     144
	27	Other Western Europe -- Flavor & Fragrance Markets		     145

		SECTION VI -- Asia/Pacific
	1	Asia/Pacific -- Flavor & Fragrance Market Environment		     149
	2	Asia/Pacific -- Flavor & Fragrance Supply & Demand		     151
	3	Asia/Pacific -- Flavor & Fragrance Markets			     153
	4	Australia -- Flavor & Fragrance Market Environment		     155
	5	Australia -- Flavor & Fragrance Supply & Demand			     156
	6	Australia -- Flavor & Fragrance Markets				     157
	7	China -- Flavor & Fragrance Market Environment			     161
	8	China -- Flavor & Fragrance Supply & Demand			     163
	9	China -- Flavor & Fragrance Markets				     165
	10	India -- Flavor & Fragrance Market Environment			     168
	11	India -- Flavor & Fragrance Supply & Demand			     170
	12	India -- Flavor & Fragrance Markets				     171
	13	Japan -- Flavor & Fragrance Market Environment			     174
	14	Japan -- Flavor & Fragrance Supply & Demand			     176
	15	Japan -- Flavor & Fragrance Markets				     177
	16	South Korea -- Flavor & Fragrance Market Environment		     181
	17	South Korea -- Flavor & Fragrance Supply & Demand		     183
	18	South Korea -- Flavor & Fragrance Markets			     184
	19	Taiwan -- Flavor & Fragrance Market Environment			     187
	20	Taiwan -- Flavor & Fragrance Supply & Demand			     189
	21	Taiwan -- Flavor & Fragrance Markets				     190
	22	Other Asia/Pacific -- Flavor & Fragrance Market Environment	     193
	23	Other Asia/Pacific -- Flavor & Fragrance Supply & Demand	     195
	24	Other Asia/Pacific -- Flavor & Fragrance Markets		     197

		SECTION VII -- Other Regions
	1	Central & South America -- Flavor & Fragrance Supply 
		   & Demand							     201
	2	Central & South America -- Flavor & Fragrance Demand 
		   by Type & Market						     203
	3	Brazil -- Flavor & Fragrance Supply & Demand			     205
	4	Brazil -- Flavor & Fragrance Demand by Type & Market		     207
	5	Other Central & South America -- Flavor & Fragrance Supply 
		   & Demand							     210
	6	Other Central & South America -- Flavor & Fragrance Demand 
		   by Type & Market						     212
	7	Eastern Europe -- Flavor & Fragrance Supply & Demand		     215
	8	Eastern Europe -- Flavor & Fragrance Demand by Type 
		   & Market							     217
	9	Russia -- Flavor & Fragrance Supply & Demand			     220
	10	Russia -- Flavor & Fragrance Demand by Type & Market		     222
	11	Other Eastern Europe -- Flavor & Fragrance Supply & Demand	     225
	12	Other Eastern Europe -- Flavor & Fragrance Demand by Type 
		   & Market							     227
	13	Africa/Mideast -- Flavor & Fragrance Supply & Demand		     230
	14	Africa/Mideast -- Flavor & Fragrance Demand by Type 
		   & Market							     233

		SECTION VIII -- Industry Structure
	1	World Flavor & Fragrance Sales by Company, 2009			     236
	2	Selected Acquisitions & Divestitures				     244
	3	Selected Cooperative Agreements					     249
	4	R&D Spending Patterns: Selected Flavor & Fragrance
		   Suppliers							     254


				      LIST OF CHARTS

    CHART NUMBER								    PAGE

		SECTION III -- Overview
	1	World Flavor & Fragrance Demand by Product, 2009		      33
	2	World Flavor Blend Demand by Region, 2009			      36
	3	World Fragrance Blend Demand by Region, 2009			      39
	4	World Essential Oil & Natural Extract Demand
		   by Region, 2009						      43
	5	World Aroma Chemical Demand by Region, 2009			      46
	6	World Flavor & Fragrance Demand by Market, 2009			      48
	7	World Food & Beverage Market for Flavors by Region, 2009	      51
	8	World Toiletry & Cleaner Market for Fragrances
		   by Region, 2009						      54
	9	World Other Markets for Flavors & Fragrances
		   by Region, 2009						      57
	10	World Flavor & Fragrance Demand by Region, 2009			      60
	11	Flavor & Fragrance Demand per Capita/ Personal Consumption 
		   Expenditures per Capita Relationship, 2009			      62
	12	World Flavor & Fragrance Production by Region, 2009		      65

		SECTION IV -- North America
	1	North America -- Flavor & Fragrance Demand
		   by Country, 2009						      72

		SECTION V -- Western Europe
	1	Western Europe -- Flavor & Fragrance Demand
		   by Country, 2009						      98

		SECTION VI -- Asia/Pacific
	1	Asia/Pacific -- Flavor & Fragrance Demand by Country, 2009	     151

		SECTION VIII -- Industry Structure
	1	World Flavor & Fragrance Market Share, 2009			     239