Food Additives

TABLE OF CONTENTS

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

General

Macroeconomic Overview

Consumer Spending Patterns

Demographic Trends

Age Distribution Patterns

Other Demographic Patterns

Health & Nutritional Considerations

Food Industry Overview

Historical Trends

Pricing Trends & Product Mix

Regulatory Considerations

Regulating Agencies & Organizations

Labeling

Genetically Modified

Organic

International Activity

Foreign Trade

Food & Beverage Additive Overview

III. PRODUCTS

General

Flavors & Flavor Enhancers

Flavors

Blends

Aroma Chemicals

Essential Oils

Producers

Flavor Enhancers

Hydrolyzed Vegetable Proteins

Monosodium Glutamate

Other

(continued on next page)

Texturizers & Fat Replacers

Xanthan Gum

Cellulosics

Carrageenan

Other

Gelatin

Pectin

Guar Gum

Gum Arabic

Gellan

Tragacanth

Emulsifiers

Characteristics

Producers

Preservatives

Antioxidants

Hindered Phenols

Other

Producers

Biocides

Sorbates

Propionates

Benzoates & Other Biocides

Nutraceuticals

Minerals

Vitamins

Herbal Extracts & Other

Producers

Colorants

Natural

Artificial

Dyes

Lakes & Other

Producers

(continued on next page)

Enzymes

Rennet & Chymosin

Other

Proteases

Lipases

Carbohydrases

Lactases & Other

Producers

Alternative Sweeteners

Polyols

High Intensity

Aspartame

Acesulfame-K

Sucralose

Neotame

Saccharin & Others

Producers

Acidulants

Citric Acid

Other

Suppliers

Other Food Additives

Phosphates & Related

All Other

IV. APPLICATIONS

General

Processed Foods

Processed & Frozen Food Overview

Additives Demand

Dairy Products

Dairy Product Overview

Additives Demand

Cheese

Other

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Bakery Products

Bakery Product Overview

Additives Demand

Sauces, Condiments, Fats & Oils

Sauce, Condiment, Fat & Oil Overview

Additives Demand

Candy

Candy Overview

Additive Demand

Grain Mill Products

Grain Mill Product Overview

Additives Demand

Meat, Poultry & Seafood Products

Meat, Poultry & Seafood Product Overview

Additives Demand

Snack Foods

Snack Food Overview

Additives Demand

Other Food Products

Other Food Product Overview

Additives Demand

V. INDUSTRY STRUCTURE

General

Market Share

Danisco

International Flavors & Fragrances

Sensient

Givaudan

Archer-Daniels-Midland

Competitive Strategies

Distribution

Marketing

Research & Development

Industry Restructuring

Cooperative Agreements

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Company Profiles

AB Enzymes GmbH, see Associated British Foods

Abitec Corporation, see Associated British Foods

Ajinomoto Company Incorporated

Aqualon, see Hercules Incorporated

Archer-Daniels-Midland Company

Associated British Foods plc

BASF AG

Bayer AG

Cargill Incorporated

Celanese AG

Chr. Hansen Holding A/S

Crystals International Incorporated, see Kerry Group

Danisco A/S

Degussa AG

Dow Chemical Company

DRAGOCO Geberding & Company AG, see Symrise

DSM NV

DuPont (EI) de Nemours

Eastman Chemical Company

Firmenich SA

Flavurence, see Kerry Group

FMC Corporation

Genencor International Incorporated

Givaudan SA

Haarmann & Reimer GmbH, see Symrise

Hercules Incorporated

Holland Sweetener Company, see DSM NV

Imperial Chemical Industries plc

International Flavors & Fragrances Incorporated

Johnson & Johnson

Jungbunzlauer AG

Kelco (CP) ApS

Kemin Industries Incorporated

Kerry Group plc

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Lanxess Corporation, see Bayer

Lubrizol Corporation

Manheimer (J.) Incorporated, see Kerry Group

Martek Biosciences Corporation

Mastertaste, see Kerry Group

McNeil Nutritionals, see Johnson & Johnson

Noveon Hilton-Davis Incorporated, see Lubrizol

Noveon Kalama Incorporated, see Lubrizol Corporation

Novozymes A/S

Nutrinova Incorporated, see Celanese

NutraSweet Company

Organic Dyestuffs Corporation

PGLA-1, see Cargill

Quest Food Ingredients, see Kerry Group

Quest International Flavors Company, see Imperial

Chemical Industries

Raisio Group plc

Rhodia SA

Roche Holding Limited

Sensient Technologies Corporation

Solae LLC, see DuPont (EI) de Nemours

SPI Polyols Incorporated, see Associated British Foods

Staley (AE) Manufacturing Company, see Tate & Lyle

SunPure Limited, see Kerry Group

Symrise GmbH & Company KG

Tate & Lyle plc

TIC Gums Incorporated

Todd (AM) Group of Companies

Valley Research Incorporated

Warner-Jenkinson Company Incorporated, see Sensient

Technologies

Zink & Triest Company Incorporated, see Todd (AM)

Group

Other Companies Mentioned in Study

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- MARKET ENVIRONMENT

1 Macroeconomic Indicators

2 Personal Income & Spending Patterns

3 Demographic Trends

4 Food Shipments

5 Food Additive Market Trends, 1993-2003

6 Pricing Trends for Selected Food Additives

7 Food & Beverage Additive Demand

SECTION III -- PRODUCTS

1 Food Additive Demand by Type

2 Flavor & Flavor Enhancer Demand in Food by Type &

Application

3 Flavor Demand in Food by Type & Application

4 Flavor Enhancer Demand in Food by Type & Application

5 Texturizer & Fat Replacer Demand in Food by

Type & Application

6 Emulsifier Demand in Food by Type & Application

7 Preservative Demand in Food by Type & Application

8 Antioxidant Demand in Food by Type

9 Biocide Demand in Food by Type

10 Nutraceutical Demand in Food by Type & Application

11 Colorant Demand in Food by Type & Application

12 Enzyme Demand in Food by Type & Application

13 Alternative Sweetener Demand in Food by

Type & Application

14 Acidulant Demand in Food by Type & Application

15 Citric Acid Demand in Food

16 Other Acidulant Demand in Food

17 Other Food Additive Demand by Type & Application

SECTION IV -- APPLICATIONS

1 Food Additive Demand by Application

2 Processed Food Shipments

3 Processed Food Market for Additives

(continued on next page)

4 Dairy Product Shipments

5 Dairy Product Market for Additives

6 Bakery Product Shipments

7 Bakery Product Market for Additives

8 Sauce, Condiment, Fat & Oil Shipments

9 Sauce, Condiment, Fat & Oil Market for Additives

10 Candy Shipments

11 Candy Market for Additives

12 Grain Mill Product Shipments

13 Grain Mill Product Market for Additives

14 Meat, Poultry & Seafood Shipments

15 Meat, Poultry & Seafood Product Market for Additives

16 Snack Food Shipments

17 Snack Food Market for Additives

18 Other Food Shipments

19 Additive Demand in Other Foods

SECTION V -- INDUSTRY STRUCTURE

1 US Food Additive Sales by Company, 2003

2 Selected Acquisitions & Divestitures

3 Selected Cooperative Agreements

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

1 Food Shipments by Type, 2003

2 Food Additive Market Trends, 1993-2003

SECTION III -- PRODUCTS

1 Food Additive Demand by Type, 2003

SECTION IV -- APPLICATIONS

1 Food Additive Demand by Application, 2003

SECTION V -- INDUSTRY STRUCTURE

1 US Food Additive Market Share, 2003