World Flavors & Fragrances to 2008

TABLE OF CONTENTS

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

General

World Demographic Overview

World Economic Overview

Recent Economic Performance

Macroeconomic Outlook

Per Capita Gross Domestic Product

Personal Income & Expenditure Trends

Manufacturing Outlook

World Food & Beverage Manufacturing Outlook

World Beverage & Soft Drink Outlook

World Toiletry & Cleaning Preparation Outlook

III. OVERVIEW

Product Overview

Flavor Blends

Fragrance Blends

Aroma Chemicals

Essential Oils & Natural Extracts

Market Overview

Food

Beverages

Cosmetics & Toiletries

Detergents & Cleaners

Other

Regional Overview

Demand

Production

Per Capita Consumption Trends

World Trade Outlook

General

Supply & Demand

Markets

United States

Canada

Mexico

V. WESTERN EUROPE

General

Supply & Demand

Markets

France

Germany

Italy

The Netherlands

Spain

United Kingdom

Other Western Europe

VI. ASIA/PACIFIC

General

Supply & Demand

Markets

Australia

China

India

Japan

South Korea

Taiwan

Other Asia/Pacific

VII. OTHER REGIONS

General

Demand by Type & Market

Latin America

Brazil

Other Latin America

Eastern Europe

Russia

Other Eastern Europe

Africa/Mideast

VIII. INDUSTRY STRUCTURE

General

Market Share

Givaudan

International Flavors & Fragrances

Firmenich

Symrise

Quest

Takasago

Blends

Aroma Chemicals & Essential Oils

Industry Restructuring

Competitive Strategies

Product Differentiation & Market Segmentation

Research & Development

Cooperative Agreements

Manufacturing Methods

Marketing & Distribution

Company Profiles

BASF AG

Bjorge Biomarin AS, see Firmenich SA

CPL Aromas Limited

Crystals International Incorporated, see Kerry Group

Danisco A/S

Degussa AG

Derives Resiniques et Terpeniques

DRAGOCO Geberding & Company AG, see Symrise

GmbH & Company

Firmenich SA

Flachsmann (Emil) AG, see ICC Industries

Flavurence Corporation, see Kerry Group plc

Frutarom Industries Limited, see ICC Industries

Givaudan SA

Haarmann & Reimer GmbH, see Symrise GmbH

& Company

Hasegawa (T.) Company Limited

ICC Industries Incorporated

Imperial Chemical Industries plc

International Bioflavors Incorporated, see Givaudan

International Flavors & Fragrances Incorporated

Kao Corporation

Kerry Group plc

Lyondell Chemical Company

Mane (V.) Fils SA

Manheimer (J.) Incorporated, see Kerry Group plc

Mastertaste, see Kerry Group plc

Millennium Chemicals Incorporated, see Lyondell

Chemical

Ogawa & Company Limited

Perlarom SA, see Danisco A/S

Polarome International Incorporated

Quest International NV, see Imperial Chemical Industries

Rhodia SA

Robertet SA

Sensient Technologies Corporation

Soda Aromatic Company Limited

Symrise GmbH & Company KG

Takasago International Corporation

ZEON Corporation

Other Companies Mentioned in Study

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- MARKET ENVIRONMENT

1 World Population by Region

2 World Gross Domestic Product by Region

3 World Per Capita Gross Domestic Product by Region

4 World Personal Consumption Expenditures by Region

5 World Manufacturing Value Added by Region

6 World Food & Beverage Manufacturing Value Added by Region

7 World Soft Drink Consumption by Region

8 World Toiletry & Cleaning Preparation Shipments by Type & Region

SECTION III -- OVERVIEW

1 World Flavors & Fragrances Demand by Product

2 World Flavor Blends Demand by Region

3 World Fragrance Blends Demand by Region

4 World Aroma Chemicals Demand by Region

5 World Essential Oils & Natural Extracts Demand by Region

6 World Flavors & Fragrances Demand by Market

7 World Food Market for Flavors & Fragrances by Region

8 World Beverages Market for Flavors by Region

9 World Cosmetics & Toiletries Market for Flavors & Fragrances by Region

10 World Detergents & Cleaning Preparations Market for Fragrances by Region

11 World Other Market for Flavors & Fragrances by Region

12 World Flavors & Fragrances Demand by Region

13 World Flavors & Fragrances Production by Region

14 World Net Exports in Flavors & Fragrances

SECTION IV -- NORTH AMERICA

1 North America: Economic Indicators

2 North America: Flavors & Fragrances Supply & Demand

3 North America: Flavors & Fragrances Markets

4 United States: Economic Indicators

5 United States: Flavors & Fragrances Supply & Demand

6 United States: Flavors & Fragrances Markets

7 Canada: Economic Indicators

8 Canada: Flavors & Fragrances Supply & Demand

9 Canada: Flavors & Fragrances Markets

10 Mexico: Economic Indicators

11 Mexico: Flavors & Fragrances Supply & Demand

12 Mexico: Flavors & Fragrances Markets

SECTION V -- WESTERN EUROPE

1 Western Europe: Economic Indicators

2 Western Europe: Flavors & Fragrances Supply & Demand

3 Western Europe: Flavors & Fragrances Markets

4 France: Economic Indicators

5 France: Flavors & Fragrances Supply & Demand

6 France: Flavors & Fragrances Markets

7 Germany: Economic Indicators

8 Germany: Flavors & Fragrances Supply & Demand

9 Germany: Flavors & Fragrances Markets

10 Italy: Economic Indicators

11 Italy: Flavors & Fragrances Supply & Demand

12 Italy: Flavors & Fragrances Markets

13 Netherlands: Economic Indicators

14 Netherlands: Flavors & Fragrances Supply & Demand

15 Netherlands: Flavors & Fragrances Markets

16 Spain: Economic Indicators

17 Spain: Flavors & Fragrances Supply & Demand

18 Spain: Flavors & Fragrances Markets

19 United Kingdom: Economic Indicators

20 United Kingdom: Flavors & Fragrances Supply & Demand

21 United Kingdom: Flavors & Fragrances Markets

22 Other Western Europe: Economic Indicators

23 Other Western Europe: Flavors & Fragrances Supply & Demand

24 Other Western Europe: Flavors & Fragrances Markets

SECTION VI -- ASIA/PACIFIC

1 Asia/Pacific: Economic Indicators

2 Asia/Pacific: Flavors & Fragrances Supply & Demand

3 Asia/Pacific: Flavors & Fragrances Markets

4 Australia: Economic Indicators

5 Australia: Flavors & Fragrances Supply & Demand

6 Australia: Flavors & Fragrances Markets

7 China: Economic Indicators

8 China: Flavors & Fragrances Supply & Demand

9 China: Flavors & Fragrances Markets

10 India: Economic Indicators

11 India: Flavors & Fragrances Supply & Demand

12 India: Flavors & Fragrances Markets

13 Japan: Economic Indicators

14 Japan: Flavors & Fragrances Supply & Demand

15 Japan: Flavors & Fragrances Markets

16 South Korea: Economic Indicators

17 South Korea: Flavors & Fragrances Supply & Demand

18 South Korea: Flavors & Fragrances Markets

19 Taiwan: Economic Indicators

20 Taiwan: Flavors & Fragrances Supply & Demand

21 Taiwan: Flavors & Fragrances Markets

22 Other Asia/Pacific: Economic Indicators

23 Other Asia/Pacific: Flavors & Fragrances Supply & Demand

24 Other Asia/Pacific: Flavors & Fragrances Markets

SECTION VII -- OTHER REGIONS

1 Other Regions: Economic Indicators

2 Other Regions: Flavors & Fragrances Demand by Type & Market

3 Latin America: Economic Indicators

4 Latin America: Flavors & Fragrances Demand by Type & Market

5 Brazil: Economic Indicators

6 Brazil: Flavors & Fragrances Demand by Type & Market

7 Other Latin America: Economic Indicators

8 Other Latin America: Flavors & Fragrances Demand by Type & Market

9 Eastern Europe: Economic Indicators

10 Eastern Europe: Flavors & Fragrances Demand by Type & Market

11 Russia: Economic Indicators

12 Russia: Flavors & Fragrances Demand by Type & Market

13 Other Eastern Europe: Economic Indicators

14 Other Eastern Europe: Flavors & Fragrances Demand by Type & Market

15 Africa/Mideast: Economic Indicators

16 Africa/Mideast: Flavors & Fragrances Demand by Type & Market

SECTION VIII -- INDUSTRY STRUCTURE

1 Selected Acquisitions & Divestitures

2 Selected Cooperative Agreements

LIST OF CHARTS

SECTION III -- OVERVIEW

1 World Flavors & Fragrances Demand by Product, 2003

2 World Flavor Blends Demand by Region, 2003

3 World Fragrance Blends Demand by Region, 2003

4 World Aroma Chemicals Demand by Region, 2003

5 World Essential Oils & Natural Extracts Demand by Region, 2003

6 World Flavors & Fragrances Demand by Market, 2003

7 World Food Market for Flavors & Fragrances by Region, 2003

8 World Beverage Flavors Market by Region, 2003

9 World Cosmetics & Toiletries Market for Flavors & Fragrances by Region, 2003

10 World Detergent & Cleaning Preparations Market for Fragrances by Region, 2003

11 World Other Market for Flavors & Fragrances by Region, 2003

12 World Flavors & Fragrances Demand by Region, 2003

13 World Production of Flavors & Fragrances by Region, 2003

14 Flavor & Fragrance Consumption Per Capita/Consumer Spending Per Capita Relationship, 2003

SECTION VIII -- INDUSTRY STRUCTURE

1 World Flavors & Fragrances Market Share, 2003 245