Flavors & Fragrances to 2009

TABLE OF CONTENTS

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

General

Macroeconomic Outlook

Consumer Spending Outlook

Demographics

Historical Market Trends

Pricing Issues

Environmental & Regulatory Issues

Fragrances

Flavors

International Activity

Foreign Trade

Exports

Imports

III. MARKETS

General

Food

Industry Overview

Flavors Demand

Processed Foods

Dairy Products

Bakery Products

Candy & Confectionery Products

Other Foods

Cosmetics & Toiletries

Industry Overview

Flavors & Fragrances Demand

Perfumes & Colognes

Skin Care Products

Personal Soaps

Other Cosmetics & Toiletries

Detergents & Cleaners

Industry Overview

Fragrances Demand

Laundry Detergents

Polishes & Sanitation Goods

Dishwashing Detergents & Other Cleaners

Environmental Fragrance Goods

Industry Overview

Fragrances Demand

Air Fresheners & Deodorizers

Candles

Potpourri & Other Environmental Fragrance Goods

Beverages

Industry Overview

Flavors Demand

Carbonated Soft Drinks

Other Beverages

Other Markets

IV. PRODUCTS

General

Flavor Blends

Fruity

Savory

Cheese & Other Dairy

Meat

Other

Fragrance Blends

Product Characteristics

New Applications

Essential Oils & Natural Extracts

Citrus Oils

Lemon Oil

Orange Oil

Other Citrus Oils

Mint Oils

Peppermint Oil

Spearmint & Other Mint Oils

Other Essential Oils & Natural Extracts

Aroma Chemicals

Demand by Class

Synthetic

Natural

Demand by Type

Terpenoids

Benzenoids

Musks & Others

V. INDUSTRY STRUCTURE

Market Share

Givaudan

International Flavors & Fragrances

Firmenich

Quest

Symrise

Sensient

Kerry Group

Other Significant Participants

Merger & Acquisition Activity

Competitive Strategies

Product Differentiation

Market Segmentation

Cooperative Agreements

Research & Development

Natural Flavors & Fragrances

Biotechnology

Delivery Systems

Digital Technology

Production Methods

Marketing & Distribution

COMPANY PROFILES

AromaTech, see FFG Industries Incorporated

BASF AG

Bell Flavors & Fragrances Incorporated

Belmay Incorporated

Chr. Hansen A/S

Chr. Hansen Holding A/S

ConAgra Foods Incorporated

Danisco A/S

Degussa AG

DSM NV

FFG Industries Incorporated

Firmenich SA

Flavor & Fragrance Group Holdings Incorporated, see

FFG Industries Incorporated

Flavorchem Corporation

Flavurence Corporation, see Kerry Group plc

Fragrance Resources International SA

Frutarom Industries Limited, see ICC Industries

Givaudan SA

ICC Industries Incorporated

Imperial Chemical Industries plc

International Bioflavors Incorporated, see Givaudan

International Flavors & Fragrances Incorporated

International Fragrance and Technology Incorporated,

see FFG Industries Incorporated

Jordan Industries Incorporated

Kao Corporation

Kerry Group plc

Key Essentials Incorporated, see FFG Industries

Lubrizol Corporation

Lyondell Chemical Company

Manheimer (J.) Incorporated, see Kerry Group plc

Mastertaste Incorporated, see Kerry Group plc

McCormick & Company Incorporated

Michael (David) & Company Incorporated

Millennium Chemicals Incorporated, see Lyondell

Chemical Company

Noveon Kalama Incorporated, see Lubrizol Corporation

Noville Incorporated, see Firmenich SA

Orchidia Fragrances, see Flavorchem Corporation

Polarome International Incorporated

Quest International NV, see Imperial Chemical

Industries

Rhodia SA

Sensient Technologies Corporation

Spicery Shoppe, see Flavorchem Corporation

Symrise GmbH & Company KG

Takasago International Corporation

Todd (AM) Company

Ungerer & Company

Vigon International Incorporated

WILD (Rudolf) GmbH & Company KG

Zink & Triest Company Incorporated, see Todd

(AM) Company

Other Companies Mentioned in Study

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- MARKET ENVIRONMENT

1 Macroeconomic Environment

2 Consumer Spending

3 Residential Population

4 Flavors & Fragrances Market, 1994-2004

5 Flavors & Fragrances Pricing

6 Flavors & Fragrances Supply & Demand

SECTION III -- MARKETS

1 Flavors & Fragrances Demand by Market

2 Food Shipments

3 Foods: Flavors Demand

4 Processed Foods: Flavors Demand

5 Dairy Products: Flavors Demand

6 Bakery Products: Flavors Demand

7 Candy & Confectionery Products: Flavors Demand

8 Other Foods: Flavors Demand

9 Cosmetics & Toiletries Shipments

10 Cosmetic & Toiletries: Flavors & Fragrances Demand

11 Perfumes & Colognes: Fragrances Demand

12 Skin Care Products: Fragrances Demand

13 Personal Soaps: Fragrances Demand

14 Other Cosmetics & Toiletries: Flavors & Fragrances Demand

15 Detergent & Cleaner Shipments

16 Detergents & Cleaners: Fragrances Demand

17 Laundry Detergents: Fragrances Demand

18 Polishes & Sanitation Goods: Fragrances Demand

19 Dishwashing Detergents & Other Cleaners:

Fragrances Demand

20 Environmental Fragrance Goods Indicators

21 Environmental Fragrance Goods: Fragrances Demand

22 Air Fresheners & Deodorizers: Fragrances Demand

23 Candles: Fragrances Demand

24 Potpourri & Other Environmental Fragrance

Goods: Fragrances Demand

25 Beverage Shipments

26 Beverages: Flavors Demand

27 Carbonated Soft Drinks: Flavors Demand

28 Other Beverages: Flavors Demand

29 Other Markets: Flavors & Fragrances Demand

SECTION IV -- PRODUCTS

1 Flavors & Fragrances Demand by Product

2 Flavor Blends Demand

3 Fragrance Blends Demand

4 Essential Oils & Natural Extracts Demand

5 Citrus Oils Demand

6 Lemon Oil Demand

7 Orange Oil Demand

8 Other Citrus Oils Demand

9 Mint Oils Demand

10 Peppermint Oil Demand

11 Spearmint & Other Mint Oils Demand

12 Other Essential Oils & Natural Extracts Demand

13 Aroma Chemicals Demand

14 Synthetic Aroma Chemicals Demand

15 Natural Aroma Chemicals Demand

SECTION V -- INDUSTRY STRUCTURE

1 US Flavor & Fragrance Sales by Company, 2004

2 Selected Acquisitions & Divestitures

3 Selected Cooperative Agreements

4 R&D Spending Patterns: Selected Flavors

& Fragrances Suppliers

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

1 Flavors & Fragrances Market Growth, 1994-2004

2 World Flavors & Fragrances Demand, 2004

3 US Flavors & Fragrances Exports by Destination, 2004

4 US Flavors & Fragrances Imports by Origin, 2004

SECTION IV -- PRODUCTS

1 Flavors & Fragrances Demand by Product, 2004

2 Flavor Blends Demand by Type, 2004

SECTION V -- INDUSTRY STRUCTURE

1 US Flavor & Fragrance Sales by Company, 2004