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With ingredient pricing already impacting the F&F industry, the 2011 meeting of the International Federation of Essential Oils and Aroma Trades in Barcelona provided an opportunity to explore the challenges of the future. There will be nine billion people on earth by 2050, noted Daemmon Reeve (Treatt USA) during a panel at the event’s general session. As a result, food costs will rise, food demands will grow and, perhaps, supplant citrus in some areas as other foodstuffs rise in demand. In Brazil, Reeve explained, sugar is already putting pressure on citrus; in Florida, blueberries are supplanting citrus; meanwhile, there doesn’t appear to be significant sources coming on line to pick up the slack of existing producers. Finally, he said, credit difficulties in recent years led to destocking in the F&F industry, swinging pricing power to origin.
This is only an excerpt of the full article that appeared in P&F Magazine. The full content is not currently available online.