In 2011, the global flavor and fragrance market totaled an estimated $21.8 billion, down from $22 billion in 2010. In 2009–2010, the market had grown from $20 billion to $22 billion, compared to a drop in the financial crisis of 2008–2009, in which global sales fell from $20.3 billion to $20 billion.
Another number to watch is the percentage of the market represented by the sales results of the top 10 companies. In 2007, the top-ranked companies comprised 68.7% of the total market. Today, the top 10 flavor and fragrance companies comprise 75.1% of the total. These companies are finding new opportunities in emerging markets and differentiating offerings such as taste modulators, while also facing raw material price instability and ongoing industry consolidation.
To this last point, two companies have grown significantly since the 2011 Flavor & Fragrance Leaderboard was published. Kerry has acquired Cargill Flavor Systems, SuCrest and Flavourcraft, all of which will likely push the company into the 2013 top 10 list. Meanwhile, Wild Flavors has acquired certain assets of A.M. Todd, in addition to purchasing Cargill’s juice blends and compounds business. To acknowledge this growth, both companies are profiled this year in a special F&F Movers section at the end of the Leaderboard list.