This is only an excerpt of the full article that appeared in P&F Magazine. The full content is not currently available online.
Guess: How long is a million seconds? About 12 days. Now, how long is a billion seconds? Roughly 31 years.
This simple illustration helps give shape to the astounding sums being bandied about on every financial news outlet across the globe. The economy is in unprecedented straights, and while no industry can escape the repercussions, flavor and fragrance companies are faced with unique questions.
In comments delivered at this year’s Research Institute for Fragrance Materials’ annual meeting, David Duncan (Unilever) noted that companies such as his will be looking to cut costs. “This must not be achieved by shortchanging on quality,” he stressed, “and that includes fragrance and flavor quality … The fragrances in our products can help to reassure and promote a sense of well-being in difficult times.” As Duncan called for continued “commitments to sustainability,” he warned, “[Consumers] will likely also be more discerning and less inclined to pay for what they perceive to be unnecessary ingredients. The more transparent we can be on this, the more we can build and keep trust and our reputation for delivering value.” Sustainable fragranced products, he continued, will serve to “proactively [disarm] any accusations that fragrance ingredients are just unnecessary chemicals … Nobody is upstream or downstream on this; we are all on the front line.”