Worldwide merchant sales of flavors and fragrances (essential oils; aroma chemicals; flavor and fragrance compounds) amounted to an estimated $7,000 million in 1987 against $6,000 million in 1986, that is, an increase of 16.7% measured in current US dollar terms. This compares, always in current US dollar terms, to an increase of 22.5% between 1985 and 1986.
An overall analysis of average annual industry growth rates during the period 1980-1987 gives the following picture:
However, it should be kept in mind that all these figures are deeply tainted with considerable foreign exchange rate distortions because of the present unstable international monetary system. We estimate that the average annual industry growth rate, in current US dollar terms, will be around seven percent from 1987 to 1990 if the US dollar remains relatively stable. However, varying rates will exist for the four basic product categories and large geographic regions. In quantity (tonnage) terms, the average industry growth rate will remain at around 4%. For more details, see Tables I, II and III.
