The Sweet Smell of Upside
Consider that within an hour of waking, most Americans lather up with a popular brand of shampoo or soap in the shower, apply deodorant, brush their teeth and put on sunblock, skin cream or hair gel. What do all of these products have in common? They use flavors and fragrances to attract consumers while making each product distinct from the competition.
According to Freedonia Group, the global flavor and fragrance industry is $19 billion in size and will grow 4.3% per year through 2014 to reach $23.5 billion. For some perspective, total industry sales in 2002 were $16.6 billion. Although the largest geographic market is the U.S., at $5.5 billion, Freedonia forecasts that more favorable growth for the flavors and fragrances industry can be found in the Asia Pacific region, which is expected to account for one-third of total value gains between 2009 and 2014. One of the key drivers is increasing disposable income in the region, which is fueling the rise of the new middle class. ...750 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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