Word: flavorings
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...Givaudan are thriving. The global market for flavored packaged foods tops $1 trillion, and consumers spend hundreds of billions on scented cleaning and hygiene products. In the flavor-and-fragrance industry, the toughest battles are fought not behind the perfume counter but on grocery-store shelves. When whipping up a product meant to hook billions of taste buds and olfactory receptors, the biggest consumer-product corporations in the world don't gamble on hunches. That's where the million-dollar noses come...
...worth much more than that to IFF and its clients. The company devotes 9% of its revenue, or $185 million a year, toward research and development, employing more than 100 scientists whose task is not just to brew up new smells and flavors but also to rethink how smells and flavors are embedded in products. That investment is a sunk cost for fragrance companies; they get paid only when a manufacturer buys the finished product as an ingredient. So IFF makes money on volume. A sodamaker, for example, would buy vats of flavoring for every batch of a popular drink...
...come up with the next big things for the nose or taste bud, fragrance-and-flavor companies send their scientists on "scent treks." On a recent trip to Papua New Guinea, Roman Kaiser, director of smell research for Givaudan, collected more than 50 samples, including a rare hoya plant. "The scent reminds you of dark chocolate, with olfactory notes rarely found in flowers," Kaiser says. He has amassed more than 2,500 natural scents over the years and has reconstituted more than 450. To create authentic flavorings, Givaudan's researchers go on "taste treks" to gourmet restaurants and popular street...
...biggest opportunities for flavor makers is the recent push by food manufacturers to market healthier packaged foods. A team of five researchers at IFF spent more than three years coming up with a low-sodium flavoring that could reproduce the salty taste of canned soups, for instance. Givaudan is also developing low-sodium, low-sugar and low-fat flavors intended to replicate the taste and texture of their full-figured counterparts. "We know how ice cream needs to taste to please an Italian, American or a Swede," says Givaudan spokesman Peter Wullschleger. "Taste and smell are cultural...
...competitive advantage. The fastest-growing markets are in Eastern Europe, Latin America and Asia, and the fragrance giants hope their staff's noses and palates are global enough to understand their new customers. At Givaudan the CEO is French, the CFO Swiss, the head of fragrance Indian, and the flavor director Mexican. IFF has an American CEO and a Frenchman and Argentine in charge of fragrances and flavors, respectively...