Swiss fragrance and flavor company, Givaudan, has announced a notable increase of 7.7% in like-for-like sales during the first quarter. This growth can be attributed to the strong demand for its fragrance and beauty products. The company strategically capitalized on the increased need for household essentials such as soap, detergent, and snacks during the pandemic. However, Givaudan faced challenges in its business operations, particularly in the out-of-home food consumption and perfume sectors.

Despite these setbacks, Givaudan witnessed a surge in sales for its fragrance and beauty division, with a substantial increase of 9.9%. Notably, the company experienced a recovery in its perfume and active beauty sectors. Additionally, Givaudan’s taste and wellbeing unit witnessed growth, with a commendable 5.8% increase in sales. The company attributes this growth to emerging high-growth markets in Latin America and the Asia Pacific region.

While Givaudan’s out-of-home consumption sales were still impacted by the pandemic, the impact was less severe compared to the previous year. The company noted that certain markets began easing restrictions on out-of-home food and beverage consumption, which positively affected sales. Givaudan’s CEO, Gilles Andrier, expressed optimism about the company’s performance, stating that their less impacted business segments continue to experience strong demand. Furthermore, they are witnessing improving conditions in parts of their portfolio that were more affected by the pandemic.

Looking to the future, Givaudan reaffirmed its mid-term targets, aiming for an average annual like-for-like sales growth of 4-5% until 2025. The company faces competition from Symrise, a German fragrance and flavor manufacturer, which is set to release its first-quarter sales report on April 28.

To learn more about Givaudan’s fragrance and flavor products, refer to their official website: https://www.givaudan.com/

To explore Symrise’s offerings and competition in the industry, visit their official website: https://www.symrise.com/