Growing demand from emerging markets drove an increase in sales during the first nine months of the year, Swiss flavours and fragrances group Givaudan has indicated.
The company booked an 8.8% increase in sales during the period, which rose to CHF3.23bn (US$3.46bn). Excluding the impact of currency exchange, sales rose 6.1%, the company added.
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Givaudan’s larger flavours division benefited from global expansion, with a “strong” showing in the beverages, sweet goods and snacks categories, the Geneva-based firm said. The company booked growing flavours sales across the board – with the exception of its dairies unit.
“Sales expansion in the developing markets continued while the mature markets continued their good performance during the first nine months against very strong comparables,” Givaudan said.
Excluding currency exchange, flavours sales in Asia Pacific increased by 4.6%, while in Europe, Africa and the Middle East revenue grew by 3.5% and sales in North America increased by 3.4%. Meanwhile, the mature markets of western Europe and the UK saw “moderate” growth.
In fragrances, an increase in sales at the consumer goods unit offset lower ingredients sales – which were down 5.7% – driving an overall sales rise.
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By GlobalDataGivaudan reiterated it mid-term sales growth target of 4.5-5.5% annually.
