¿Cuál es la situación de las inversiones en la industria de las fragancias?

What is the outlook for the fragrance market?

The flavor industry belongs to one of the fine chemical industry sub-industries, at present, Europe, the United States, and Japan have become the world’s most advanced flavor and fragrance industry centers. After more than 100 years of development, the international has formed a leading flavor product to drive the development of natural flavors and synthetic flavor patterns, fragrance and flavor production ratio is about 3:7, the industry development is in the mature stage, and constantly carries out market expansion and penetration. China’s flavor industry has experienced a total of more than 40 years of development, in recent years has achieved rapid development, but it is still in the growth period, the proportion of domestic flavor and flavor production is roughly 1:1.

Since the 1990s, with the economic development of countries in the world, especially developed countries, and the continuous improvement of living standards, people have increasingly high requirements for the quality of food and daily necessities, which has promoted the growth of the flavor industry. The global flavor market and fragrance market in 2011 sales of 21.8 billion US dollars, according to the latest data from IAL Consultants show that in 2020 the global flavor and fragrance market size reached 30.2 billion US dollars (about RMB 194.982 billion yuan), the compound annual growth rate of about 3.69%.

Market analysis of the Chinese spice industry

In recent years, with the development of the global economy and the booming development of food, daily chemical, pharmaceutical, tobacco, textile, and leather industries, the demand for flavor is increasing, and the market size of flavor is also in a growing trend. The development of the national economy provides a good opportunity for the development of the downstream industry of flavors and fragrances, and drives the annual output value of the downstream industry of more than 10 trillion yuan; The rapid development of the downstream industry has brought growing market space to China’s flavor and fragrance industry.

The production and development of China’s flavor and fragrance industry is with the food industry, beverage industry, daily chemical industry, and other supporting industries to adapt to the development of the downstream industry changes with each changing day, to promote the continuous development of flavor and fragrance industry, China’s flavor and fragrance industry in product quantity, technological innovation, production scale, and management system has made great progress. Among developing countries and regions, China is one of the few countries that can compete with developed countries in the production of flavors and fragrances, and the export volume of vanillin and ethyl vanillin has accounted for 50% of the global supply. In 2020, China’s production of flavors and fragrances will be about 1.356 million tons, an increase of 7%.

The flavor is the raw material for the preparation of flavor, flavor is closely related to the human social life of special products, known as “industrial MSG”, its products are widely used in the food industry, daily chemical industry, pharmaceutical industry, tobacco industry, textile industry, leather industry, and other industries. Since flavor is an important accessory for food, skin care products, tobacco, beverages, feed, and other industries, these industries constitute the downstream of the flavor industry. A spice is a substance that can be smelled or tasted by the sense of smell, it may be a “single body”, or it may be a “mixture”. According to the production method or raw materials, spices can be divided into “natural spices” and “synthetic spices” two categories.

China has always been a big country of spice cultivation, production, and consumption. At present, there are thousands of spice production enterprises in China, of which more than 90% are small enterprises. Since the reform and opening up, due to the rapid development of various flavored products, China’s spice industry has also developed rapidly, but it still can not catch up with the needs of the development of flavored products. The increasing demand of spice customers for product quality, rising raw material prices and environmental protection pressure have brought certain challenges to small and medium-sized enterprises in the domestic spice industry, and some small and medium-sized enterprises that are unable to expand have gradually withdrawn from the market or integrated into large enterprises. In the context of the rapid growth of the spice industry, the industry’s technology leaders and giant enterprises will give full play to the function of the capital market, expand themselves through mergers and acquisitions, make their own rapid development, and rapidly occupy the market.

In recent years, due to the development of China’s economy and the improvement of national living standards, as well as the regional transfer of the global flavor industry, China’s flavor demand and supply have grown in both directions, and the flavor industry has developed rapidly and the market scale has continued to expand. At present, the share of China’s flavor industry in the global market has reached about 20%, becoming one of the most important countries in the global flavor industry. ,

In recent years, due to the development of China’s economy and the improvement of national living standards, as well as the transnational transfer of the global spice industry, China’s spice demand and supply have grown in both directions, and the spice industry has developed rapidly and the market scale has continued to expand. At the same time, as of the end of 2019, there are 2,695 spice enterprises above the national scale, and the current spice sales are second only to the pharmaceutical industry in the world’s fine chemical industry.

The domestic spice market output of about 218,000 tons, with sales of about 16.8 billion yuan; The output of essence is about 317,000 tons; with Sales of about 24 billion yuan. The compound annual growth rate of the industry during the 13th Five-Year Plan period is 3%.

In 2021, the import amount of mixed spices and spice mixtures for China’s food and beverage industry will be 243,1020 million US dollars; The export amount was $109,225,600. The import value of industrial spices and spices as the base ingredient mixture was 218,649,400 US dollars, and the export value was 344,3119 US dollars.

With the development of China’s economy and the improvement of national living standards, the demand and supply of flavors and fragrances in China are growing in both directions, and the market scale of the flavors and fragrances industry is constantly expanding. In recent years, China’s flavor and fragrance industry has entered a period of stable and rapid development. In 2020, the sales volume of flavor and fragrance in China was 45.9 billion yuan, an increase of 2.3% year-on-year. The compound growth rate from 2015 to 2020 will be about 7%.

China’s fragrance industry continues to strengthen new products, new technology research, and development investment to meet the different needs of the market. China’s flavor enterprises have obvious advantages in the scale of bulk varieties and specific varieties, and the main domestic spices have a higher market share in segmented products. According to public information, Wesen’s methyl cedrone products occupy a leading advantage in the global market, and it is an important pioneer of domestic Turkeone products and a major supplier of synthetic sandalwood. The public information of Qingpine shares shows that it is the largest turpentine deep processing enterprise in China, and the world’s largest supplier of synthetic camphor and series products; Jinhe Industry’s public information shows that its maltol, acesulfame, sucralose, and other production capacity and market share in the world are in a leading position; The public information of Xinhua shares shows that it is one of the top fatty amine product manufacturers in the world.

In the future, China’s spice industry will accelerate the elimination of backward small enterprises, strengthen the scale of leading enterprises, optimize resource allocation, and concentrate funds to establish a more powerful R & D team, so as to improve the overall domestic industry R & D capability, innovation ability, and market competitiveness.

At present, China’s fragrance industry is in a critical period of industrial structure transformation and upgrading, the transformation of development mode, from the pursuit of speed growth to high-quality growth. During the “13th Five-Year Plan” period, China’s flavor market accounted for about one-fifth of the global market and has become the world’s most important flavor supplier and flavor consumer and production base.

In recent years, China’s spice industry has developed rapidly, and the market scale has been expanding. The domestic spice industry is in the structural adjustment of the shift period, the future of China’s spice industry will be from the pursuit of rapid growth in quantity to improve the quality of spice growth, and through the market upgrade, change the development mode of enterprises, to supply more high-end spice products for the market.

As China’s economy turns to high-quality development, the awareness of environmental protection and sustainable development of the whole society continues to improve, and with the rise of labor costs, safety, and environmental protection costs, fine chemical enterprises with technical strength to continuously optimize the process and achieve green production, safe production, and low-cost production will prioritize the opportunities brought by the increase in industry concentration.

Based on the huge population base and increasing income level, China and other developing countries have become the fastest growing market in food, daily chemicals, and other industries, and have driven the huge demand for flavor and fragrance products. At the same time, under the trend of economic globalization, international flavor and fragrance giants have invested and built factories in China, further boosting the growth of the domestic flavor and fragrance market.

At present, China’s spice industry is decentralized, the future will change to centralized. Usually, the demand of downstream customers for spice products presents the characteristics of small batch and fast delivery, which requires enterprises to have the ability to respond quickly and innovate. Compared with small and medium-sized enterprises, leading enterprises in the industry will have more resources, capital, technology, and other advantages to respond to customer needs. Therefore, the fierce market competition will make small and medium-sized enterprises gradually withdraw from the market or be merged and reorganized by large companies.

According to the development track of the industry and years of practical experience, the spice industry report makes careful analysis and prediction of the future development trend of the industry, which is a rare boutique for industry enterprises, scientific research units, sales enterprises, and investment enterprises to accurately understand the current development trends of the spice industry, seize market opportunities, make correct business decisions and clarify the development direction of the enterprise. The spice industry is also the first heavyweight report in the industry to conduct a comprehensive and systematic analysis of the upstream and downstream industry chains and key spice enterprises in the industry.