Spice and fragrance sector surges! Have the four global giants reaped windfall profits? Are domestic enterprises rushing to go public?

Nevertheless, despite minor fluctuations in overall performance, the specialty spice and fragrance segment has demonstrated resilience—defying headwinds and maintaining profitability. Encouragingly, after weathering cyclical volatility and crises across the chemical industry, major global spice and fragrance companies finally saw a rebound in performance during the first half of 2024—and continued their strong growth momentum into the latest Q3 financial results. Givaudan reported Q3 2024 sales growth of 10.2% to CHF 1.907 billion (approx. RMB 1.574 billion), with group sales for the first nine months reaching CHF 5.644 billion (approx. RMB 4.618 billion), up 13% year-on-year. Its Fragrance & Beauty division generated quarterly revenue of CHF 956 million (approx. RMB 782.5 million) and total revenue of CHF 2.782 billion (approx. RMB 2.276 billion) for the first nine months—a 15.6% increase at constant exchange rates. DSM-Firmenich recorded Q3 2024 revenue of €3.244 billion (approx. RMB 2.494 billion), up 7% year-on-year; its first-nine-months revenue totaled €9.542 billion (approx. RMB 7.334 billion), up 4% year-on-year. Within this, its Fragrance & Beauty business achieved Q3 revenue of €991 million (approx. RMB 761.7 million), up 8% year-on-year, and cumulative revenue of €2.988 billion (approx. RMB 2.296 billion) for the first nine months. Symrise posted organic sales growth of 11.1% for the first nine months of 2024, with group revenue rising to €3.824 billion (approx. RMB 2.937 billion). Its Scent & Care division achieved organic sales growth of 12.2% for the first nine months and 8.4% for Q3, generating revenue of €1.475 billion (approx. RMB 1.133 billion) over the first nine months. IFF reported Q3 net sales of USD 2.925 billion (approx. RMB 2.096 billion), up 4% year-on-year; its total revenue for the first nine months stood at approx. USD 8.7 billion (approx. RMB 6.223 billion). Its Fragrance division generated Q3 sales of USD 613 million (approx. RMB 438.5 million), with currency-neutral comparable sales growth of 10%; its total sales for the first nine months reached USD 1.861 billion (approx. RMB 1.332 billion). 2. Successful IPOs! Domestic enterprises ride the wave of listings. With clear performance gains among international flavor and fragrance companies, Chinese firms in the same sector are also gaining momentum, signaling robust development. On September 13, Anhui Traditional Chinese Medicine Flavor & Fragrance Co., Ltd. (hereinafter “TCM Flavor & Fragrance”) successfully rang the bell on the Beijing Stock Exchange—marking its official listing [6] and earning the title of “the first flavor-and-fragrance company listed on the BSE.” Its clients include global top-ten flavor-and-fragrance leaders such as Symrise and Givaudan. According to its prospectus, all proceeds raised will be allocated to projects involving cooling agents and fragrance raw materials. In recent years, leading domestic flavor-and-fragrance enterprises have shown heightened enthusiasm for IPOs, with multiple firms either already listed or actively pursuing listing.

Revenue reaches RMB 40 billion in six months—has IFF ‘held steady’?

Recently, International Flavors & Fragrances Inc. (IFF) released its financial results for fiscal Q2 2025 and core financial data for the first half of fiscal 2025. From a financial-performance perspective: 1. Revenue Cumulative revenue for the first six months of fiscal 2025 amounted to USD 5.607 billion (approx. RMB 4.001 billion), down 3.13% year-on-year from USD 5.788 billion. Q2 sales totaled USD 2.764 billion (approx. RMB 1.972 billion), down 4% year-on-year—but grew 3% on a currency-adjusted basis. 2. Profitability Cumulative net loss for the first six months of fiscal 2025 was USD 405 million, compared to net income of USD 233 million in the same period last year. Pre-tax profit for Q2 stood at USD 534 million; adjusted EBITDA was USD 552 million (approx. RMB 3.939 billion), with currency-adjusted adjusted EBITDA up 6% year-on-year. This loss may stem from costs associated with business divestitures, rising operational expenses, or underperformance in certain business segments. International Flavors & Fragrances Inc. (IFF) is a global leader in flavors, fragrances, and functional ingredients, delivering sensory experiences and nutritional-health solutions to industries including food, beverages, personal care, home care, and pharmaceuticals. Founded in 1889 in the Netherlands by Josef Polak and Leopold Schwarz as Pollak & Schwarz—a producer of fruit flavors and essential oils—the company soon became Europe’s leading flavor manufacturer. In the early years of WWII, it merged with U.S.-based Van Ameringen-Haebler, Inc., a firm specializing in perfumery. In 1958, the two entities completed a full global merger, forming International Flavors & Fragrances (IFF). By business segment: ① Taste Segment Q2 revenue reached USD 631 million, with broad-based growth across all regions. Adjusted EBITDA stood at USD 125 million; Q2 adjusted operating EBITDA margin was 19.8%. On a comparable basis, currency-neutral adjusted operating EBITDA rose 3% year-on-year.

Ancora Advisors LLC Increases Stake in International Flavors & Fragrances Inc.

Sep 1, 2026

Ancora Advisors LLC increased its stake in International Flavors & Fragrances by 245.5% to $14 million. IFF missed earnings estimates but maintained dividends and approved a $2.5 billion buyback program.

MarketBeat

2026-04-07

BNP Paribas Exane Lowers Price Target for International Flavors & Fragrances (NYSE:IFF)

2026-04-07

International Flavors & Fragrances Inc. Stock Underperforms on Tuesday

2026-04-08

International Flavors & Fragrances Inc. Given Consensus Recommendation of "Moderate Buy" by Analysts

2026-04-09

OFI Invest Asset Management Reduces Stake in International Flavors & Fragrances

2026-04-10

Douglas Lane & Associates LLC Sells 39,607 Shares of International Flavors & Fragrances Inc.