Where will the growth come from now with so much of Asia in economic turmoil?
Chemical companies supplying the cosmetics and personal care sector have for years talked about how the rapidly emerging markets of Asia would guarantee sales growth into the next century and justify investment in new plant and equipment. Now it seems they may have overestimated the Asian market, and 1998 looks set to be a tough year. The key customers for manufacturers of fragrance and soap ingredients include luxury perfume makers, the wider cosmetics industry, and international and large national manufacturers of consumer goods. Often these are among the first sectors to be hit when economies experience a downturn, like most nations in Asia in the latter part of 1997 and into 1998. European and North American companies, including Roche and Firmenich of Switzerland and International Flavors and Fragrances (IFF) of the US, are fairly dominant in this market, and have been quick to establish production facilities across Asia. A key player is IFF of New York which has fragrance ingredie
