Increased sales in developing markets for its flavour division have helped flavour and fragrance giant Givaudan to sustained growth above the market average for the first nine months of 2013.
The Swiss-based firm revealed a 5.4% increase in sales across its flavours division, with global sales hitting €1.4 billion (CHF 1.7bn) on the back of increased success in developing markets - particularly across all Asia Pacific markets.
Total sales for the all divisions of the company hit €2.7bn (CHF 3.3bn) in the first nine months of this year - a like-for-like increase of 5% over last year, said Givaudan.
"All segments expanded globally with strong performances in Beverage, Dairy, Savoury, Snacks and Sweet Goods," said Givaudan in a statement. "Health and Wellness continued to evolve globally with significant double-digit gains in the salt, sweetness and bitterness masking capabilities of the TasteSolutions portfolio."
"Givaudan continues to demonstrate strong business momentum with a full project pipeline and win rates sustained at a high level," said the Swiss firm.
The flavour and fragrance company reiterated its mid-term objective to grow its business organically between 4.5% and 5.5% per annum, "assuming a market growth of 2-3%, and to continue on the path of market share gains."
"Givaudan expects to outgrow the underlying market and to continue to achieve its industry-leading EBITDA margin while improving its annual free cash flow to between 14% and 16% of sales by 2015," it said.
Increased demand from existing customers, coupled with new business in the area, led to 7% sales growth in the Asia Pacific region - with beverages, dairy, savoury and snack units all delivering 'strong growth'. The developing markets of China, Indonesia and India delivered strong growth with increases in beverage, sweet goods, savoury and snacks, said the firm. While the mature market of Japan was marginally above last year with growth seen in beverage and savoury offset by lower non-food segment sales.
Givaudan said noted that the mature markets of Western Europe and North America contributed to 4.9% growth within the EMEA, while the developing markets of Russia and Africa also played a role in driving growth. In Western Europe, increased sales led by the markets of Great Britain, Italy and Spain, also contributed to growth, it added.
"All segments provided good year over year growth with beverage, savoury, snacks and sweet goods delivering the growth."
Sales also increased across the Americas with the Latin America region offering up 7.9% on a like-for-like basis, and North America growth hitting 3.3% over 2012 figures.