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The Value of Fragrance

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The Value of Fragrance The value of fragrance A socio-economic contribution study for the global fragrance industry June 2019 A PwC publication prepared for The International Fragrance Association Foreword Everyone who uses scented products skills, education and community knows the enjoyment fragrance brings to development – but what is the positive their lives – whether it be from a memory- impact? We know that socio-economic evoking perfume, fresh-smelling laundry, or value is added at every stage of the value the clean feeling provided by a shower gel. chain – but how much? Since early civilisation fragrance has triggered a range of valuable emotions: This report provides the answers to these bringing joy, relaxation or a sense of questions and demonstrates that the value escape; boosting self-esteem; allowing us of fragrance is considerable and has all to show our individuality and personality. material leverage. The fragrance industry may be small, but it makes a big impression. We know the value of these feelings to be The data in this report shows how this Martina Bianchini significant – although it is immeasurable high-value industry can thrive and have a President and individual. We can, however, attempt positive impact on neighbouring sectors. This The International Fragrance Association to calculate the value of fragrance in other ways. This socio-economic analysis, positive impact does not happen by accident. prepared by PwC, aims to make the value It is the fruit of innovation, creativity and of fragrance tangible by studying the good business stewardship, all underpinned contribution of our industry in terms of jobs with the right policies and regulation. and value created. Now, with this socio-economic analysis, The report maps out the fragrance ‘value we look to engage in a much richer chain’ for the first time. The fragrance value dialogue with policymakers, regulators and chain is wide-ranging, diverse and complex stakeholders around the world. We seek an – taking us on a long, global journey from environment in which our industry can unique raw materials, to design laboratories continue to grow and play its role as a and manufacturing plants, and on to responsible sector. And we want to retail shelves. continue to share the value of fragrance – the special intangible value and its many We know that the fragrance value chain social and economic benefits – with Michael Carlos supports jobs in laboratories, in farms, in suppliers, manufacturers, retailers and Chair factories and in shops – but how many? consumers around the world. The International Fragrance Association We know that the value chain supports Contents Glossary 2 Executive summary 3 Introduction 6 Scope 10 Approach 13 Findings 19 Conclusions and next steps 26 Glossary Abbreviation Explanation APAC Asia-Pacific CPG Consumer Packaged Goods, in this report also referred to as consumer products EBIT Earnings Before Interest and Tax EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation FTE Full-Time Equivalent: a measure of socio-economic contribution to employment. One FTE is equivalent to one employee working full-time. GDP Gross Domestic Product: a measure of output of all final goods and services produced within a country’s borders in a given year. It includes all private and public consumption, government outlays, investments and exports less imports that occur within a country. GVA Gross Value Added, also referred to as ‘Value Added’: the company-level equivalent of GDP which is made up of a company’s wages and profits. Adding up the GVA of all individual companies in the economy is equivalent to a country’s GDP after adjusting for taxes and subsidies on products, a component of GDP which is not included in the calculation of GVA. IFEAT International Federation of Essential Oils and Aroma Trade IFRA The International Fragrance Association IO table Input-Output table: summarises how the activities of different sectors in an economy relate to each other. The interlinkages are used to quantify a ‘multiplier’ effect on the overall economy of an increase in activity in any one sector. LATAM Latin America R&D Research and Development STEM Science, Technology, Engineering and Maths US United States Description of scope Explanation Downstream customers This refers to manufacturers and retailers of the fine fragrance and consumer products that use fragrances. These are the customers of the fragrance industry and do not include the consumers of the final consumer product. Downstream socio-economic We estimated the Value Added generated by downstream customers and then estimated the proportion contribution of the Value Added derived from the fragrance element of the fine fragrance and consumer products. The proportion was derived from product experts and academic research. Fine fragrance and consumer Our study focussed on 25 product categories across the fine fragrance, personal care (including products cosmetics) and home care/cleaning (including fabric care) markets. These are also referred to as consumer packaged goods (CPG). Fragrance industry The industry encompasses companies that manufacture and blend fragrance ingredients. These companies also conduct research, encapsulation and other supporting activities. Twenty prioritised countries, IFRA comprises 21 national associations representing 23 countries. This study covers 20 countries: the excluding the US and Canada United States, Canada, South Africa and New Zealand are not included; India is added. A separate study is being conducted for the US and Canada. Our data collection from fragrance manufacturers and our downstream market size research focussed on 20 countries, representing the material operations of manufacturers that participated in the data collection. Upstream socio-economic The socio-economic contribution of upstream suppliers was assessed for the fragrance industry’s contribution sourcing locations. Based on data from 14 global and regional fragrance manufacturers, we found that sourcing of naturals, synthetics and indirect materials for their operations in the 20 prioritised countries occurred across 41 countries. We assessed the upstream socio-economic contribution across these 41 countries, one of which is the US. 2 | A socio-economic contribution study for the global fragrance industry | PwC Executive summary Fragrances are unique and complex The International Fragrance Association data to the global industry. We also combinations of natural and synthetic (IFRA) represents the interests of the considered the additional Value Added ingredients that are added to products to fragrance industry worldwide through its generated and the employment supported give them a distinctive smell. Fragrances network of 21 national member through the wages paid to the employees are not only used in perfumes, but also in associations covering 23 countries. IFRA of the manufacturers and their suppliers. many other consumer products, such as commissioned PricewaterhouseCoopers cosmetics, personal care and household (PwC) to assess the socio-economic Using insights from industry experts and cleaning products. They satisfy valued contribution of the fragrance industry’s academic research, we also estimated the emotional needs and solve important entire value chain. Our assessment proportion of Value Added generated by functional problems, such as masking includes an estimate of the Gross Value downstream manufacturers and retailers of bad smells. Added (GVA) (also referred to as ‘Value fine fragrance and consumer products that Added’) and the employment supported can be attributed to the fragrance element Fragrance can be a key driver for consumer (number of jobs, measured in full-time of the products. However, this proposition choice and consumer brands often rely on equivalent (FTE)) for the fragrance industry. is difficult to attribute to the fragrance innovation with fragrances to differentiate industry, as the Value Added generated by their products and drive value. Based on data from 14 international and the downstream companies is a result of regional fragrance manufacturers, we many activities and industries. Therefore, Fragrances are considered to be a estimated the global socio-economic we used a conservative approach and combination of science and creativity. The contribution of the fragrance industry, analysed the importance of fragrances fragrance industry relies on its suppliers to generated by the fragrance manufacturing separately. deliver natural and synthetic raw materials and blending (including R&D and sourced from over 50 countries. It then supporting activities), as well as from its carries out research and development supply chain spend on naturals, synthetics (R&D) and manufacturing activities using a and indirect material. The data from the highly skilled workforce to deliver manufacturers focussed on their fragrances to its downstream customers. operations in 20 countries that are part of These customers are manufacturers and the IFRA membership. We then scaled the retailers of fine fragrance and consumer products. PwC | A socio-economic contribution study for the global fragrance industry | 3 Key findings 1 2 Fragrance is an important link in the Fragrance delivers economic and social economy value The fragrance industry is a central link in a Through activities such as manufacturing, All figures refer to the fragrance fragrance value chain that runs from blending and R&D the fragrance industry industry’s activities globally in ingredient suppliers to consumer product supports
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