In 2024, Givaudan recorded outstanding financial performance driven by a high level of volume-related sales growth across all markets, segments, and customer groups. The company has maintained its focus on a core strategy of growing with customers through personalized, high value-added solutions, and this approach has allowed it to thrive in a dynamic market environment.
At the end of 2024, Givaudan had:
At the end of 2024, Givaudan had:
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In 2024, Givaudan recorded outstanding financial performance driven by a high level of volume-related sales growth across all markets, segments, and customer groups. The company has maintained its focus on a core strategy of growing with customers through personalized, high value-added solutions, and this approach has allowed it to thrive in a dynamic market environment.
Now in the fourth year of its five-year strategic cycle, Givaudan is “fully on track with the 2025 strategy,” CEO Gilles Andrier said. “I have continued confidence in our portfolio and the broad range of capabilities that we have to support the growth of our customers.”
Indeed, Givaudan is “highly likely” to exceed the upper end of its average five-year sales growth target of 4-5% on a like-for-like (LFL) basis for the period 2021-2025, Andrier said.
Givaudan
Geneva, Switzerland
2024 Sales: CHF 7.4 billion
Sales Performance
Full year group sales were CHF 7,412 million, an increase of 12.3% on a LFL basis compared to 2023. Givaudan achieved robust growth across product segments and
Gilles Andrier, chief executive officer, GivaudanCourtesy of Givaudan
Fragrance & Beauty’s 2024 sales were CHF 3,660 million, an increase of 14.1% LFL, against a comparable growth of 7.6% LFL in 2023. Among the business units, Fine Fragrance sales increased by 18.4% LFL, Consumer Products sales increased by 13.5% LFL and Fragrance Ingredients and Active Beauty delivered growth of 11.1% LFL. The company achieved excellent performance across all business and customer groups, with exceptional performance among local and regional customers.
“This strong growth was driven by fundamental factors including continuing strength in Fine Fragrances, a focus from our customers on innovation and a higher investment in scent to create consumer differentiating products,” CEO Gilles Andrier said. “These industry leading results once again confirm our unique position.”
At the end of 2024, Givaudan had:
- Over 16,900 employees
- 162 locations in more than 50 countries
- 62 creation and research centers
Progress on ESG Targets
Givaudan’s dedication to becoming climate positive, fostering inclusion, increasing diverse perspectives in the workplace, and protecting both the people and the environment in its supply chains has led to accelerated progress towards longer-term ambitions in these areas. Clear, measurable targets, fully aligned with the group’s purpose of “creating for happier, healthier lives with love for nature” and integrated into the 2025 strategy, demonstrate Givaudan’s commitment to growing the business in a sustainable way.
In 2024, the company reduced scope 1+2 emissions by 48% compared with the 2015 baseline and by 8% compared to 2023, advancing Givaudan’s Nature ambition and target to be climate positive before 2050. Givaudan also met its 2025 target of converting its entire electricity supply to fully renewable sources already last year.
In 2024, the Group continued to progress on people-related targets in diversity and inclusion, increasing the number of women in senior leadership positions to 32%. Finally, Givaudan is advancing towards its goal of sourcing all materials and services responsibly by 2030, advancing its Communities ambition: in 2024, 85% of its naturals portfolio was sourced responsibly, up from 76% in 2023.
Growth in Beauty
Maurizio Volpi, President Fragrance & Beauty, points to a combination of market growth and a substantial increase in market share in explaining the unit’s success. One
Maurizio Volpi, president, Fragrance & Beauty, GivaudanCourtesy of Givaudan
“This new cohort of consumers from Gen Alpha and Gen Z are, to everyone’s surprise, attracted by perfumes and fine fragrances,” Volpi said. “They are interested in discovering new scents, and in spending their weekend afternoons exploring and smelling things in shops. There is increasing interest in expressing oneself with perfumes, especially among the younger generations.”
Growth throughout the South Asia, Middle East and African (SAMEA) region is another important trend, Volpi said, underlining both market growth and an increase in market share. The company has added CHF 100 million in sales just with Fine Fragrances in the SAMEA region over the last three years. “This signals the emergence of new companies and entrepreneurs going into perfumes and beauty,” Volpi said. “It is a trend that has developed over the last three to four years.”
Finally, the company has seen an increase in the number of briefs won, particularly in Fine Fragrances and Consumer Products, which explains a gain in market share.
Business Accomplishments in 2024
Key milestones of 2024 included the 10-year anniversary of the company’s Active Beauty business. In 2014, Givaudan took the bold step of entering the active cosmetic ingredients business and beauty biotechnology with the acquisition of Soliance in Pomacle, France. Now, according to a recent Kline study, Givaudan is the number one biotech company for high precision beauty thanks to its Active Beauty sites.
Givaudan has steadily grown its biotech industrial site, making significant investments and expanding the cosmetic actives portfolio with acquisitions. With the acquisition of b.kolormakeup & skincare in July 2024, the company is entering the make-up category, further expanding its portfolio and enhancing its ability to deliver innovative solutions.
“I want to emphasize the remarkable success we’ve achieved in growing the active beauty business over the last decade,” Volpi said. “We grew it from 0 to over 200 million Swiss francs in sales, and now, with the addition of b.kolormakeup & skincare we are expanding growth opportunities into the beauty space and further enhancing balances and natural hedges within our portfolio.”
In 2024, the company introduced innovative products addressing a range of customer needs. One example is Givaudan Active Beauty’s launch of PrimalHyal™ 50 Life, a groundbreaking low molecular weight hyaluronic acid significantly enhancing sustainability. Using strain engineering and precision fermentation, its production is associated with a 92% reduction in greenhouse gas emissions, while offering potent skincare benefits like deep skin penetration and enhanced hydration.
Another example is Bloomful SplashTM, an innovation that allows perfumers to define and measure the bloom effect of water-diluted products during key moments that customers seek and expect. The groundbreaking innovation in fragrance technology enhances the sensory experience of water-diluted products by highlighting how fragrance unfolds and develops when mixed with water and has many applications in home and personal care.
As part of its strategy to increase its competitive advantage in Latin America, Givaudan inaugurated an expanded production facility at its Pedro Escobedo, Mexico site. This investment underscores Givaudan’s commitment to enhancing its encapsulation technologies and effectively doubles production capacity.
Givaudan continues to leverage new technologies, advancing, for example, its digital solutions with Givaudanperfume.id, an e-commerce solution. The company developed this new digital platform for global reach and is piloting it in the Indonesian fragrance market. As an online self-service platform, it enables Givaudan to serve local customers and cater to more fragmented markets. The platform empowers local entrepreneurs to craft their own fragrances, giving them the tools they need to explore the world of scent creation.
At the end of 2024, Givaudan had:
- A procurement spend of over CHF 4 bn
- Over 2,800 raw material suppliers in more than 100 countries
- 15,400 additional global partners supplying indirect materials and services
Co-creation opportunities expanding
Collaboration with customers helps Givaudan develop tailored strategies that capitalize on opportunities in established markets and extend leadership in high-growth areas. This approach enables Givaudan to stay ahead of scientific progress, anticipate imminent market shifts, and adapt to trends in product development.
The 2024 opening of L’Appartement 125, a new dedicated Fine Fragrance Creative Center in Shanghai, China, will both support Chinese brands and nurture other customers by providing insights into the latest trends in the Chinese market, including the rising demand for personalized and highly premium fragrances. The center will host workshops, training sessions, and fragrance exhibitions, further solidifying Givaudan’s role as a thought leader in the industry. By engaging with local talent and fostering innovation, Givaudan aims to create a vibrant community of fragrance creators.
“We take pride in the incredible talent and determination that characterizes our team,” Volpi said. “Our ability to innovate, push the boundaries, and work towards a common goal is the foundation of our success. Looking ahead, I’m confident that our drive and spirit of collaboration will allow us to overcome any challenges in 2025, and propel us to even greater achievements.”
