AEFAA (Spanish Association of Food Fragrances and Flavourings) has carried out an analysis of the growth of the sector over the last two years, after carrying out an exhaustive review of its associates. The aim of this study is to provide information on the main performance indicators of the companies that form part of the Association.
Turnover and employment data
The 2023 results underline the strength and dynamism of a sector that is growing despite the complexity of the international environment. The increase in turnover and employment reflects a favourable evolution in economic and social terms. The figures show that companies in the sector are managing to balance innovation and growth, which is helping to increase their global market leadership.
- Increased turnover:
The sector has registered an outstanding growth of 26.5% in its total turnover, reaching a turnover of 1,944,897,000 € in 2023. This progress shows the dynamism of the sector and its capacity to adapt and innovate in a competitive and changing environment.
- Increase of employees:
Employment in the sector has also shown a positive evolution, with an increase of 12.4%, which translates into 4,148 workers. This growth is evidence of the sector's commitment to employment generation, even in the face of global economic challenges.
- Breakdown by sub-sector:
- 31% of the growth comes from the food flavourings sub-sector.
- The remaining 69% comes from the fragrances sub-sector, which has seen an increase in share from 65% to 69% in the last two years. This points to a more accelerated momentum in this segment, possibly related to an increase in global demand for fragrances and perfumery.
Comparative growth of the sector F&F with the Spanish GDP
The fragrances and food flavourings sector is positioned as one of the most dynamic in the Spanish economy, with growth rates significantly higher than the national average and the chemical sector. This competitive advantage, coupled with a strategy of internationalisation and sustainability, reinforces its role as a key driver of innovation and employment, raising its prestige at a global level.
In general terms, the fragrances and food flavourings sector has grown well above the Spanish GDP (2.7%).
As for the contribution of the chemical sector, of which AEFAA is a fundamental part, it represents more than 0.13% of the country's total industrial production.
The growth of the associated companies significantly exceeds the average growth of the chemical sector in Spain, estimated at 8.7% in the same period. This exceptional performance is evidence of the outstanding role played by AEFAA members in the consolidation of the chemical sector as a benchmark both nationally and internationally.
Conclusions
Spain is consolidating its position as a strategic centre for the consolidation and expansion of multinational operations, especially in Southern Europe, the Middle East and Africa (EMEA). This sectoral movement is due to the solid infrastructure, qualified talent and institutional support that is making Spain a benchmark for business development in these regions.
The sector shows a significant impact on the national economy, not only generating wealth, but also promoting quality employment.
The associated companies are playing a crucial role in the internationalisation of the sector and in positioning Spain as a global benchmark in food fragrances and flavourings. This success is attributed to their commitment to innovation and sustainability.