Industry-leading sales growth in 2023 driven by Iberchem’s distinctive positioning in fast-growing markets

Croda’s Fragrances and Flavours (F&F) business, comprising global fragrance company Iberchem, fragrance house Parfex, and Scentium for Flavours, today announced yet another year of strong double-digit growth. Sales exceeded €290m for the first time, growing by 17%, or by 18% in constant currency, and surpassing industry average growth rates.

Strong delivery in 2023 was driven by Iberchem’s leading position in key markets such as Asia, Middle East and Africa, as well as captured sales and operational synergies with Croda, and with Parfex which was acquired in 2021. Sales accelerated in the second half of 2023 thanks to a marked focus on high-growth sectors and best-in-class service to customers.

“2023 was a fantastic year for us,” said José Balibrea, VP Fragrances and Flavours at Croda and Managing Director of Iberchem. “Sales were up in all product categories and all established regions, driven by our key entrepreneurial values of agility and customer intimacy. Looking to 2024, I am confident that we will deliver another solid performance above industry average growth.”

Sandra Breene, President Consumer Care at Croda said: “Our F&F business was a standout performer in 2023, with recent acquisitions increasingly supported by Croda’s unique culture built on innovation and customer intimacy. It delivered excellent results and is in a great position to keep creating long-term value for our stakeholders.”

A set of key expansion projects are in the pipeline for the business. After inaugurating a new creative centre in Jakarta at the end of last year, further innovation investment includes a new creative centre in Dubai, and two new laboratories at its fragrance head office in Murcia, Spain. Production capacity is also being increased at Scentium in Spain, Parfex in France, and Iberchem in Colombia and China.