The supplier of chemicals for the cosmetics and fragrance sector is targeting a sales increase in 2023. Symrise closed the past year with significant sales growth in all its divisions and business areas.
The German group generated sales of €4.73 billion in fiscal year 2023, an increase of 2.4%. Symrise's CEO admits the company's strength in the face of the uncertainty and geopolitical crises of the past year leads them to estimate optimistic results for 2024.
Although sales declined slightly in North America, this is not something that has been extrapolated to other regions, as Europe, Africa and the Middle East have seen significant growth, and in the case of Asia Pacific there has been an organic increase in sales of 4% compared to last year.
The Scent & Care division, the equivalent of the beauty, perfumery and personal care sector, generated sales of €1,752 million in 2023, 2.7% more than in 2022. The fragrances division also saw its sales increase by single digits. The Fine Fragrance business, on the other hand, developed double-digit growth after the strong increase also in the previous year. In particular, North America, Latin America and EAME were the regions that led this growth. Oral Care also grew organically, albeit at a lower rate. On the other hand, sales in the Aroma Molecules division were down and were mainly affected by the shutdown of Colonel Island, the company's production site that was affected by a serious fire at the end of 2022.
Symrise also reported an increase in sales in its Cosmetic Ingredients division and described the performance of this segment as very positive, with double-digit organic percentage growth. Sun Care and Micro Protection were the two sections of the business that drove this increase.
As for the coming year, Symrise expects to continue to grow at a faster rate than the market and expects to grow at a faster rate than the market.