Flavours and Fragrances | Market report preview 10.2023
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THE MOST UPDATED FINANCIAL PUBLICATION ON THE WORLD OF CHEMISTRY<br />
MARKET REPORT<br />
FLAVOURS & FRAGRANCES<br />
OCTOBER 2023
WHAT’S<br />
GOING ON<br />
IN THE<br />
MARKET ?<br />
ANETHOLE NATURAL MIN 21°C<br />
Star Anise (Illicium verum), also known as Badian,<br />
is an evergreen tropical tree native to South China<br />
<strong>and</strong> North Vietnam. It thrives in warm subtropical<br />
climates. Star anise is typically harvested in two<br />
seasons: one from June to October <strong>and</strong> the other from<br />
January to April. The autumn crop is considered the<br />
best, with higher yields <strong>and</strong> more flavorful essential<br />
oil. China is the world’s largest producer, followed<br />
by Vietnam. The primary component is Anethol<br />
(approximately 88%). Natural Anethol is produced<br />
through rectification from Star Anise oil.<br />
Due to its antibacterial, antiviral, <strong>and</strong> antifungal<br />
properties, the price of Star anise oil skyrocketed<br />
during the recent COVID-19 p<strong>and</strong>emic. Prices are<br />
now gradually returning to pre-p<strong>and</strong>emic levels.<br />
2
ECONOMIC INSIGHTS<br />
In partnership with USI, Università della Svizzera Italiana<br />
Production bottlenecks during<br />
the economic recovery after the<br />
p<strong>and</strong>emic together with rising energy<br />
prices contributed to an increase in<br />
average price levels. The economic<br />
uncertainties related to the Russian<br />
invasion of Ukraine have exacerbated<br />
the precariousness of a stable recovery<br />
triggering global ripple effects through<br />
commodity markets, trade, financial<br />
flows, <strong>and</strong> displaced people.<br />
In the second quarter of 2023, the<br />
average inflation rate among OECD<br />
countries was 1.39% relative to the<br />
previous quarter, <strong>and</strong> 6.49% relative<br />
to the previous year.<br />
These numbers are on a gradual<br />
decline due to the repeated tightening<br />
of monetary policy by major central<br />
banks, including the European<br />
Central Bank <strong>and</strong> the Federal Reserve.<br />
Switzerl<strong>and</strong> <strong>and</strong> China st<strong>and</strong> out as<br />
(relatively) low inflation-exposed<br />
countries. The OECD economic<br />
outlook expects annual inflation<br />
to decrease sharply in the coming<br />
quarters, following further tightening<br />
measures of the monetary policy by<br />
central banks. According to recent<br />
estimates, inflation will reach 5%<br />
towards the end of the year <strong>and</strong><br />
decrease below 4% until the end of<br />
2024.<br />
10
This is just<br />
a sneak peek...<br />
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> Products trends commented by ECSA experts<br />
> Up to date analysis about the World economic situation<br />
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