Geneva-based Givaudan, the world's biggest flavors and fragrances company, tells CNBC that 2012 has been "a very good year, especially in developing markets, which are growing at 14 percent."
Givaudan's CEO Gilles Andrier said this compensates some of the weakness the firm is seeing in Western Europe and partially in the U.S..
Givaudan,which has a 25 percent market share in the global flavors and fragrances sector, benefits from the increasing shift towards outsourcing of flavor ingredients by multinationals like Nestle, Unilever and Procter & Gamble.
Investors like the company's defensive nature, which makes it less dependent on the swings in global consumer demand.
"Our business is defensive by nature, we produce ingredients for a wide variety of products, such as basic soap in emerging markets like Africa and China, but also snacks or instant noodles in Asia and our products go all the way into fine fragrances," CEO Andrier told CNBC. "Our business is defensive because we are dealing with day to day needs."
Fine fragrances, which are used to make luxury perfumes for the likes of Prada and Dior, only make up 9% of the company's overall sales. In the first 9 months of 2012, fine fragrances saw a strong erosion in Europe and North America, which offset growth in Latin America.