International Flavors & Fragrances makes flavor and fragrance ingredients used by food, beverage and personal care companies to create the taste and scent characteristics of their products. Its flavor ingredients are used by food and beverage manufacturers to develop the specific taste profiles of packaged foods, snacks and drinks, while its fragrance ingredients go into perfumes, personal care products and household cleaning items. IFF's business relies on close collaboration with consumer product manufacturers, who work with IFF's flavor and fragrance chemists to develop customized ingredient formulations for their specific products, creating long-term customer relationships built around this collaborative product development process. The company's revenue is tied to overall consumer packaged goods manufacturing volumes across food, beverage and personal care categories, giving it exposure to broader consumer spending trends in these product categories.