Givaudan

Givaudan dominates the $30B flavors and fragrances industry through a moat competitors can't replicate: 12,000+ proprietary formulations and multi-decade customer relationships. Founded in 1895, the company creates the tastes and smells for most global consumer products - from Coca-Cola to Tide detergent - without ever appearing on labels. This B2B invisibility creates pricing power: consumers recognize brands, not ingredient suppliers, so Givaudan captures value without consumer price sensitivity. The company's 4,000+ flavorists and perfumers represent specialized human capital requiring decades to train, creating high switching costs for customers. Givaudan's 25%+ EBITDA margins prove that in sensory industries, combining art (perfumer talent) and science (analytical chemistry) creates defensibility that pure manufacturing can't match.