Euromonitor valued the global fragrance market at USD23.7bn in 2011, growing by 10.9% year on year. The number of newer launches has been growing extremely quickly, according to Fragrances of the World® 2012 and reached 1,200 globally in 2011. Many latest fragrance launches are niche brands, flankers and limited editions. The trend for niche brands has evolved as a backlash to the commoditization of fragrances and explosion of celebrity perfumes. The manufacturers of perfume, including Givaudan and Firminich, are adopting sustainable and ethical practices within a framework of strong environmental policies. Givaudan’s Innovative Naturals programme invests in the sustainable sourcing of raw materials and discovery of novel natural fragrance ingredients. Firminich opened its novel Natural Ingredient Innovation Centre in France, as part of its focus on sustainability. The market for natural fragrances is fairly small, but is likely to grow, reflecting consumer demand for natural products.