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As a slowdown in emerging markets takes the shine off shares in consumer goods makers like Nestle, Unilever, Danone and Procter & Gamble, hungry investors have been sampling more of the companies that supply them.JPMorgan Cazenove estimates the European food ingredients sector on average will see 6 percent earnings growth in 2014, while European food producers will see no growth.Over the past 12 months, the top 25 global consumer staples stocks are still up 7.5 percent on average, but down 3.5 percent in the year to date, according to Reuters data.At Thursday's close Kerry was up 3 percent, IFF 5 percent, Symrise 6 percent and Givaudan 9 percent.For the ingredients makers, those brands are customers.Companies like Natura Cosmeticos from Brazil and Grupo Bimbo from Mexico are just two developing market consumer companies actively expanding into new markets.The average consumer goods maker spends about 8 to 10 percent or more of its sales on advertising and marketing and just 2 percent on research and development.Israel's Frutarom Industries has bought 12 companies since 2011 .
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