No appetite for big consumer goods? Try their suppliers

By Martinne Geller LONDON (Reuters) – 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. Scent and flavor makers such as Symrise , Givaudan and International Flavors & Fragrances , and food ingredient names like Glanbia and Kerry Group are attractive, analysts say, because they're more resistant to weak consumer spending and benefit from health and wellness trends forcing so many brands to modify their products. They upgraded Germany's Symrise to "buy" and Switzerland's Givaudan to "hold". 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.