Feb 8 - Swiss fragrance and flavour maker Givaudan said it was preparing price hikes to offset a strong rise in raw material prices in 2011 after it met forecasts with a 71 percent rise in full-year net profit.

Creative process behind Givaudan perfume making

Givaudan weathered the economic downturn well thanks to robust demand for its flavourings for chicken or cheese and fragrances to be found in Dior and Prada perfumes but is now facing headwinds from commodity price inflation. "The company expects an overall strong raw material price increase in 2011. Givaudan will work in close collaboration with its customers to make the necessary adaptation of its prices," the group said in a statement on Tuesday.

Full-year net profit at Givaudan, which competes with Germany's Symrise and U.S. International Flavors & Fragrances, rose to 340 million Swiss francs as the company reaped the benefit of the integration of its 2007 buy of Quest International.

Rival Symrise told Reuters Insider in January it expected solid demand in 2011 after seeing a broad-based recovery last year. It will post full-year results on March 9 while IFF results were due on Feb. 10.

(Reporting by Silke Koltrowitz)