The new report by Expert Market Research titled, ‘Latin America Flavours Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Latin America flavours market, assessing the market supported its segments like flavouring agents, application, end-user and major regions. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size: USD 2379.4 million
• Forecast CAGR (2022-2027): 7.8%
• Forecast Market Size: USD 3733.3 million
Geographically, Peru is predicted to develop significantly throughout the forecast period, for reasons such as rising consumer desire for unique flavours, particularly among the young and gen Z population, growing globalisation, and shifting customer tastes. Furthermore, as customers become more health-conscious, demand for healthier food products that are made with natural ingredients and have fewer synthetic flavourings is increasing. As a result, the region’s manufacturers are concentrating on developing flavours derived from natural sources. Furthermore, Peru’s expanding middle-class population is predicted to boost the country’s flavours sector, assisting the Latin American flavours industry throughout the projection period.
A large number of consumers have developed an interest in buying clean label products, which allow for a greater variety of naturally produced components, hence driving up demand for natural food flavours. Manufacturers are gradually transitioning away from artificial flavourings and toward natural components in order to meet the growing demand for natural flavours. One of the main elements fueling demand for natural flavour blends is the continued desire in dishes with exotic or ethnic flavours. Artificial flavourings such as benzophenone, ethyl acrylate, pyridine, and styrene have been found as carcinogens in recent years, and as a result, natural flavourings are being replaced across the global market.
Industry Definition and Major Segments
Flavour is the sensory impression of food that the chemical senses of taste and smell may detect. Natural or artificial flavours can be used to change the taste of food, affecting these senses. Flavourings can be made by either synthesising novel compounds to stimulate the taste buds or extracting aromatic compounds from nature.
The Latin America flavours industry can be categorized on the basis of flavouring agent, form and application.
On the basis of flavouring agent:
• Nature Identical Flavouring Substance
• Artificial Flavouring Substance
• Natural Flavours
On the basis of form:
On the basis of application:
• Bakery and Confectionary Products
• Dairy and Frozen Desserts
• Savouries and Snacks
Based on region, the Latin America flavours industry can be segmented into Brazil, Peru, Mexico and Argentina.
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The Latin American flavours business has seen significant growth in recent years as a result of increased mergers and acquisitions by major market players focused on expanding their footprint in the region by offering creative and sustainable flavouring choices. Furthermore, increased consumer health consciousness is boosting demand for healthier food products that are made with natural ingredients and have fewer synthetic flavourings. Furthermore, increased disposable incomes, the launch of various unique flavours, and higher living standards are likely to contribute significantly to the market’s growth over the forecast period.
Consumers are also rapidly inclined towards convenience food products, such as instant soups, sauces, noodles, baked goods, and other ready meals, due to their instant nature, i.e. reduced preparation time and easier handling, as a result of the current generation’s fast-paced lifestyle. Despite the demand for comfort meals, however, consumers are wary of sacrificing flavour. Younger age groups, in particular, are the key consumer base, always eager to learn about new culinary traditions in order to satisfy their palates. Furthermore, RTE items like instant noodles, ice cream, and soups are among the most sensitive food categories to flavour experimentation.
Key Market Players
The major players within the market are Givaudan SA, International Flavors Fragrances Inc., Bell Flavors Fragrances, Inc., Kerry Group, Tulip Aromatics de México SA de CV, Quimtia and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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