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Latin America Flavours and Fragrances Market to be Aided by the Global Market Growth at a CAGR of 5.2% between 2022 and 2027

According to a new report by EMR titled, ‘Latin America Flavours and Fragrances Market Report and Forecast 2022-2027’, the Latin America flavours and fragrances market attained nearly USD 3.15 billion in 2021. The Latin America market growth is expected to be aided by the global flavours and fragrances market. The global market is projected to grow at a CAGR of 5.2% between 2022-2027.

With the global flavours and fragrances market expected to witness a faster growth in emerging economies as compared to mature markets like North America and Western Europe during the forecast period, the Latin America flavours and fragrances market is expected to witness a healthy growth in the coming years. The regional market is dominated by markets like Brazil and Argentina. Brazil, which is the largest economy in the region, accounts for 40% of the regional flavours and fragrances market. The LATAM flavours and fragrances market is being aided by the expansion of global players into the region’s major markets. Frutarom Industries Ltd., which was acquired by International Flavors & Fragrances Inc. (NYSE:IFF) in April 2018, bought 51% of the shares of the Brazil-based savoury solutions producer, Bremil Indústria Ltda. in May 2018.

Firmenich, another leading player in the LATAM flavours and fragrances market, launched a sustainable and eco-friendly line of fragrances early this year in response to its global consumer demand for sustainably sourced products. In response to Brazilian millennial consumers demanding biodegradable home care product, Firmenich launched its ‘Spa & Citrus’ fragrance, which is 100% biodegradable. Brazil, with a robustly growing personal care and beauty and food and beverage segments, presents an opportunity for growth for the major players in the flavours and fragrances market. In 2017, Firmenich inaugurated an encapsulated flavours manufacturing unit in Sao Paulo, Brazil. The encapsulated flavours target citrus and tropical flavours which are popular in the LATAM region, like mango and passionfruit.

Market Analysis by Types, Forms, Flavouring Agents, Applications, and Regions:

  • Flavours and fragrances are available in synthetic and natural types.
  • Natural fragrances can be further divided into flowers, fruits, musk, wood, and spice, among others.
  • By forms, the flavours can be bifurcated into liquid and dry.
  • The types of flavouring agents commonly available in the market are nature identical flavouring substance, artificial flavouring substance, and natural flavour.
  • Beverage, bakery and confectionery products, dairy and frozen desserts, and savouries and snacks, among others, are the major application segments of flavours while soap and detergents, cosmetics and toiletries, fine fragrances, and household cleaners and air fresheners, among others are the common application segments of fragrances.

Key Findings of the Report:

  • The flavours and fragrances market in LATAM is being aided by the region’s recovering economy, rising middle class, and increasing urbanisation.
  • The robust cosmetics and food and beverages industries in LATAM countries like Argentina and Brazil is expected further aid the flavours and fragrances market.
  • The market is also being driven by the growing hygiene consciousness among the people leading to a higher consumption of detergents and soaps.
  • The rising demand for healthier food and beverages along with growing consumption of processed foods is aiding the growth of the flavours segment of the market.

Key Offerings of the Report:

  • The EMR report provides a detailed overview of the segments and regional historical (2017-2021) and forecasted (2022-2027) markets for flavours and fragrances, globally.
  • The report gives an in-depth insight into the LATAM flavours and fragrances market for the periods (2017-2021) and (2022-2027), covering their segments, types, and regional markets.
  • It also offers market information for the flavouring agents, forms, and applications of flavours for the historical (2017-2021) and future (2022-2027) periods.
  • It covers the market for fragrances, as well, for the periods (2017-2021) and (2022-2027), looking into their types and applications.

Givaudan SA, Firmenich SA, Geroma Do Brasil Industria E Comercio Ltda, Frutarom Industries Ltd., Giannone & Cia. Ltda.,are the key players in the LATAM flavours and fragrances market as identified by the report by EMR. The comprehensive report gives a detailed insight into the latest market share, capacity, investments, mergers and acquisitions, capacity expansions, and plant turnarounds of these key players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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