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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:
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Givaudan SA, Firmenich SA, Geroma do Brasil, Frutarom Industries Ltd., Giannone & Cia. Ltda., MANE Colombia, Sabores y Fragancias S.A., and Mane SA 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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