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The Latin American flavours industry is being driven by the growing consumer inclination towards organic and clean-label ingredients. Emerging markets and increase in spending power of consumers, changing patterns of food consumption, the rising habit of consuming fast-food items, and extensive advancements in the natural flavouring and extracting agents are also contributing positively to the growth of the market. The rising demand for processed food and beverages with growth in disposable incomes, growing demand for unique flavours in various food applications, and rise in popularity of exotic flavours are likely to aid the market. The fast-paced lifestyle and increase in the working women population are likely to be another key trend bolstering the market growth in the forecast period. The rising inclination towards various processed foods and beverages among consumers globally and application of natural flavours which helps to retain the ethnicity of the food products is expected to drive the market in the forecast period. Moreover, the rapid research and development activities and increasing investments by the key players is anticipated to significantly contribute to the market growth.
In March 2020, International Flavors and Fragrances (NYSE: IFF), a leading global creator of taste, scent, and nutrition for consumer products, entered a new collaboration agreement with Evolva, the Swiss biotech company, to further expand the commercialisation of vanillin. Vanilla is a complex blend of fragrance and flavour ingredients extracted from the seed pods of the vanilla orchid. Vanillin is the most important ingredient in this blend. Under the terms of the new agreement, Evolva will be responsible for further developing vanillin, and IFF will expand the commercialisation of the product.
Market Analysis by Flavouring Agent, Form, Application, and Country:
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The major players in the Latin American flavours industry are Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Kerry Group, Tulip Aromatics de México SA de CV, and Quimtia, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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