Latin America Flavours Market to Grow at a CAGR of 7.8% During 2024-2032, Driven by the Increasing Demand for Processed Food

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.

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Market Analysis by Flavouring Agent, Form, Application, and Country:

• The market, on the basis of flavouring agents, can be divided into natural identical flavouring substances, artificial flavouring substances, and natural flavours.

• Based on form, the industry can be divided into liquid and dry.

• On the basis of application, the market can be segmented into beverage, bakery and confectionary products, dairy and frozen desserts, savouries and snacks, among others.

• The countries for Latin America flavours include Brazil, Argentina, Mexico, and Peru, among others.

Key Findings of the Report:

• The Latin American flavours industry is driven by the increase in demand for processed food and beverages.

• The market is receiving a further impetus with the increase in the purchasing power of consumers.

• The extensive advancements in natural flavouring and extracting agents is expected to further propel the market growth.

• The rising research and development activities have significantly contributed to the market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the Latin America flavours industry for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the flavouring agents, forms, applications, and regions of Latin American flavours.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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