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Mexico Flavours Market to Grow at a CAGR of 7.7% During 2021-2026, Aided by the Rising Demand for Convenience Food

According to a new report by EMR titled, ‘Mexico Flavours Market Report and Forecast 2021-2026’, the market attained a value of about USD 652.7 million in 2020.The industry is further expected to grow at a CAGR of 7.7% in the forecast period of 2021-2026.

The flavours industry in Mexico is being driven by the growing use of convenience food owing to the hectic lifestyles of the young population. The trend of combination flavour, which can meet the demand for consumer’s evolving tastes, is expected to aid the market growth. This is also increasing innovations in hybrid flavours to deliver new sensory experiences to consumers.  The reimagination of traditional flavours in exotic food products is also anticipated to accelerate the market growth. The expansion of food service in the country is increasing consumers’ awareness regarding various flavours. It is also enabling consumers to experience such flavours in their homes, which is further boosting the growth of the flavours industry. In addition, the development of innovative hybrid flavours to meet evolving consumer demands is anticipated to fuel the market growth for flavours in Mexico.

Givaudan SA (SWX: GIVN), one of the leading players in the market, launched FlavorFinders to consider consumers’ taste preferences in product design in March 2021.  The platform aims to eliminate the gap between consumers’ tastes and product offering. The product was built from a variety of consumer studies in conjunction with market intelligence firm Bellomy. The platform zeroes in on the kinds of tastes and flavours consumers are interested in based on individual tasting profiles. It can prevent risky profile launches as well as boost confidence in a new flavour combination that will attract a larger segment of eaters. It identifies four distinct consumer groups that would resonate with the right consumers. The development of such products is expected to resonate with consumers’ tastes and propel the market growth.

Market Analysis by Flavouring Agent, Form, and Application:

  • The market, on the basis of flavouring agent, can be divided into nature identical flavouring substance, artificial flavouring substance, and natural flavours.
  • Based on form, the industry can be divided into liquid and dry.
  • The applications of flavours include beverage, bakery and confectionery products, dairy and frozen desserts, and savouries and snacks, among others.

Key Findings of the Report:

  • The rising demand for convenience and processed food products with distinctive and enhanced flavours is aiding the market growth.
  • The flavour industry in Mexico is being driven by the growing incorporation of various fruits and natural flavours in various food and beverages products.
  • The expansion of food chains and outlets as well as the advent of quick-service restaurants is increasing the demand for flavours, hence propelling the market growth.
  • The growing demand for exotic food cuisines is invigorating the market growth for flavours in Mexico.

Key Offerings of the Report:

  • The EMR report gives an overview of the Mexico flavours market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the flavouring agents, forms, and applications of flavours in Mexico.
  • 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 Mexico market for flavours are Givaudan SA, Kerry Group, International Flavors & Fragrances Inc., Wild Flavours (ADM), and Tulip Aromatics de México SA de CV, 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.

About Us:

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.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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