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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:
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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.
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