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The Peru flavours industry is being driven by the increased globalisation and the changing consumer preferences. This is leading to an increased demand for innovative flavours among the consumers, especially the young population and gen Z population, which is estimated to significantly contribute to the market growth in the forecast period. Moreover, the rising health consciousness among consumers is driving the demand for healthy food products, which are made using natural ingredients and contain fewer synthetic flavourings. This is compelling manufacturers to innovate their portfolio and meet the rising demand, thus, aiding the market growth. Furthermore, the rising disposable incomes and improved living standards are anticipated to propel the market growth in the coming years.
The rising mergers and acquisitions and collaborations among the leading market players to develop innovative and sustainable flavouring options are predicted to augment the market growth in the forecast period. For instance, in February 2021, International Flavors and Fragrance (NYSE: IFF) announced its merger with DuPont’s (NYSE: DD) Nutrition & Biosciences business to expand its end use market for delivering consumer-oriented food and beverages, home and personal care products, and health and wellness products. Moreover, both the companies are expected to attain sustainable growth through their expansive portfolio and innovative research and development capabilities. Such developments are expected to positively impact the growth of the flavours market in the forecast period.
Market Breakup by Flavouring Agent, Form, Application, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the Peru flavours market are Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Innalsa, and Quimtia S.A., 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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