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Peru Flavours Market is Being Supported by the Growth of the Latin America Flavours Market, Which is Aided by the Increased Globalisation and Changing Consumer Preferences

According to a new report by EMR titled, ‘Peru Flavours Market Report and Forecast 2022-2027’, the market is aided by the growth of Latin America flavours market, which attained a value of nearly USD 2,379.4 million in 2021. The Latin America flavours market is expected to grow at a CAGR of 7.8% between 2022 and 2027 to reach about USD 3,733.3 million by 2027.

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:

  • The market is divided based on flavouring agent into nature identical flavouring substance, artificial flavouring substance, and natural flavours.
  • Based on form, the market can be distributed into liquid and dry.
  • On the basis of application, the industry is segregated into beverages, bakery and confectionery products, dairy and frozen desserts, and savouries and snacks, among others.

Key Findings of the Report:

  • The Peru flavours industry is being driven by the heightened globalisation and changing consumer preferences.
  • The improved living standards, changing lifestyles, and rising consumer disposable incomes have significantly contributed to the market expansion.
  • The increased demand for innovative flavour options, especially among the young population, is also aiding the industry growth.
  • The rising investments in the food and beverage industry are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the flavours market in Peru for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the flavouring agents, forms, applications, and regions of flavours.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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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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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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