LATAM Flavours and Fragrances Market Key Insights:
The LATAM Flavours and Fragrances market reached a value of almost USD 3 billion in 2018. The market is aided by the growth of the global market. The global market is expected to witness a healthy growth in the forecast period of 2019-2024, growing at a CAGR of 5%.
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The region, which represents just over a tenth of the global industry, is expected to grow faster than mature markets like North America and Western Europe. Currently, the Flavours and Fragrances industry is dominated by Europe and North America with the Asia Pacific emerging as a significant market. Within Europe, the Eastern European countries are projected to witness a more rapid growth in the coming years than the more mature Western Europe. Currently, Germany leads the industry, driven by its thriving food and beverage and beauty sectors. The North American market is led by the US, while in the Asia Pacific, the industry is led by emerging economies like China and India along with mature markets like Japan. The industry, globally, is being driven by the diversification and innovation in the products as well as the growth in their application sectors.
In the LATAM, Brazil is the major player, accounting for over 40% of the market share. Brazil is the largest economy in the LATAM region. With a growing middle-class population and rising urbanisation, the industry in the region is expected to grow due to the consequent change in consumption pattern. In 2017, over 85% of the Brazilian population lived in urban areas with the urbanisation projected to grow at an annual rate of nearly 1%. Argentina, another leading LATAM economy, is the second largest market for flavour and fragrance. The industry in both these LATAM nations is being driven by the change in consumption patterns as defined by the rising middle-class population. The rising applications of flavours and fragrances, despite the relative instability of the economies in the countries, is further aiding the industry growth in these countries as well as the region, as a whole.
Properties and Applications
Flavours are perceived by the tongue and are introduced to products like foods and beverages to augment the taste of the substance. Fragrances, on the other hand, are felt through the olfactory senses and impart a pleasant odour to products.
By the type of flavouring agent, the industry can be divided as nature identical, artificial, and natural flavouring substance. They are found in either liquid or dry forms, with the dry form dominating the global industry. Fragrances, on the other hand, can be bifurcated into synthetic and natural. Natural fragrances can be further subdivided into:
While flavours find their applications in sectors like beverage, dairy and frozen desserts, savouries and snacks, and bakery and confectionery products, among others, fragrances find their uses in sectors like:
The report by EMR also gives an in-depth insight into the regional markets of LATAM like Brazil, Argentina, and others.
The LATAM Flavours and Fragrances market is being driven by the extensive use of the products in their application sectors. The growth in food and beverage, and beauty industries, especially in countries like Argentina and Brazil, is aiding the market growth in the region. Brazil is the largest beauty market in the region, with the industry accounting for 1.8% of the country’s GDP. The industry is aiding the growth of the fragrance sector in particular with increased purchases of deodorant and fragrances. Being a hygiene conscious country, it is aiding the growth of the soaps and detergents application sector of fragrances. Brazilians are also increasingly seeking out natural flavours and fragrances along with premium products like fine fragrances.
In Argentina, consumers are seeking tier-2 and 3 brands over premium products with companies attracting consumers with offers and discounts on products purchased through supermarkets and direct sellers. The affordable prices offered by the key players in the cosmetics industry is propelling the increased growth of the bath and beauty products, with fragrances witnessing a comparatively higher demand. The fragrance sector in the country is being driven by the expansion of the sector into specialised men’s fragrances and growth in gift-based purchases around holidays and special occasions.
The thriving food and beverage industry in the LATAM region is aiding the flavour industry growth. Flavours, globally, find their leading use in the beverage segment, and is thus, aided by the robustly growing beverage industry in LATAM. Latin America and the Caribbean, as a whole, account for nearly 17.5% of the global beverage industry. The Flavours and Fragrances industry is also being aided by the rise in the number of people seeking out healthier food products while unwilling to compromise on taste. Thus, these healthier food products are imbibed with additional flavours. The growth in the consumption of processed products is also driving the market in the region.
The report gives a detailed look into the following key players in the LATAM flavour and fragrances market, covering their market share, capacity, and latest developments like plant turnarounds, mergers and acquisitions, and capacity expansions:
The EMR report assesses the market based on the Porter’s Five Forces model. A SWOT analysis has also been provided.
2 Research Methodology
3 Executive Summary
3.1 Market Overview
3.2 Key Demand Drivers
3.3 Top Global Suppliers
3.4 Supply Market Changes
4 Global Flavours and Fragrances Market Outlook
5 Global Flavours and Fragrances Market
5.1 Global Flavours and Fragrances Market Analysis
5.1.1 Figure: Global Flavours and Fragrances Historical Market (2014-2018) & Forecast (2019-2024)
5.1.2 Chart: Breakup by Segment
5.1.3 Figure: Breakup by Segment: Historical Market (2014-2018) & Forecast (2019-2024)
1.4 Chart: Breakup by Region
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Middle East and Africa
5.1.5 Figure: Breakup by Region: Historical Market (2014-2018) and Forecast (2019-2024)
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Middle East and Africa
6 LATAM Flavours and Fragrances Market
6.1 LATAM Flavours and Fragrances Market Analysis
6.1.1 Figure: LATAM Flavours and Fragrances Historical Market (2014-2018) & Forecast (2019-2024)
6.1.2 Chart: LATAM Flavours and Fragrances Market Breakup by Segment
6.1.3 Figure: LATAM Flavours and Fragrances Market Breakup by Segment: Historical Market (2014-2018) & Forecast (2019-2024)
6.1.4 Chart: LATAM Flavours and Fragrances Market Breakup by Type
6.1.5 Figure: LATAM Flavours and Fragrances Market Breakup by Type: Historical Market (2014-2018) & Forecast (2019-2024)
6.1.6 Chart: LATAM Flavours and Fragrances Market Breakup by Region
6.1.7 Figure: LATAM Flavours and Fragrances Market Breakup by Region: Historical Market (2014-2018) and Forecast (2019-2024)
6.2 LATAM Flavours Market Analysis
6.2.1 Chart: Breakup by Flavouring Agent
188.8.131.52 Nature Identical Flavouring Substance
184.108.40.206 Artificial Flavouring Substance
220.127.116.11 Natural Flavour
6.2.2 Figure: Breakup by Flavouring Agent: Historical Market (2014-2018) and Forecast (2019-2024)
18.104.22.168 Nature Identical Flavouring Substance
22.214.171.124 Artificial Flavouring Substance
126.96.36.199 Natural Flavour
6.2.3 Chart: Breakup by Forms
6.2.4 Figure: Breakup by Forms: Historical Market (2014-2018) and Forecast (2019-2024)
6.2.5 Chart: Breakup by Applications
188.8.131.52 Bakery and Confectionery Products
184.108.40.206 Dairy and Frozen Desserts
220.127.116.11 Savouries & snacks
6.2.6 Figure: Breakup by Applications: Historical Market (2014-2018) and Forecast (2019-2024)
18.104.22.168 Bakery and Confectionery Products
22.214.171.124 Dairy and Frozen Desserts
126.96.36.199 Savouries & snacks
6.3 LATAM Fragrances Market Analysis
6.3.1 Chart: Breakup by Types
6.3.2 Figure: Breakup by Types: Historical Market (2014-2018) and Forecast (2019-2024)
6.3.3 Chart: Breakup by Natural Fragrances Types
6.3.4 Figure: Breakup by Natural Fragrances Types: Historical Market (2014-2018) and Forecast (2019-2024)
6.3.5 Chart: Breakup by Applications
188.8.131.52 Soap and Detergents
184.108.40.206 Cosmetics & Toiletries
220.127.116.11 Fine fragrances
18.104.22.168 Household Cleaners and Air Fresheners
6.3.6 Figure: Breakup by Applications: Historical Market (2014-2018) and Forecast (2019-2024)
22.214.171.124 Soap and Detergents
126.96.36.199 Cosmetics & Toiletries
188.8.131.52 Fine fragrances
184.108.40.206 Household Cleaners and Air Fresheners
6.4 SWOT Analysis
6.5 Porter’s Five Forces Analysis
6.5.2 Buyer’s Power
6.5.3 Supplier’s power
6.5.4 New Entrants
6.5.5 Degree of Rivalry
7 Competitive Landscape & Supplier Analysis
7.1 Givaudan SA
7.2 Firmenich SA
7.3 Geroma do Brasil
7.4 Frutarom Industries Ltd.
7.5 Giannone & Cia. Ltda.
7.6 MANE Colombia
7.7 Sabores y Fragancias S.A.
7.8 Mane SA
8 Events and Developments
Additional Customisation Available:
9 Manufacturing Process
9.1 Detailed Process Flow
9.2 Operations Involved
9.3 Mass Balance
10 Cost Analysis
10.1 Land, Location and Site Development
10.3 Plant Machinery
10.4 Cost of Raw Material
10.9 Other Capital Investment
11 Value Chain Analysis
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