Reports
Latin America Flavours and Fragrances Market Size: By Segment: Flavours, Fragrances; By Type: Synthetic, Natural; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Latin America Flavours and Fragrances Market Outlook
The Latin America Flavours and Fragrances market reached a value of almost USD 3.67 billion in 2023. 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 2024-2032, growing at a CAGR of 5.2%.
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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 Latin America, Brazil is the major player, accounting for over 40% of the market share. Brazil is the largest economy in the Latin America 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 Latin America economy, is the second largest market for flavour and fragrance. The industry in both these Latin America 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.
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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:
- Flowers
- Fruits
- Musk
- Wood
- Spice
- Others
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:
- Soap and Detergents
- Cosmetics and Toiletries
- Fine Fragrances
- Household Cleaners and Air Fresheners
- Others
The report by EMR also gives an in-depth insight into the regional markets of Latin America like Brazil, Argentina, and others.
Market Analysis
The Latin America 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.
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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 Latin America 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 Latin America. 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.
Competitive Landscape
The report gives a detailed look into the following key players in the Latin America flavour and fragrances market, covering their market share, capacity, and latest developments like plant turnarounds, mergers and acquisitions, and capacity expansions:
- Givaudan SA
- Firmenich SA
- Geroma Do Brasil Industria E Comercio Ltda
- Frutarom Industries Ltd.
- Giannone & Cia. Ltda.
The EMR report assesses the market based on the Porter’s Five Forces model. A SWOT analysis has also been provided.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Segment, Type, Region |
| Breakup by Segment | Flavours, Fragrances |
| Breakup by Type | Synthetic, Natural |
| Breakup by Region | Brazil, Argentina, Mexico, Others |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Givaudan SA, Firmenich SA, Geroma Do Brasil Industria E Comercio Ltda, Frutarom Industries Ltd., Giannone & Cia. Ltda., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Latin America
7 Industry Opportunities and Challenges
8 Global Flavours and Fragrances Market Analysis
8.1 Key Industry Highlights
8.2 Global Flavours and Fragrances Historical Market (2018-2023)
8.3 Global Flavours and Fragrances Market Forecast (2024-2032)
8.4 Global Flavours and Fragrances Market by Segment
8.4.1 Flavours
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Fragrances
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.5 Global Flavours and Fragrances Market by Region
8.5.1 Market Share
8.5.1.1 North America
8.5.1.2 Europe
8.5.1.3 Asia Pacific
8.5.1.4 Latin America
8.5.1.5 Middle East and Africa
9 Latin America Flavours and Fragrances Market Analysis
9.1 Key Industry Highlights
9.2 Latin America Flavours and Fragrances Historical Market (2018-2023)
9.3 Latin America Flavours and Fragrances Market Forecast (2024-2032)
9.4 Latin America Flavours and Fragrances Market by Segment
9.4.1 Flavours
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2023)
9.4.1.3 Forecast Trend (2024-2032)
9.4.2 Fragrances
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2023)
9.4.2.3 Forecast Trend (2024-2032)
9.5 Latin America Flavours and Fragrances Market by Type
9.5.1 Synthetic
9.5.1.1 Market Share
9.5.1.2 Historical Trend (2018-2023)
9.5.1.3 Forecast Trend (2024-2032)
9.5.2 Natural
9.5.2.1 Market Share
9.5.2.2 Historical Trend (2018-2023)
9.5.2.3 Forecast Trend (2024-2032)
9.6 Latin America Flavours and Fragrances Market by Country
9.6.1 Market Share
9.6.1.1 Brazil
9.6.1.2 Argentina
9.6.1.3 Mexico
9.6.1.4 Others
10 Latin America Flavours Market Analysis
10.1 Key Industry Highlights
10.2 Latin America Flavours Historical Market (2018-2023)
10.3 Latin America Flavours Market Forecast (2024-2032)
10.4 Latin America Flavours Market by Flavouring Agent
10.4.1 Nature Identical Flavouring Substance
10.4.1.1 Market Share
10.4.1.2 Historical Trend (2018-2023)
10.4.1.3 Forecast Trend (2024-2032)
10.4.2 Artificial Flavouring Substance
10.4.2.1 Market Share
10.4.2.2 Historical Trend (2018-2023)
10.4.2.3 Forecast Trend (2024-2032)
10.4.3 Natural Flavours
10.4.3.1 Market Share
10.4.3.2 Historical Trend (2018-2023)
10.4.3.3 Forecast Trend (2024-2032)
10.5 Latin America Flavours Market by Form
10.5.1 Liquid
10.5.1.1 Market Share
10.5.1.2 Historical Trend (2018-2023)
10.5.1.3 Forecast Trend (2024-2032)
10.5.2 Dry
10.5.2.1 Market Share
10.5.2.2 Historical Trend (2018-2023)
10.5.2.3 Forecast Trend (2024-2032)
10.6 Latin America Flavours Market by Application
10.6.1 Beverage
10.6.1.1 Market Share
10.6.1.2 Historical Trend (2018-2023)
10.6.1.3 Forecast Trend (2024-2032)
10.6.2 Bakery and Confectionery Products
10.6.2.1 Market Share
10.6.2.2 Historical Trend (2018-2023)
10.6.2.3 Forecast Trend (2024-2032)
10.6.3 Dairy and Frozen Desserts
10.6.3.1 Market Share
10.6.3.2 Historical Trend (2018-2023)
10.6.3.3 Forecast Trend (2024-2032)
10.6.4 Savouries and snacks
10.6.4.1 Market Share
10.6.4.2 Historical Trend (2018-2023)
10.6.4.3 Forecast Trend (2024-2032)
10.6.5 Others
10.7 Latin America Flavours Market by Country
10.7.1 Market Share
10.7.1.1 Brazil
10.7.1.1.1 Historical Trend (2018-2023)
10.7.1.1.2 Forecast Trend (2024-2032)
10.7.1.2 Argentina
10.7.1.2.1 Historical Trend (2018-2023)
10.7.1.2.2 Forecast Trend (2024-2032)
10.7.1.3 Mexico
10.7.1.3.1 Historical Trend (2018-2023)
10.7.1.3.2 Forecast Trend (2024-2032)
10.7.1.4 Others
10.7.1.4.1 Historical Trend (2018-2023)
10.7.1.4.2 Forecast Trend (2024-2032)
11 Latin America Fragrances Market Analysis
11.1 Key Industry Highlights
11.2 Latin America Fragrances Historical Market (2018-2023)
11.3 Latin America Fragrances Market Forecast (2024-2032)
11.4 Latin America Fragrances Market by Type
11.4.1 Synthetic
11.4.1.1 Market Share
11.4.1.2 Historical Trend (2018-2023)
11.4.1.3 Forecast Trend (2024-2032)
11.4.2 Natural
11.4.2.1 Market Share
11.4.2.2 Historical Trend (2018-2023)
11.4.2.3 Forecast Trend (2024-2032)
11.5 Latin America Fragrances Market by Natural Fragrances Type
11.5.1 Flowers
11.5.1.1 Market Share
11.5.1.2 Historical Trend (2018-2023)
11.5.1.3 Forecast Trend (2024-2032)
11.5.2 Fruits
11.5.2.1 Market Share
11.5.2.2 Historical Trend (2018-2023)
11.5.2.3 Forecast Trend (2024-2032)
11.5.3 Musk
11.5.3.1 Market Share
11.5.3.2 Historical Trend (2018-2023)
11.5.3.3 Forecast Trend (2024-2032)
11.5.4 Wood
11.5.4.1 Market Share
11.5.4.2 Historical Trend (2018-2023)
11.5.4.3 Forecast Trend (2024-2032)
11.5.5 Spice
11.5.5.1 Market Share
11.5.5.2 Historical Trend (2018-2023)
11.5.5.3 Forecast Trend (2024-2032)
11.5.6 Others
11.6 Latin America Fragrances Market by Application
11.6.1 Soap and Detergents
11.6.1.1 Market Share
11.6.1.2 Historical Trend (2018-2023)
11.6.1.3 Forecast Trend (2024-2032)
11.6.2 Cosmetics and Toiletries
11.6.2.1 Market Share
11.6.2.2 Historical Trend (2018-2023)
11.6.2.3 Forecast Trend (2024-2032)
11.6.3 Fine Fragrances
11.6.3.1 Market Share
11.6.3.2 Historical Trend (2018-2023)
11.6.3.3 Forecast Trend (2024-2032)
11.6.4 Household Cleaners and Air Fresheners
11.6.4.1 Market Share
11.6.4.2 Historical Trend (2018-2023)
11.6.4.3 Forecast Trend (2024-2032)
11.6.5 Others
11.7 Latin America Fragrances Market by Country
11.7.1 Market Share
11.7.1.1 Brazil
11.7.1.1.1 Historical Trend (2018-2023)
11.7.1.1.2 Forecast Trend (2024-2032)
11.7.1.2 Argentina
11.7.1.2.1 Historical Trend (2018-2023)
11.7.1.2.2 Forecast Trend (2024-2032)
11.7.1.3 Mexico
11.7.1.3.1 Historical Trend (2018-2023)
11.7.1.3.2 Forecast Trend (2024-2032)
11.7.1.4 Others
11.7.1.4.1 Historical Trend (2018-2023)
11.7.1.4.2 Forecast Trend (2024-2032)
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Value Chain Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Givaudan SA
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Firmenich SA
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Geroma Do Brasil Industria E Comercio Ltda
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Frutarom Industries Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Giannone & Cia. Ltda.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Industry Events and Developments
List of Key Figures and Tables
1. Global Flavours and Fragrances Market: Key Industry Highlights, 2018 and 2032
2. Global Flavours and Fragrances Historical Market: Breakup by Segment (USD Million), 2018-2023
3. Global Flavours and Fragrances Market Forecast: Breakup by Segment (USD Million), 2024-2032
4. Global Flavours and Fragrances Historical Market: Breakup by Region (USD Million), 2018-2023
5. Global Flavours and Fragrances Market Forecast: Breakup by Region (USD Million), 2024-2032
6. Latin America Flavours and Fragrances Historical Market: Breakup by Segment (USD Million), 2018-2023
7. Latin America Flavours and Fragrances Market Forecast: Breakup by Segment (USD Million), 2024-2032
8. Latin America Flavours and Fragrances Historical Market: Breakup by Type (USD Million), 2018-2023
9. Latin America Flavours and Fragrances Market Forecast: Breakup by Type (USD Million), 2024-2032
10. Latin America Flavours and Fragrances Historical Market: Breakup by Country (USD Million), 2018-2023
11. Latin America Flavours and Fragrances Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Latin America Flavours Historical Market: Breakup by Flavouring Agent (USD Million), 2018-2023
13. Latin America Flavours Market Forecast: Breakup by Flavouring Agent (USD Million), 2024-2032
14. Latin America Flavours Historical Market: Breakup by Form (USD Million), 2018-2023
15. Latin America Flavours Market Forecast: Breakup by Form (USD Million), 2024-2032
16. Latin America Flavours Historical Market: Breakup by Application (USD Million), 2018-2023
17. Latin America Flavours Market Forecast: Breakup by Application (USD Million), 2024-2032
18. Latin America Fragrances Historical Market: Breakup by Type (USD Million), 2018-2023
19. Latin America Fragrances Market Forecast: Breakup by Type (USD Million), 2024-2032
20. Latin America Fragrances Historical Market: Breakup by Natural Fragrances Type (USD Million), 2018-2023
21. Latin America Fragrances Market Forecast: Breakup by Natural Fragrances Type (USD Million), 2024-2032
22. Latin America Fragrances Historical Market: Breakup by Application (USD Million), 2018-2023
23. Latin America Fragrances Market Forecast: Breakup by Application (USD Million), 2024-2032
24. Latin America Flavours and Fragrances Market Structure
Key Questions Answered in the Report
The Latin America flavours and fragrances market reached a value of USD 3.67 billion in 2023.
The market is projected be driven by the global industry, which is likely to grow at a CAGR of nearly 5.2% in the forecast period of 2024-2032.
The major drivers of the industry include rising disposable incomes, increasing population, and the thriving food and beverage and beauty industries.
The rising diversification and innovation in the products is expected to be a key trend guiding the growth of the industry.
Brazil, Argentina, and Mexico, among others are the leading regions in the market, with Brazil accounting for the largest market share.
The major segments in the market are flavours and fragrances.
The leading types of the products in the market are synthetic and natural.
The the major flavouring agents in the industry are nature identical flavouring substance, artificial flavouring substance, and natural flavours.
The leading forms of flavours in the market are liquid and dry.
The significant natural fragrances types in the industry are flowers, fruit, musk, wood, and spice, among others.
Flavours find significant applications in beverage, bakery and confectionery products, dairy and frozen desserts, and savouries and snacks, among others. Fragrances find applications in soap and detergents, cosmetics and toiletries, fine fragrances, household cleaners and air fresheners, and others.
The leading players in the market are Givaudan SA, Firmenich SA, Geroma Do Brasil Industria E Comercio Ltda, Frutarom Industries Ltd., Giannone & Cia. Ltda., among others.
Analyst Review
The Latin America flavours and fragrances market attained a value of USD 3.67 billion in 2023, driven by the growth in the food and beverage industries. Aided by the rising use in the beauty industry, the global flavours and fragrances market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 5.2%.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on segment, the industry can be bifurcated into flavours and fragrances. By types, the market is divided into synthetic and natural. On the basis of flavouring agent, the industry is segmented into nature identical flavouring substance, artificial flavouring substance, and natural flavour. Based on form, the flavours industry is bifircated into liquid and dry. By natural fragrances type, the market is segmented into flowers, fruit, musk, wood, and spice, among others. On the basis of application, the flavours market is segmented into beverage, dairy and frozen desserts, savouries and snacks, and bakery and confectionery products, among others, while the flavours industry is divided into soap and detergents, cosmetics and toiletries, fine fragrances, and household cleaners and air fresheners, among others. The major regional markets for flavours and fragrances in Latin America are Brazil, Argentina, Mexico, and others, with Brazil leading the market. The key players in the above industry include Givaudan SA, Firmenich SA, Geroma Do Brasil Industria E Comercio Ltda, Frutarom Industries Ltd., Giannone & Cia. Ltda., Others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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