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The Latin America Flavours and Fragrances market reached a value of almost USD 3.15 billion in 2019. 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 2020-2025, 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.
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 Latin America like Brazil, Argentina, and others.
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.
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.
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:
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 (2015-2019) & Forecast (2020-2025)
5.1.2 Chart: Breakup by Segment
5.1.3 Figure: Breakup by Segment: Historical Market (2015-2019) & Forecast (2020-2025)
1.4 Chart: Breakup by Region
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East and Africa
5.1.5 Figure: Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
22.214.171.124 Middle East and Africa
6 Latin America Flavours and Fragrances Market
6.1 Latin America Flavours and Fragrances Market Analysis
6.1.1 Figure: Latin America Flavours and Fragrances Historical Market (2015-2019) & Forecast (2020-2025)
6.1.2 Chart: Latin America Flavours and Fragrances Market Breakup by Segment
6.1.3 Figure: Latin America Flavours and Fragrances Market Breakup by Segment: Historical Market (2015-2019) & Forecast (2020-2025)
6.1.4 Chart: Latin America Flavours and Fragrances Market Breakup by Type
6.1.5 Figure: Latin America Flavours and Fragrances Market Breakup by Type: Historical Market (2015-2019) & Forecast (2020-2025)
6.1.6 Chart: Latin America Flavours and Fragrances Market Breakup by Region
6.1.7 Figure: Latin America Flavours and Fragrances Market Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
6.2 Latin America Flavours Market Analysis
6.2.1 Chart: Breakup by Flavouring Agent
126.96.36.199 Nature Identical Flavouring Substance
188.8.131.52 Artificial Flavouring Substance
184.108.40.206 Natural Flavour
6.2.2 Figure: Breakup by Flavouring Agent: Historical Market (2015-2019) & Forecast (2020-2025)
220.127.116.11 Nature Identical Flavouring Substance
18.104.22.168 Artificial Flavouring Substance
22.214.171.124 Natural Flavour
6.2.3 Chart: Breakup by Forms
6.2.4 Figure: Breakup by Forms: Historical Market (2015-2019) & Forecast (2020-2025)
6.2.5 Chart: Breakup by Applications
126.96.36.199 Bakery and Confectionery Products
188.8.131.52 Dairy and Frozen Desserts
184.108.40.206 Savouries & snacks
6.2.6 Figure: Breakup by Applications: Historical Market (2015-2019) & Forecast (2020-2025)
220.127.116.11 Bakery and Confectionery Products
18.104.22.168 Dairy and Frozen Desserts
22.214.171.124 Savouries & snacks
6.3 Latin America Fragrances Market Analysis
6.3.1 Chart: Breakup by Types
6.3.2 Figure: Breakup by Types: Historical Market (2015-2019) & Forecast (2020-2025)
6.3.3 Chart: Breakup by Natural Fragrances Types
6.3.4 Figure: Breakup by Natural Fragrances Types: Historical Market (2015-2019) & Forecast (2020-2025)
6.3.5 Chart: Breakup by Applications
126.96.36.199 Soap and Detergents
188.8.131.52 Cosmetics & Toiletries
184.108.40.206 Fine fragrances
220.127.116.11 Household Cleaners and Air Fresheners
6.3.6 Figure: Breakup by Applications: Historical Market (2015-2019) & Forecast (2020-2025)
18.104.22.168 Soap and Detergents
22.214.171.124 Cosmetics & Toiletries
126.96.36.199 Fine fragrances
188.8.131.52 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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