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Latin America Flavours Market: By Flavouring Agent: Nature Identical Flavouring Substance, Artificial Flavouring Substance, Natural Flavours; By Form: Liquid, Dry; By Application: Beverage, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Latin America Flavours Market Outlook

The Latin America flavours market stood at a value of around USD 2,379.4 million in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 7.8% to reach USD 3,733.3 million by 2027.

 

Latin America Flavours Market

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Increasing Demand for Bakery and Confectionary Products to Drive the Flavours Industry Growth in Latin America

Based on application, the demand for different flavouring agents for bakery and confectionary applications is predicted to grow significantly in the forecast period. This growth can be attributed to the developing interest for ready-to-eat food among the younger population and a rise in the number of consumers seeking out healthier food products while unwilling to compromise on taste. Growth in the sales of whole wheat and gluten-free bakery products is driving the growth of the market.

Moreover, the growing demand for frozen bakery products owing to their prolonged shelf life is supporting the market for bakery and confectionary, which, in turn, is contributing to the increased demand for flavours in Latin America.

 

Peru is Expected to Witness a Significant Growth in the Forecast Period

Geographically, Peru is expected to observe a significant growth in the forecast period owing to factors like the increasing demand for innovative flavours among consumers, especially the young and gen Z population, increased globalisation, and the changing consumer preferences. Additionally, the rise in health awareness among consumers is propelling the demand for healthier food products, which are produced using natural ingredients and contain fewer synthetic flavourings. As a result, the manufactures in the region are focussing on producing flavours that are obtained from a natural source. Moreover, the growing middle-class population in the country is expected to propel the flavours industry growth in Peru, thus, aiding the Latin America flavours industry in the forecast period.

 

Flavours: Market Segmentation

Flavour is the sensory impression of food which can be determined by the chemical senses of taste and smell. The flavour of the food can be altered with natural or artificial flavours, which affect these senses. Flavourings can either be produced by manufacturing new compounds to excite the taste buds or by extracting the aromatic compounds from a natural source.

 

Latin America Flavours Market by Segment

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The market, on the basis of flavouring agent, can be categorised into:

  • Nature Identical Flavouring Substance 
  • Artificial Flavouring Substance  
  • Natural Flavours

Based on form, the industry can be segmented into:

  • Liquid
  • Dry

On the basis of application, the market can be divided into:

  • Beverage
  • Bakery and Confectionary Products
  • Dairy and Frozen Desserts
  • Savouries and Snacks
  • Others

The regional markets for the product include Brazil, Mexico, Argentina, and Peru, among others.

 

Latin America Flavours Market by Region

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Increasing Penetration of Leading Market Players and the Rising Demand for Natural Flavours in Latin America to Bolster the Growth of the Latin America Flavours Industry

The Latin America flavours industry has been growing considerably for the last few years owing to the growing mergers and acquisitions by the leading market players focusing on expanding their presence in the region by developing innovative and sustainable flavouring options. Additionally, the rising health consciousness among consumers is driving the demand for healthier food products, which are produced using natural ingredients and contain fewer synthetic flavourings. Moreover, the rising disposable incomes, introduction of various novel flavours, and improved living standards are expected to significantly contribute to the growth of the market in the forecast period.

 

Key Industry Players in the Latin America Flavours Market

The report gives a detailed analysis of the following key players in the Latin America flavours market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Givaudan SA
  • International Flavors & Fragrances Inc.
  • Bell Flavors & Fragrances, Inc.
  • Kerry Group
  • Tulip Aromatics de México SA de CV
  • Quimtia 
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Flavouring Agent, Form, Application, Country
Breakup by Flavouring Agent Nature Identical Flavouring Substance, Artificial Flavouring Substance, Natural Flavours
Breakup by Form Liquid, Dry
Breakup by Application Beverage, Bakery and Confectionary Products, Dairy and Frozen Desserts, Savouries and Snacks, Others
Breakup by Country Brazil, Mexico, Argentina, Peru, 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, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Kerry Group, Tulip Aromatics de México SA de CV, Quimtia, 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    Peru
7    Industry Opportunities and Challenges
8    Latin America Flavours Market Overview

    8.1    Key Industry Highlights
    8.2    Latin America Flavours Historical Market (2017-2021) 
    8.3    Latin America Flavours Market Forecast (2022-2027)
    8.4    Latin America Flavours Market by Flavouring Agent
        8.4.1    Nature Identical Flavouring Substance
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Artificial Flavouring Substance
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Natural Flavours
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
    8.5    Latin America Flavours Market by Form
        8.5.1    Liquid
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Dry
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Latin America Flavours Market by Application
        8.6.1    Beverage
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Bakery and Confectionary Products
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Dairy and Frozen Desserts
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Savouries and Snacks
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
        8.6.5    Others
    8.7    Latin America Flavours Market by Country
        8.7.1    Market Share
            8.7.1.1    Brazil
            8.7.1.2    Mexico
            8.7.1.3    Argentina
            8.7.1.4    Peru
            8.7.1.5    Others
9    Regional Analysis
    9.1    Brazil
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
    9.2    Mexico
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
    9.3    Argentina
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
    9.4    Peru
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Givaudan SA
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    International Flavors & Fragrances Inc.
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Bell Flavors & Fragrances, Inc.
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Kerry Group
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Tulip Aromatics de México SA de CV
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Quimtia
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments

 

Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operation Involved
2    Project Requirement and Cost Analysis
    2.1    Land, Location and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Cost of Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investment

 

List of Key Figures and Tables

1.    Latin America Flavours Market: Key Industry Highlights, 2016 and 2026
2.    Latin America Flavours Historical Market: Breakup by Flavouring Agent (USD Million), 2017-2021
3.    Latin America Flavours Market Forecast: Breakup by Flavouring Agent (USD Million), 2022-2027
4.    Latin America Flavours Historical Market: Breakup by Form (USD Million), 2017-2021
5.    Latin America Flavours Market Forecast: Breakup by Form (USD Million), 2022-2027
6.    Latin America Flavours Historical Market: Breakup by Application (USD Million), 2017-2021
7.    Latin America Flavours Market Forecast: Breakup by Application (USD Million), 2022-2027
8.    Latin America Flavours Historical Market: Breakup by Country (USD Million), 2017-2021
9.    Latin America Flavours Market Forecast: Breakup by Country (USD Million), 2022-2027
10.    Latin America Flavours Market Structure

Key Questions Answered in the Report

In 2021, the Latin America flavours market attained a value of nearly USD 2,379.4 million.

The market is projected to grow at a CAGR of 7.8% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 3,733.3 million by 2027.

Increased disposable income, rising health consciousness among consumers, changing consumer preferences, growth in the sales of whole wheat and gluten-free bakery product, introduction of various novel flavours, and improved living standards are the major industry drivers.

The key market trends guiding the growth of the industry include the increase in demand for processed food and beverages and developing innovative and sustainable flavouring options.

The major regions in the industry include Brazil, Argentina, Mexico, and Peru, among others.

The market, on the basis of flavouring agent, can be categorised into nature identical flavouring substance, artificial flavouring substance, and natural flavours.

Based on form, the industry can be segmented into liquid and dry.

The application sectors include beverage, bakery and confectionary products, dairy and frozen desserts, and savouries and snacks, among others.

The major players in the industry are Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Kerry Group, Tulip Aromatics de México SA de CV, and Quimtia, among others.

Analyst Review

The Latin America flavours market attained a value of about USD 2,379.4 million in 2021, driven by the rising health consciousness among consumers. Aided by the increase in demand for processed food and beverages and changing consumer preferences, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 7.8%. The market is projected to reach a value of USD 3,733.3 million by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market on the basis of flavouring agent can be divided into nature identical flavouring substance, artificial flavouring substance, and natural flavours. Based on form, the industry can be divided into liquid and dry. Based on application, the industry can be divided into beverage, bakery and confectionary products, dairy and frozen desserts, and savouries and snacks, among others. The major regional markets for Latin America flavours industry are Brazil, Argentina, Mexico, and Peru, among others. The key players in the above market include Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Kerry Group, Tulip Aromatics de México SA de CV, and Quimtia, among 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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