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Historical Year
Forecast Year
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 2024-2032 at a CAGR of 7.8% to reach USD 3,733.3 million by 2027.
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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.
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.
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.
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The market, on the basis of flavouring agent, can be categorised into:
Based on form, the industry can be segmented into:
On the basis of application, the market can be divided into:
The regional markets for the product include Brazil, Mexico, Argentina, and Peru, among others.
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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.
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:
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 | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
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| Breakup by Flavouring Agent |
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| Breakup by Form |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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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 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 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.
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+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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