Peru Flavours Market Report and Forecast 2024-2032

Peru Flavours Market Outlook

The Peru flavours market size attained a value of 87.97 million in 2023. The market is expected to grow at a CAGR of 3.33% between 2024 and 2032, reaching almost 118.08 million by 2032.

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Increased Demand for Natural Flavours to Propel the Growth of the Peru Flavours Industry

Based on flavouring agent, the natural flavour segment is predicted to account for a significant market share in the Peru flavours industry. This can be attributed to the rising health consciousness among consumers, who are seeking food items with more natural flavourings made using plant-based ingredients instead of artificial additives made from harmful chemicals. In addition, the increased consumption of artificial flavourings is associated with health concerns such as allergies and other ailments. This is leading to increased integration of natural flavours in a variety of food products. These factors are predicted to augment the market growth in the coming years.

Growing Demand for Liquid Form of Flavouring to Provide Significant Opportunities to the Peru Flavours Industry

The increased demand for Peruvian flavours across the globe is anticipated to aid the market growth. In this regard, the increased demand for Peruvian sauces and dips such as Aji Criolla and Aji Amarillo, among others, are anticipated to spearhead the demand for liquid flavourings. In addition, the increased usability of liquid extracts and concentrates to add flavours to food items due to their convenience is also projected to aid the market growth in the coming years. Meanwhile, the dry form of flavouring is increasingly utilised in traditional Peruvian cooking, which is witnessing robust popularity in the West due to the increasing globalisation and the rising demand for foreign cuisines among consumers. These factors are estimated to positively contribute to the industry growth in the coming years.

Flavours: Market Segmentation

The Flavor Extract Manufacturers Association (FEMA) define flavours as a range of sensations that one encounters during the process of consuming food and beverage. Flavours refer to the taste of different food items, which are brought together through the process of cooking. Based on the type of dish, certain flavours are added to help accentuate the overall taste of the dish. The flavours can be modified according to the preference of consumers. These additives, natural or synthetic, help create a variety of flavours and are especially used in packaged foods to help preserve their taste throughout their shelf-life.

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By flavouring agent, the market is divided into:

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

On the basis of form, the industry can be segmented into:

• Liquid 
• Dry

Based on application, the market can be categorised into:

• Beverages
• Bakery and Confectionery Products 
• Dairy and Frozen Desserts
• Savouries and Snacks
• Others

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Rising Globalisation and Changing Consumer Preferences to Bolster the Growth of the Peru Flavours Industry

The Peru Flavours industry is being driven by the increasing demand for new and innovative flavour options among consumers. This can be attributed to the rising globalisation, which is leading to a shift in food preferences of consumers. The growing demand for dishes that are healthy and delicious is also predicted to facilitate the industry growth. In addition, the rising disposable incomes, improved living standards, and changing lifestyles are predicted to bolster the market growth. Furthermore, the escalating consciousness among consumers pertaining to health and fitness is anticipated to propel the demand for natural flavouring agents, which is projected to aid the industry growth in the forecast period. In addition, the rising investment in the food and beverage industry by the government owing to the growing global population is also expected to contribute to the market growth in the coming years.

Key Industry Players in the Peru Flavours Market

The report gives a detailed analysis of the following key players in the Peru 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.
• Innalsa
• Quimtia
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report

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Peru Flavours Market Report Snapshots

Peru Flavours Market Size

Peru Flavours Market Growth

Peru Flavours Companies