Latin America Flavors Market To Be Driven By Increasing Demand For Baking And Confectionery In The Forecast Period Of 2022-2027 – Designer Women

The new report by Expert Market Research titled, ‘Latin America Flavors Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Latin America flavors market, assessing the market supported its segments like flavoring agents, application, end-user and major regions. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analyzing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

• Historical Market Size: USD 2379.4 million
• CAGR Forecast (2022-2027): 7.8%
• Forecast Market Size: USD 3733.3 million

Geographically, Peru is predicted to develop significantly throughout the forecast period, for reasons such as rising consumer desire for unique flavors, particularly among the young and gen Z population, growing globalization, and shifting customer tastes. Furthermore, as customers become more health-conscious, demand for healthier food products that are made with natural ingredients and have fewer synthetic flavors is increasing. As a result, the region’s manufacturers are concentrating on developing flavors derived from natural sources. Furthermore, Peru’s expanding middle-class population is predicted to boost the country’s flavors sector, assisting the Latin American flavors industry throughout the projection period.

A large number of consumers have developed an interest in buying clean label products, which allow for a greater variety of naturally produced components, hence driving up demand for natural food flavors. Manufacturers are gradually transitioning away from artificial flavors and toward natural components in order to meet the growing demand for natural flavors. One of the main elements fueling demand for natural flavor blends is the continued desire in dishes with exotic or ethnic flavors. Artificial flavors such as benzophenone, ethyl acrylate, pyridine, and styrene have been found as carcinogens in recent years, and as a result, natural flavors are being replaced across the global market.

Industry Definition and Major Segments

Flavor is the sensory impression of food that the chemical senses of taste and smell may detect. Natural or artificial flavors can be used to change the taste of food, affecting these senses. Flavors can be made by either synthesizing novel compounds to stimulate the taste buds or extracting aromatic compounds from nature.

The Latin America flavors industry can be categorized on the basis of flavoring agent, form and application.

On the basis of flavoring agent:

• Nature Identical Flavoring Substance
• Artificial Flavoring Substance
• Natural Flavors

On the basis of form:

• Liquid
• Dry

On the basis of application:

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

Based on region, the Latin America flavors industry can be segmented into Brazil, Peru, Mexico and Argentina.

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Market Trends

The Latin American flavors business has seen significant growth in recent years as a result of increased mergers and acquisitions by major market players focused on expanding their footprint in the region by offering creative and sustainable flavoring choices. Furthermore, increased consumer health awareness is boosting demand for healthier food products that are made with natural ingredients and have fewer synthetic flavors. Furthermore, increased disposable incomes, the launch of various unique flavors, and higher living standards are likely to contribute significantly to the market’s growth over the forecast period.

Consumers are also rapidly inclined towards convenience food products, such as instant soups, sauces, noodles, baked goods, and other ready meals, due to their instant nature, ie reduced preparation time and easier handling, as a result of the current generation’s fast- paced lifestyle. Despite the demand for comfort meals, however, consumers are wary of sacrificing flavor. Younger age groups, in particular, are the key consumer base, always eager to learn about new culinary traditions in order to satisfy their palates. Furthermore, RTE items like instant noodles, ice cream, and soups are among the most sensitive food categories to flavor experimentation.

Key Market Players

The major players within the market are Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Kerry Group, Tulip Aromatics de México SA de CV, Quimtia and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients ’needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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