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Wednesday, December 29, 2021

Latin America Flavours And Fragrances Market To Be Driven By Growth In Global Market In The Forecast Period Of 2021-2026

The new report by Expert Market Research titled, ‘Latin America Flavours and Fragrances Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Latin America flavours and fragrances market, assessing the market based on its segments like flavoring agent type, forms, applications and fragrances types, end uses and major regions for both. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing 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 (2016-2026)

  • Historical Market Size (2020): USD 3.15 billion
  • Forecast CAGR- Global (2021-2026): 5.2%

Brazil is the most important region in Latin America, with over 40% of the market share. With growing middle-class population and more urbanisation, the region’s sector is predicted to thrive because of the shifts in the population’s spending patterns. Argentina is the world’s second-largest market for scent and flavour. Changes in purchasing patterns, as characterised by the expanding middle-class population, are driving the sector in both Latin American countries. Despite the relative instability of the economies in these countries, the increasing use of flavours and fragrances are assisting industrial growth in these countries as well as the area.

Industry Definition and Major Segments

Flavours are taste sensations that are added to things such as foods and beverages to enhance the taste of the substance. Fragrances, on the other hand, are perceived through the olfactory senses and give things a pleasing aroma.

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By the type of flavouring agent, the industry can be divided as follows:

  • Nature identical
  • Artificial
  • Natural flavouring substance

By forms they can be divided into:

Flavours find their applications in sectors like:

Fragrances can be bifurcated into:

Fragrances find their uses in sectors like:

Regional markets include:

  • Brazil
  • Argentina
  • Others

Latest News on Latin America Flavours and Fragrances Market@

Market Trends

The extensive use of the products in various industries is driving the Latin American Flavours and Fragrances market. The rise of the food and beverage and beauty industries, particularly in Argentina and Brazil, is assisting the region’s market growth. With rising purchases of deodorant and scents, the industry is assisting the expansion of the fragrance sector in particular. As a hygiene-conscious country, it is assisting the expansion of the fragrances application sector in soaps and detergents. Brazilians are also becoming more interested in natural products.

Consumers in Argentina prefer tier-2 and tier-3 brands to luxury products, with corporations enticing them with offers and discounts on products purchased through supermarkets and direct sellers. The growing expansion of bath and beauty goods is being fueled by the low costs offered by key companies in the cosmetics business, with perfumes seeing a disproportionately larger demand. The development of the fragrance market into specialised men’s scents, as well as an increase in gift-based purchases around holidays and special events, are driving growth in the country’s fragrance sector.

The flourishing food and beverage business in Latin America is assisting the growth of the flavour industry. Flavours are mostly used in the beverage sector, which is supported by Latin America’s rapidly increasing beverage industry. The beverage sector in Latin America and the Caribbean accounts for roughly 17.5 percent of global production. The Flavours and Fragrances business is also benefiting from an increase in the number of individuals looking for healthier food options without sacrificing taste. As a result, more flavours are infused into these healthy food products. The market in the region is also being driven by an increase in the use of processed foods.

Key Market Players

The major players in the market are Givaudan SA, Firmenich SA, Frutarom Industries Ltd., Geroma do Brasil, Giannone & Cia. Ltda., MANE Colombia, Sabores y Fragancias S.A.

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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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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