The new report by Expert Market Research titled, ‘Latin America Flavours and Fragrances Market Share, Size, Report and Forecast 2023-2028’, 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 (2018-2028)
- Historical Market Size (2020): USD 3.15 billion
- Forecast CAGR- Global (2023-2028): 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.
Latin America Flavours and Fragrances 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:
- Liquid
- Dry
Flavours find their applications in sectors like:
- Beverage
- Dairy and frozen desserts
- Savouries and snack
- Bakery and confectionery products
- Others
Fragrances can be bifurcated into:
- Synthetic
- Natural
- Flowers
- Fruits
- Musk
- Wood
- Spice
- Others
Fragrances find their uses in sectors like:
- Soap and Detergents
- Cosmetics and Toiletries
- Fine Fragrances
- Household Cleaners and Air Fresheners
- Others
Regional markets include:
- Brazil
- Argentina
- Others
Latin America Flavours and Fragrances 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.
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