According to the report by Expert Market Research (EMR), the Mexico flavours market size reached around USD 757.09 million in 2023. Aided by the evolving food and beverage sector and a rich culinary heritage, the market is projected to further grow at a CAGR of 7.7% between 2024 and 2032.
Flavours play a crucial role in the food and beverage sector, enhancing the taste and aroma of products, and are essential in the creation of a wide range of products, including snacks, beverages, confectionery, dairy, and ready-to-eat meals. Mexico, with its diverse and vibrant food culture, is a significant market for flavours, driven by consumer demand for authentic and innovative taste experiences.
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The Mexico flavours market growth is fuelled by the increasing consumer preference for natural and organic products. There is a rising demand for clean-label and natural flavours, as consumers become more health-conscious and seek products with fewer artificial ingredients.
The rise in consumption of high-quality products like sauces and seasonings across various food items is driving the growth of the market. The growing fondness for unique and daring flavours among the youth demographic is also contributing to the market expansion. The presence of popular food chains like Burger King and Dominos in the region is boosting the utilisation of flavours. Moreover, the proliferation of retail stores is escalating the need for convenient and processed food items, which is further propelling the market growth.
The beverage sector is a major contributor to the market’s growth, with a growing demand for flavoured drinks, including soft drinks, juices, and alcoholic beverages. The trend towards healthier beverages, such as functional drinks and plant-based alternatives, is also driving the demand for natural and botanical flavours, consequently driving up the Mexico flavours market share.
Furthermore, innovation and product development are key drivers of the market. Manufacturers are experimenting with unique and exotic flavour combinations, inspired by traditional Mexican cuisine and global trends, to cater to the evolving tastes of consumers, leading to the Mexico flavours market development.
The market is also influenced by the growing trend of convenience and ready-to-eat products, which has led to an increased demand for flavours in packaged and processed foods. As busy lifestyles become more common, consumers are seeking quick and easy meal solutions with authentic flavours.
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The competitive landscape of the market is characterised by the presence of both international and local players. Key players are focusing on strategic initiatives, such as collaborations with food and beverage manufacturers, and expanding their product portfolios to cater to the diverse tastes of Mexican consumers, consequently leading to the Mexico flavours market expansion.
Mexico Flavours Market Segmentation
The market can be divided based on the flavouring agent, form, and application.
Market Breakup by Flavouring Agent
- Nature Identical Flavouring Substance
- Artificial Flavouring Substance
- Natural Flavours
Market Breakup by Form
- Liquid
- Dry
Market Breakup by Application
- Beverage
- Bakery and Confectionery Products
- Dairy and Frozen Desserts
- Savouries and Snacks
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Mexico flavours market. Some of the major players explored in the report by Expert Market Research are as follows:
- Givaudan SA
- Kerry Group
- International Flavors & Fragrances Inc.
- Wild Flavours (ADM)
- Tulip Aromatics de México SA de CV
- Others
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