The new report by Expert Market Research titled, ‘The Peru Flavours Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the peru flavours market, assessing the market based on its segments like flavouring agent, form, and application.
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 analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast Historical Market Size (2021): USD 2,379.4 million
Forecast CAGR (2023-2028): 7.8%
Forecast Market Size (2027): USD 3,733.3 million
The Peru flavour market is being aided by the growth of the Latin American flavour market. The increased demand for specialized peru flavours worldwide is expected to aid market growth. Increased demand for Peru sauces and dips such as Aji Criolla and Aji Amarillo, among others, are expected to drive demand for liquid flavourings.
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Due to their convenience, the increased use of liquid extracts and concentrates to flavour food items is expected to aid market growth during the forecast period. Meanwhile, the dry form of flavouring is increasingly being used in traditional Peru cooking, which is gaining popularity in the West as a result of increased globalisation and consumer demand for foreign cuisines. These factors are expected to contribute positively to industry growth in the coming years.
Industry Definition and Major Segments
Flavors are defined by the Flavor Extract Manufacturers Association (FEMA) as a variety of sensations experienced while consuming food and beverages. Flavours are the tastes of various food items combined during the cooking process. Certain flavours are added to enhance the dish’s overall flavour depending on the type of dish. The flavours can be changed according to the tastes of the customers. Whether natural or synthetic, these additives aid in the creation of a variety of flavours and are particularly useful in packaged foods to help preserve their flavour 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
By form, the market is divided into:
• Liquid
• Dry
By application the market is divided into:
• Nature Identical Flavouring Substance
• Artificial Flavouring Substance
• Natural Flavours
• Others
Market Trends
The demand for flavours and food processing industries has increased as a result of globalisation and modernization. The rising consumption of low fat, low salt, and low carbohydrate foods is the primary driver of rising food flavour consumption/demand. Because flavours differ by region and country, manufacturers are focusing on gaining a larger market share by producing customised flavours.
This is driving an increase in consumer demand for innovative flavours, particularly among the young and gen Z populations, which is expected to contribute to market growth during the forecast period significantly. Furthermore, rising consumer health consciousness is driving demand for healthy food products made with natural ingredients and fewer synthetic flavours. Rising disposable incomes and rising living standards are expected to drive market growth in the coming years.
The Peruvian flavour industry is being driven by increased globalisation and shifting consumer preferences. Improved living standards, changing lifestyles, and rising consumer disposable incomes have all contributed significantly to market growth. The increased demand for innovative flavour options, particularly among the young population, is also contributing to the industry’s growth. Rising food and beverage industry investments are propelling the market growth.
Key Market Players
The major players in the market are Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Innalsa Peru, and Quimtia S.A., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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