- The key vendors in the flavors and fragrances market in Latin America 2015-2019 are Givaudan, IFF, Firmenich, Mane, Symrise and WILD.
London, 16 November 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the flavors and fragrances market in Latin America 2015-2019. The increase in multifunctional flavors is the latest trend in the flavors and fragrances market. Multifunctional flavors are flavors with value additions such as colors, extracts, essential oils, acids, vitamins, antioxidants, sugars, nutraceuticals, texture-related ingredients, and sugar and salt substitutes. The flavors and fragrances market in Latin America is expected to grow at a CAGR of 5.92% during the forecast period of 2014-2019.
Flavors and fragrances market in Latin America by ingredient
Source: Technavio, 2015
The fragrance segment accounts for around 52% of the overall market share. The demand from end-user markets such as fine fragrances, cosmetics and toiletries, soaps and detergents, and household cleaners and air fresheners is expected to boost this segment’s growth during the forecast period. Countries such as Brazil, Mexico, and Argentina are expected to be the major revenue contributors to the fragrances segment over the next four years.
“Demand for food products that contain natural flavors will increase due to growing awareness about the adverse effects of chemical additives,” says Faisal Ghaus, Vice President of Technavio Research.
“Growing popularity of the Kokumi taste is the latest trend in the market. Being related to glutamyl peptides, kokumi activates calcium- and glutathione-sensitive receptors resulting in delicious sensations.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Flavors and Fragrances Market in Latin America 2015-2019, please send an e-mail to media@TechNavio.com
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