The South America food flavor and enhancer market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 6.8% during the forecast period, 2023 – 2031. The growth of the market is attributed to rising demand for food with health benefits and long shelf life. Flavors are extra additions that provide food a particular taste or smell and are made from natural ingredients or created artificially.
Flavor enhancers are compounds that are added to a food in order to enhance its own natural flavor, such as monosodium glutamate (MSG), nucleotides (IMP and GMP), and yeast extracts. Some of the examples of flavor enhancers are nuts, fruits, spices, mushrooms, vegetables, and other natural ingredients.
The COVID-19 pandemic led to an unexpected global public health emergency, which in turn, affected all industries. Amidst the COVID-19 period, consumers have become more health conscious, which has changed consumers’ behavior and purchasing patterns.
South America Food Flavor and Enhancer Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for healthy ingredients is anticipated to drive the market growth during the forecast period.
- Growing influential trend for new exotic and ethnic flavors is estimated to spur the market growth in the coming years.
- Rising preference for premium-quality products is projected to boost the market growth in the coming years.
- Growing requirement for maintaining the food's nutritive value is anticipated to drive the market growth during the forecast period.
- Increasing premium lines of seasonings and sauces is estimated to spur the market growth in the coming years.
- Rising consumer awareness on health is estimated to restrict the market growth.
- High price of raw material, high entry barriers, and price pressure on manufacturers are projected to hamper the market growth.
- The development of natural flavor enhancers has led to new opportunities in the market.
Scope of South America Food Flavor and Enhancer Market Report
The report on the South America food flavor and enhancer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Food Flavor and Enhancer Market - South America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Food Flavors [Natural Flavors, Synthetic Flavors, and Nature Identical Flavoring] and Flavor Enhancers) and Applications (Dairy, Bakery, Confectionery, Savory Snacks, Meat, Beverages, Savory Snacks, Soups and Sauces, and Others)
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Geographical Scope
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Latin America, Brazil, Argentina, and Rest of Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Givaudan; Firmenich; Kerry Group; and International Flavors and Fragrances Inc.
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South America Food Flavor and Enhancer Market Segment Insights
Types Segment Analysis
On the basis of types, the market is divided into food flavors and enhancers. The food flavors segment is further segmented into natural flavors, synthetic flavors, and nature identical flavors. The natural flavors segment is expected to hold a key share of the market in the coming years, as they help to make food taste better and fresher.
Moreover, synthetic flavors are artificial flavors that generally cost less to produce than finding natural sources of chemicals. However, the flavor enhancers segment is anticipated to expand at a rapid pace during the forecast period, as they aid in boosting and brightening the flavor of food and drink.
Applications Segment Analysis
Based on applications, the market is segregated into dairy, bakery, confectionery, savory snacks, meat, beverages, savory snacks, soups and sauces, and others. The soup and sauces segment is projected to expand at a considerable CAGR during the forecast period.
Young generations are purchasing food items due to health benefits. Moreover, increasing vegan trend is propelling the segment growth. On the other hand, the bakery segment is anticipated to expand at a robust rate during the forecast period.
Geography Segment Analysis
On the basis of geography, the market is classified as Latin America, Brazil, Argentina, and the Rest of Latin America. South America is expected to constitute a significant share of the market during the projected period owing to rising demand for processed food products.
However, the market in Brazil is anticipated to expand at a rapid pace during the forecast period due to the growing acceptance of frozen and processed food products in the country.
Segments
The South America food flavor and enhancer market has been segmented on the basis of
Types
- Food Flavors
- Natural Flavors
- Synthetic Flavors
- Nature Identical Flavoring
- Flavor Enhancers
Applications
- Dairy
- Bakery
- Confectionery
- Savory Snacks
- Meat
- Beverages
- Savory Snacks
- Soups and Sauces
- Others
Geography
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Key Players
Competitive Landscape
Key players competing in the South America food flavor and enhancer market includes Givaudan; Firmenich; Kerry Group; and International Flavors and Fragrances Inc.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
- In 2020, International Flavors & Fragrances Inc. announced merger with DuPont’s Nutrition & Bio-science, which led to the brand name IFF that produces high-value ingredients and solutions for the food & beverage, home & personal care and health & wellness market.
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