LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the flavors and fragrances market in Latin America is set to reach close to USD 4 billion by 2019, growing at a CAGR of almost 6%.
This research report titled ‘Flavors and Fragrances Market in Latin America 2015-2019’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The flavors and fragrances market in Latin America is divided into the following three groups on the basis of ingredients:
- Aroma chemicals
- Essential oils
- Formulated flavors and fragrances
|Formulated flavors and fragrances||65.97%|
Formulated flavors and fragrances market in Latin America
The largest revenue contributor to the flavors and fragrances market in Latin America as of 2014 was the formulated flavors and fragrances market, with a contribution of 65.97%. This segment can be divided into flavor blends and fragrance blends. These are complex mixtures of aromatic compounds such as natural extracts, essential oils, and aroma chemicals. These formulations are available in various forms such as liquid and concentrated, depending on the usage.
According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for consumer services and personal care, “The flavor blends accounted for the highest market share of about 36% in 2014. This segment is expected to continue the trend during the forecast period owing to increasing demand from industries such as soup, snacks, dairy, and confectionary. These industries are compelled to make more innovations in flavors as compared to other basic foodstuffs in order to have distinct product offerings.”
Fragrance blends accounted for close to 30% of the market in 2014. Increasing per capita income in Latin America and the growing demand from cosmetics and toiletries industries will lead to market growth during the forecast period. In countries like Mexico and Brazil, unscented soaps and detergents are being replaced by scented formulations of soaps and detergents, which are further increasing the demand for fragrance blends.
Essential oils market in Latin America
Essential oils are naturally occurring concentrated hydrophilic liquids that are extracted from plants. Common extraction methods are solvent extraction, expression, and steam distillation. Essential oils can be broadly classified into major and minor oils. Major oils are traded in large quantities.
The market in Latin America for major oils is highly competitive as the cost of production is low due to the availability of raw materials and cheap labor. The essential oils segment is expected to grow at a faster rate compared to other segments due to increased demand for different varieties of food. Rising concern for food safety is also boosting the demand for essential oils as they are considered natural. In addition, some aroma chemicals are extracted from essential oils such as isolated aroma chemicals. Difficulty in manufacturing synthetic alternatives is another major driver.
Aroma chemicals market in Latin America
Aroma chemicals are the key ingredients of fragrances used in many products such as scents. These are organic compounds derived from petrochemicals, natural resources, and turpentine fractionation. The aroma chemicals market in Latin America can be segmented into natural and synthetic aroma chemicals. The market is expected to grow at a rapid rate during the forecast period due to increase in demand from companies that manufacture food, soaps and detergents, cosmetics, toiletries, and household products. These industries use aroma chemicals as a vital ingredient in their products.
The top vendors highlighted by Technavio’s research analysts in this report are:
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