The new report by Expert Market Research titled, ‘Mexico flavours Market Trends, Share, Price, Size, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028’, gives an in-depth analysis of the Mexico flavours market, assessing the market based on its segments like major flavoring agents, form and applications.
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 analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 652.7 million
- Forecast CAGR (2023-2028): 7.7%
- Forecast Market Size (2026): USD 945.78 million
The growth of the flavours industry in Mexico is aided by rising disposable income and the emergence of the middle class. Fruit flavours are becoming increasingly popular as consumers prefer foods and beverages with functional ingredients. Fruit flavours can be found in a variety of alcoholic and non-alcoholic beverages, as well as dairy products.
This is leading to a rise in the use of natural flavours, which is boosting market growth. Furthermore, the rising popularity of fruit-flavored breakfast cereals such as banana, blueberry, and pomegranate, among others, is boosting market growth. Citrus flavours are increasingly being used in beverages such as sparkling water and energy drinks due to the numerous health benefits associated with citrus fruits. This is also fueling the growth of Mexico’s flavour industry.
The growing use of high-end products such as sauces and seasonings in a variety of foods is propelling the flavour market in Mexico forward. The young population’s growing preference for innovative and bold flavours is also boosting market growth. Food chains such as Burger King and Dominos are expanding across the country, increasing the use of flavours. The introduction of food delivery services and quick restaurant services is driving up demand for international cuisines and, as a result, driving up the market for flavours. Furthermore, the emergence of retail outlets is increasing demand for convenience and processed food products, which is fueling the growth of the Mexican flavours industry.
Mexico Flavours Industry Definition and Major Segments
Flavours are the distinct flavours of a drink or food that can be used to change or improve the flavour of food and beverages. They can be made with essential oils like lemons and almonds, as well as fruits like bananas and berries. The thriving food and beverage industry makes extensive use of flavours.
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The major flavouring agents of flavours are:
- Nature Identical Flavouring Substance
- Artificial Flavouring Substance
- Natural Flavours
Based on form, the market is bifurcated into:
The market can be broadly categorised on the basis of its applications into:
- Bakery and Confectionery Products
- Dairy and Frozen Desserts
- Savouries and Snacks
Mexico Flavours Market Trends
Due to the globalisation of culinary practises, there is expected to be an increase in demand for exotic cuisines such as Indian, Greek, Korean, and Italian cuisines. The growing use of botanical and herbal flavours with provenance claims like hoja santa, epazote, marjoram, lavender, rose, and turmeric in foods and beverages for holistic wellbeing is also driving industry growth. Botanical flavours are becoming more popular in snacks like ice cream and cookies, as consumers prefer ingredients that are plant-based and have health-promoting properties. As a result of the coronavirus pandemic, many consumers have become more concerned about the health and environmental consequences of the food they eat leading to rising demand for natural flavours.
The demand for immunity-boosting foods and beverages is driving the development of a wide range of innovative and delicious products in restaurants across the country. This is fueling the industry’s growth by increasing the use of various flavours. Similarly, major corporations are developing nutrient-dense foods with familiar flavours, propelling the flavour industry in Mexico forward. Furthermore, Mexico’s growing vegan and vegetarian population is driving up demand for plant-based meat substitutes that use a lot of flavouring agents.
Key Market Players
The major players in the market are Givaudan SA, Kerry Group, International Flavors & Fragrances Inc., Wild Flavours (ADM), Tulip Aromatics de México SA de CV, Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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