Peru Flavors Market to be Driven by Increase in Disposable Income and Specialized Peru Flavors during the Forecast Period 2022-2027

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Expert Market Research’s new report titled ‘Peru Flavors Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the Peru Flavors Market, assessing the market depending on its segments such as flavoring agent, form and application. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2017-2027)

Historical Market Size Forecast (2021): USD 2,379.4 million
Forecast CAGR (2022-2027): 7.8%
Forecasted Market Size (2027): USD 3,733.3 million

The Peruvian flavors market is aided by the growth of the Latin American flavors market. Increased demand for specialty Peruvian flavors globally is expected to drive the market growth. Increased demand for Peruvian sauces and dips such as Aji Criolla and Aji Amarillo, among others, is expected to drive the demand for liquid flavors. Due to their convenience, the increased use of liquid extracts and concentrates for flavoring food is expected to drive the market growth over the forecast period. Meanwhile, the dry form of flavoring is increasingly used in traditional Peruvian cuisine, which is gaining popularity in the West due to increased globalization and consumer demand for foreign cuisines. These factors are expected to contribute positively to the growth of the industry 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 when consuming food and beverages. Flavors are the tastes of various foods combined during the cooking process. Certain flavors are added to enhance the overall flavor of the dish depending on the type of dish. The flavors can be changed according to the tastes of the customers. Whether natural or synthetic, these additives help create a variety of flavors and are especially useful in packaged foods to help preserve their flavor throughout their shelf life.

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By Flavoring Agent, the market is split into:

• Nature-identical flavoring substance
• Artificial flavoring substance
• Natural aromas

By Form, the market is split into:

• Liquid
• Dry

By Application, the market is split into:

• Nature-identical flavoring substance
• Artificial flavoring substance
• Natural aromas
• Others

Market trends

The demand for flavoring and food processing industries has increased due to globalization and modernization. The increasing consumption of foods low in fat, salt and carbohydrates is the main driver for the increase in consumption/demand for food flavourings. Since flavors differ in different regions and countries, manufacturers are focusing on capturing more market share by producing customized flavors. This leads to an increase in consumer demand for innovative flavors, especially among young and Gen Z populations, which is expected to contribute significantly to the growth of the market over the forecast period. Additionally, growing consumer health awareness is driving the demand for healthy food products made with natural ingredients and less synthetic flavors. Rising disposable incomes and rising living standards are expected to drive the market growth in the coming years.

The Peruvian flavor industry is driven by increasing globalization and changing consumer preferences. Improving living standards, changing lifestyles, and increasing disposable income of consumers have all contributed significantly to the growth of the market. The increased demand for innovative flavor options, especially among the young population, is also contributing to the growth of the industry. Rising investment in the food and beverage industry is propelling the growth of the market.

Main market players

Major market players include Givaudan SA, International Flavors & Fragrances Inc., Bell Flavors & Fragrances, Inc., Innalsa Peru, and Quimtia SA, among others. The report covers market shares, capacities, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.

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