Report : South & Central America Dairy Flavors Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Flavor Profile (Cheese, Butter, Cream, and Others), Form (Liquid, Powder, and Paste), Category (Artificial and Natural), Nature (Dairy-based and Dairy-free), and Application (Bakery and Confectionery; Dairy and Frozen Desserts; Soups and Sauces; Dressings, Dips, and Spreads; Beverages; and Others)
At 4.6% CAGR, the South & Central America Dairy Flavors Market is speculated to be worth US$ 201.24 million by 2028, says Business Market Insights
According to Business Market Insights research, the South & Central America dairy flavors market was valued at US$ 153.81 million in 2022 and is expected to reach US$ 201.24 million by 2028, registering a CAGR of 4.6% from 2022 to 2028. Surging popularity of clean label and organic food products and enzyme-modified dairy flavors are the critical factors attributed to the South & Central America dairy flavors market expansion.
Consumers are shifting their preferences toward more natural and organic food products. They are highly concerned about the ingredients used in processed foods and beverages and are preferring simpler ingredients, free from chemical additives and genetically modified organisms (GMOs). Clean label and organic food products have gained significant traction among the consumers in the region since they are perceived to be healthier than conventional foods. Consumers are willing to pay a higher price for clean label and organic foods. In the dairy industry, the cows are fed with growth hormones that boost their milk production. Generally, recombinant bovine somatotropin (rBST) growth hormone is used in bovine feed to increase milk production in cows. However, consumers are concerned regarding the presence of rBST in milk and dairy products. Therefore, the manufacturers of dairy flavors are using raw materials (milk) that are free from genetically modified organisms or growth hormones to develop organic, non-GMO, allergen-free, gluten-free, and organic products. Such product development coupled with surging popularity of clean label and organic food products is projected to offer significant growth opportunities to the manufacturers of dairy flavors over the forecast period.
On the contrary, side effects of added flavors hurdles the growth of South & Central America dairy flavors market.
Based on flavor profile, the South & Central America dairy flavors market is segmented into cheese, butter, cream, and others. The cheese segment held 36.4% share of South & Central America dairy flavors market in 2022, amassing US$ 55.98 million. It is projected to garner US$ 76.73 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on form, the South & Central America dairy flavors market is segmented into liquid, powder, and paste. The liquid segment held 46.2% share of South & Central America dairy flavors market in 2022, amassing US$ 71.08 million. It is projected to garner US$ 91.80 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on nature, the South & Central America dairy flavors market is bifurcated into dairy-based and dairy-free. The dairy-based segment held 65.0% share of South & Central America dairy flavors market in 2022, amassing US$ 100.05 million. It is projected to garner US$ 130.01 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on category, the South & Central America dairy flavors market is bifurcated into artificial and natural. The natural segment held 85.2% share of South & Central America dairy flavors market in 2022, amassing US$ 130.99 million. It is projected to garner US$ 172.41 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on application, the South & Central America dairy flavors market is segmented into bakery and confectionery; dairy and frozen desserts; soups and sauces; dressings, dips, and spreads; beverages; and others. The bakery and confectionery segment held 26.1% share of South & Central America dairy flavors market in 2022, amassing US$ 40.13 million. It is projected to garner US$ 47.38 million by 2028 to expand at 2.8% CAGR during 2022–2028.
Based on country, the South & Central America dairy flavors market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 46.1% share of South & Central America dairy flavors market in 2022. It was assessed at US$ 70.87 million in 2022 and is likely to hit US$ 90.52 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.
Key players profiles in the South & Central America dairy flavors market report Givaudan S.A.; Kerry Group; Sensient Technologies Corporation; Symrise; Synergy Flavors; and The Edlong Corporation, among others.
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