Mexico Food Flavor & Enhancer Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 588.68 Million |
| Market Size (2029) | USD 804.64 Million |
| CAGR (2024 - 2029) | 6.45 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Food Flavor & Enhancer Market Analysis
The Mexico Food Flavor and Enhancer Market size is estimated at USD 588.68 million in 2024, and is expected to reach USD 804.64 million by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).
- There is a rising demand for natural food flavors and consumers are seen avoiding artificial colors and flavors owing to the increasing health hazards that occur in consumption of synthetic/artificial flavors, which has resulted in an increased demand for natural food flavors.
- The market is driven by the changing lifestyle, increasing demand for healthy ingredient, and influential trend for new exotic and ethnic flavors. With rising preference for premium-quality products, including premium lines of seasonings and sauces, the market is growing rapidly.
Mexico Food Flavor & Enhancer Market Trends
This section covers the major market trends shaping the Mexico Food Flavor & Enhancer Market according to our research experts:
Increase in Demand for Clean Label Ingredients
Consumer preference for innovative flavors, health benefits, convenience, and alternative natural sources for nutrient supplements, has augmented the clean label ingredient market. There has been a growing consumer demand for processed food and the expectations for safer and healthier ingredients have, in turn, increased the need for introduction of clean-label ingredients across diverse applications. Manufacturers are fast adopting the strategy of incorporating functional ingredients, that can improve the nutritional profile of the product. An interest in the development of new natural colorants has been observed, for their use in the food industry, which is due to the strong consumer demand for more natural products. The health enhancing properties of natural colors, combined with the organic properties in natural products, are also increasing their adoption.
Rising Demand of Food Flavors
The consumption of processed food products and carbonated beverages in the country has remained high. Thus, manufactures are offering new flavors in the market with wide applications in the beverage industry, in order to lower the sugar consumption of consumers, which is the leading cause of diabetes and obesity in the country. Such flavors are increasingly being used in products that claim to have low sugar or zero calorie. Consumers are increasingly demanding flavors, especially functional yet flavorful beverages, mainly with infusion of natural fruit and vegetable extracts. From flavored coffees to protein drinks, the demand for flavor-rich products is increasing as consumers increasingly select foods and beverages with natural flavors and product formulations for health benefits.
Mexico Food Flavor & Enhancer Industry Overview
Mexico Food Flavor and Enhancer Market is consolidated with the major players holding the maximum share in the market. The key strategies adopted by the companies are new product innovation, mergers and acquisitions, partnerships and expansion. The major players are Givaudan, Firmenich, Kerry Group, International Flavors and Fragrances Inc. among others.
Mexico Food Flavor & Enhancer Market Leaders
Givaudan
Firmenich
Kerry Group
International Flavors and Fragrances Inc.
Koninklijke DSM N.V.
*Disclaimer: Major Players sorted in no particular order
Mexico Food Flavor & Enhancer Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions & Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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3.1 Market Overview
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Type
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5.1.1 Flavors
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5.1.1.1 Natural Flavors
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5.1.1.2 Synthetic Flavors
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5.1.1.3 Nature Identical Flavors
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5.1.2 Flavor Enhancers
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5.2 By Application
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5.2.1 Bakery
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5.2.2 Confectionery
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5.2.3 Dairy
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5.2.4 Beverages
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5.2.5 Processed Food
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5.2.6 Others
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Share Analysis
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6.4 Company Profiles
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6.4.1 Givaudan
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6.4.2 Firmenich
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6.4.3 Kerry Group
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6.4.4 International Flavors and Fragrances Inc.
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6.4.5 Koninklijke DSM N.V.
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6.4.6 Corbion NV
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6.4.7 Archer Daniels Midland Company
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6.4.8 Takasago International Corporation
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico Food Flavor & Enhancer Industry Segmentation
Mexico Food Flavor and Enhancer Market is segmented by type that includes flavors and flavor enhancers. The flavor section is further segmented into natural flavors, synthetic flavors and nature identical flavors. Based on Application, the market is segmented into bakery, confectionery, dairy, beverages, processed food, and others.
| By Type | |||||
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| Flavor Enhancers |
| By Application | |
| Bakery | |
| Confectionery | |
| Dairy | |
| Beverages | |
| Processed Food | |
| Others |
Mexico Food Flavor & Enhancer Market Research FAQs
How big is the Mexico Food Flavor and Enhancer Market?
The Mexico Food Flavor and Enhancer Market size is expected to reach USD 588.68 million in 2024 and grow at a CAGR of 6.45% to reach USD 804.64 million by 2029.
What is the current Mexico Food Flavor and Enhancer Market size?
In 2024, the Mexico Food Flavor and Enhancer Market size is expected to reach USD 588.68 million.
Who are the key players in Mexico Food Flavor and Enhancer Market?
Givaudan, Firmenich, Kerry Group, International Flavors and Fragrances Inc. and Koninklijke DSM N.V. are the major companies operating in the Mexico Food Flavor and Enhancer Market.
What years does this Mexico Food Flavor and Enhancer Market cover, and what was the market size in 2023?
In 2023, the Mexico Food Flavor and Enhancer Market size was estimated at USD 553.01 million. The report covers the Mexico Food Flavor and Enhancer Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Food Flavor and Enhancer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Food Flavor and Enhancer Industry Report
Statistics for the 2024 Mexico Food Flavor and Enhancer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Food Flavor and Enhancer analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
