South & Central America Flavor Masking Agents Market Forecast to 2030 - Regional Analysis - by Type and Application

The South & Central America flavor masking agents market was valued at US$ 18.95 million in 2022 and is expected to reach US$ 30.49 million by 2030; it is estimated to register a CAGR of 6.1% from 2022 to 2030.

Rising Use of Flavor Masking Agents in Plant-Based Products Drives South & Central America Flavor Masking Agents Market

Consumers are highly inclined toward plant-based foods and beverages as they perceive them as healthier than conventional items. The global proliferation of veganism among people propels the consumption of plant-based products. As per the data published by Veganuary, a nonprofit organization encouraging people to become vegan for the whole month of January, ~5.8 million people signed up for the "Veganuary Campaign" in 2021.

Plant protein is added to plant-based products, including meat substitutes and dairy alternatives, to fulfill the nutritional requirements. Pea protein is a popular choice of plant protein in meat alternatives due to its high protein content, low saturated fat, and high fiber content. Plant proteins such as pea, soy, almonds, and other ingredients give the end product beany, bitter, cardboardy, and chalky tastes. There might also be unpleasant perceptions around aroma, astringency, and mouthfeel. Kerry Group, Synergy Flavors, and Glanbia are among the well-established brands offering flavor masking agents for plant-based products.

Flavor masking agents are highly used in plant-based products to give the desired flavor and taste. Thus, increasing demand for plant-based products among consumers owing to their associated health benefits is expected to create lucrative opportunities for the flavor masking agents market during the forecast period.

South & Central America Flavor Masking Agents Market Overview

The South & Central America flavor masking agents market is segmented into Brazil, Argentina, and the Rest of South & Central America. The market in the region has been experiencing an increased emphasis on health and wellness. Consumers opt for products with low sugar, salt, and artificial additives. Flavor masking agents help manufacturers create healthier options without compromising taste, making products attractive to health-conscious consumers. In addition, the popularity of exotic and tropical fruit-based beverages has driven the demand for flavor masking agents in the region. These agents allow manufacturers to work with ingredients that have unique and intense flavors, ensuring that the final products are not overly strong and unpalatable.

Further, rising trend of convenience foods in South & Central America contributes to the demand for flavor masking agents. Manufacturers use these agents to maintain the flavor and taste of different ready-to-eat products. The growing interest in clean-label products across the region contributed to the regional market growth. Flavor masking agents are used to maintain taste in products while avoiding artificial or undesirable ingredients, aligning with the clean label movement and satisfying consumer preference for natural and minimal processed options.

South & Central America Flavor Masking Agents Market Revenue and Forecast to 2030 (US$ Th)

South & Central America Flavor Masking Agents Market Segmentation

The South & Central America flavor masking agents market is segmented based on type, application, and country.

Based on type, the South & Central America flavor masking agents market is categorized into sweet, salt, fat, bitter, and others. The bitter segment held the largest South & Central America flavor masking agents market share in 2022.

By application, the South & Central America flavor masking agents market is segmented into food and beverages, pharmaceuticals and nutraceuticals, and others. The food and beverages segment held the largest South & Central America flavor masking agents market share in 2022. The food and beverages segment is further subsegmented into bakery and confectionery, dairy and frozen desserts, beverages, meat, poultry, and seafood, meat substitutes, dairy alternatives, RTE and RTC meals, and other food and beverages.

Based on country, the South & Central America flavor masking agents market is categorized into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America dominated the South & Central America flavor masking agents market in 2022.

Sensient Technologies Corp, Firmenich International SA, Tate & Lyle Plc, Archer-Daniels-Midland Co, Kerry Group Plc, Carmi Flavor & Fragrance Co Inc, Synergy Flavors Inc, and Koninklijke DSM NV are some of the leading companies operating in the South & Central America flavor masking agents market.