BY KATY MCLAUGHLIN

Consumers could soon be snacking on picanha potato chips, matambre instant soup and chorizo burgers.

These flavors—based on South American beef dishes—are among a dozen recently developed by flavor and fragrance house Givaudan SA, which is trying to cater to local tastes in Latin America and other high-growth markets as it faces higher costs and little differentiation among competitors in the flavor industry.

The new tastes are hitting the market as large food companies—such as Nestlé SA, which buys its flavors from Givaudan or its rivals—broaden their Latin American offerings. Last year, Nestlé launched a line of "agua fresca" beverages ...