The global Almond Extract market is expected to reach a market valuation of USD 1,338 million by 2023, recording a CAGR of 5.3% from 2023 to 2033.
A concentrated liquid called almond extract gives food its almond flavor. Benzaldehyde, ethyl alcohol, and water are used to create synthetic almond extract. Alcohol, water, and bitter almond oil are the three main components that make up pure almond extract.
Almond extract is rich in proteins, vitamins, and minerals and contains a little amount of alcohol that serves as a solvent to extract flavor. Almond extract is made by first cold pressing the almond seeds, which are then combined with alcohol. Almonds are an excellent source of fiber and good fats, and they contain few carbs.
| Attribute | Details |
|---|---|
| Almond Extract Market Size (2023E) | USD 1,338 million |
| Almond Extract Market Projected Size (2033F) | USD 2,193 million |
| Value CAGR (2023 to 2033) | 5.3% |
| Top 3 Countries Marketing Share | 70.7% |
The cosmetics industry uses almond extract substantially because it is good for the skin. Almond extract is much more in demand worldwide now because of its hydrating and strengthening effects on hair and skin.
In a wide range of food recipes, such as sweet dishes or desserts, it is also employed in addition to cosmetics. Since the flavor of almond extract is so potent, it is usually used sparingly. Because the food industry keeps releasing new goods with different flavors, the market has enormous potential.
In our new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights into key factors driving demand for Almond Extract.
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| Market Statistics | Details |
|---|---|
| Jan-Jun (H1), 2021 (A) | 5.1% |
| Jul-Dec (H2), 2021 (A) | 5.3% |
| Jan-Jun (H1),2022 Projected (P) | 5.2% |
| Jan-Jun (H1),2022 Outlook (O) | 5.5% |
| Jul-Dec (H2), 2022 Projected (P) | 5.0% |
| Jul-Dec (H2), 2022 Outlook (O) | 5.1% |
| Jan-Jun (H1), 2023 Projected (P) | 5.0% |
One of the key reasons propelling the growth of the almond extracts market is the increase in demand for organic products across the globe. The market is growing due to the rising demand for flavoring, which may be utilized effectively as a flavoring agent in cookies and other baked goods, as well as the rise in health concerns.
The product's strong demand due to its long shelf life and high popularity among consumers who are health-conscious also have an impact on the market. Moreover, the market for almond extracts is positively impacted by rising consumer health consciousness, rising disposable income, consumer media influence, and rising food consumption.
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The food and beverage industry is increasingly using almond extract as a flavoring agent, and demand from hotels, restaurants, bakeries, and confectioneries for flavorings in cookies and cakes is considerable.
The worldwide almond extract market is also being driven by the usage of almond extract in the cosmetic industry for its moisturizing characteristics, advantages for hair and skin, and widespread use in sweet foods and desserts.
The main market restraints, however, are almond allergies and the high cost of almonds and their extraction. On the other hand, research on better almond cultivars with lower perishability and low-cost extraction methods is tied to innovation by market leaders.
Due to the presence of significant key players in the food and beverage sector including McCormick & Company, Frontier Co-op, Cook Flavoring Company, Lochhead Manufacturing Co., and others, North America is thought to be the most important region.
These food and beverage industries are constantly looking for new products to boost their output. Almonds are also grown and harvested in the United States throughout the vast majority of the world. The United States produced more than 1.4 million metric tons of almonds in the crop year 2020 to 2021.
In 2022, Asia Pacific accounted for a sizable portion of global market revenue and volume. The region is anticipated to experience considerable expansion over the course of the projection period as a result of rising product demand from a variety of end-use industries, including the food processing, pharmaceutical, and personal care goods industries.
Over the forecast period, it is expected that rising disposable income levels and rising consumer awareness of health & wellness will propel industry growth.
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The food and beverage sector maintains the greatest market share due to the increased demand for processed food. This rapid expansion is primarily attributable to the rising global demand for healthy foods, which has created new opportunities for the almond business in terms of new products, uses, and applications.
They include the use of almond extract in healthful, natural, and gluten-free products including almond oils, salad tastes, almond milk, and confectionary fillings. The increasing demand for processed and ready-to-eat food among consumers is creating a demand for the product.
Beauty & personal care manufacturers have found new & advanced utilization of almond extract in their skin & hair care ingredients. The use of almond extract in the cometic has proved to moisturize the skin for a prolonged period and reduce the sign of aging. An anti-aging and skin-restructuring skincare line is produced by the Japanese cosmeceuticals company Forlle'd.
Forlle’d has identified almond extract protein when applied to skin give a considerable reduction in depth and number of wrinkles and smoothen them. “Hyalogy Lift Cream” by Forlle’d that contains almond extract proteins helps in reducing the wrinkles on the face, increases the elasticity of facial skin, and prevents the corneal layer shear stress.
The Almond Extract market is only slightly fragmented. The major market players are concentrating on expansion tactics like mergers and acquisitions and extending their distribution networks to increase their market position. The manufacturers in the market used a variety of competitive methods, including product releases, free-from claims, and organic and natural origin claims.
In 2020, McCormick & Company Inc., a multinational food manufacturer and distributer based in United States has announced purchase of ownership of FONA International, which is a market innovator in developing natural and clean tastes with a vast rising market to capitalise on.
McCormick completed the acquisition deal for a sum of USD 710 million. With the acquisition, McCormick's product line will be significantly expanded, its capabilities will be strengthened, and its position in the world's flavor markets will be solidified
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Metric Ton for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East and Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others. |
| Key Segments Covered | Application, Type, Nature, and Region |
| Key Companies Profiled |
McCormick & Company, Inc.; Nielsen-Massey Vanillas, Inc.; Frontier Co-op.; Waitrose & Partners; Queen Fine Foods, ADM; Royal Nut Company.; Treehouse Almonds; The Wonderful Company LLC.; Kanegrade.; Savencia Sa; Borges Agricultural & Industrial Nuts, S.A; John B. Sanfilippo & Son, Inc.; Blue Diamond Growers; Cook Flavoring Company; Lochhead Manufacturing Co. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Almond Extract Market is valued at US$ 1,338 million for 2023.
The Almond Extract Market valuation is expected to be US$ 2,193 million in the year 2023.
The value of CAGR for the Almond Extract Market is estimated to be 5.3%.
The x segment would garner a significant market value share by 2023.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Type 6.2. Application 7. Global Market Analysis and Forecast, By Type 7.1. Pure Almond Extract 7.2. Mixed Almond Extract 8. Global Market Analysis and Forecast, By Application 8.1. Food & Beverage 8.2. Beauty & Personal Care 8.3. Hotel & Restaurant 8.4. Others 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. Asia Pacific 9.6. Japan 9.7. Middle East and Africa 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries 14. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. Japan Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Type and Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Nielsen-Massey Vanillas 19.2. McCormick And Company 19.3. Queen Fine Foods 19.4. Waitrose 19.5. Simply Organic 19.6. Beanilla 19.7. Frontier Co-op 19.8. Cook Flavoring Company 19.9. Lochhead Manufacturing Co. 19.10. OliveNation
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Almond Extract Market
