The global Almond Extract market is expected to reach a market valuation of US$ 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.
Almond Extract Market Size (2023E)
US$ 1,338 million
Almond Extract Market Projected Size (2033F)
US$ 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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How Has the Market Progressed So Far in 2022?
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%
Historic v/s Future Outlook Comparison for Almond Extract?
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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Popularity of Almond Flavor
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.
Comparative View of Associated Market
Almond Products Market:
Attributes
Almond Products Market
CAGR (2023 to 2033)
6%
Market Value (2023)
US$ 8,263 million
Growth Factor
A growing portion of the world's population is becoming more health conscious and prefers to consume food products made from natural ingredients, which is driving up demand for almond products. It has also been observed that the demand for goods with superior nutritional value is rising daily.
Key Trend
Consumers are increasingly adopting healthy eating and lifestyle practices to ward off diseases. Some of the key factors driving the growth of the almond products market are the rising risk of chronic diseases, increasing health awareness, and altering lifestyle.
Almond Drink Market:
Attributes
Almond Drink Market
CAGR (2023 to 2033)
5%
Market Value (2023)
US$ 4,720 million
Growth Factor
Almond drinks are generally taken as milk substitutes which are immensely popular amongst the health-conscious population. Almond milk is a vegan beverage made from almonds that often has a creamy texture and nutty flavor.
Key Trend
Almond drinks are immensely popular and largely acknowledged as a substitute for dairy substitutes since they give various health benefits like stronger bones, aid in digestion helps with weight management, and are a lactose-free alternative to dairy milk.
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Country-wise Insights
How is the Sales of Almond Extract Market Shaping in North America?
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 2020–21.
Why is there a Rising Demand for Almond Extract in Asia Pacific?
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.
Category-wise Insights
Demand by the Food and Beverage Industry
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.
Surge by the Cosmetic Industry
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.
Competitive Landscape
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
Scope of the Report
Attribute
Details
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
US$ 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
Frequently Asked Questions
What is the global Almond Extract Market reported by FMI for 2023?
The Almond Extract Market is valued at US$ 1,338 million for 2023.
What is the Almond Extract Market valuation expected for 2033?
The Almond Extract Market valuation is expected to be US$ 2,193 million in the year 2023.
What is the projected CAGR for the Almond Extract Market from 2023 to 2033?
The value of CAGR for the Almond Extract Market is estimated to be 5.3%.
Which segment type will garner significant value share by 2023?
The x segment would garner a significant market value share by 2023.
