Almond Extract Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFB5136 | Last Updated On: Apr 29 2022 | Available Formats

> Global Almond Extract Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Almond Extract Market is Segmented By Type (Pure Almond Extract, Mixed Almond Extract), By Application (Home, Restaurant, Others), By Industry Sector (Food & Beverage, Beauty, Personal Care, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2022-2029

 

Market Overview:

The global almond extract market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029)

Almond extract is a concentrated flavoring made from the combination of almond oil with alcohol. It is used as a flavoring in many recipes, especially cakes and pastries. Almond extract type of flavor is also considered a non-GMO ingredient. Almond extract is used in industries such as food and beverage industry, bakery industry, and flavoring industry. In addition, almond extracts are widely used by the cosmetic industry, as almonds provide nutrients to the hair and it has high moisturizing properties. Which drives market demand.

Source: DataM Intelligence Analysis (2021)

Market Dynamics:

Increasing awareness about almond extract benefits

The market is driven by the increasing awareness about the health benefits of almonds and online distribution platforms. Almond extract is used in cosmetics because it can seal in moisture, strengthening hair and skin. According to the IEIC (China), it is a vegan and halal-certified, sweet almond extract scons by provital acts as a moisturizing, conditioning, and repairing agent. It is a paraben-free extract in a medium of propylene glycol from the fruit of Prunus Amygdalus, with a plant/extract ratio of 1/2. It contains carbohydrates and proteins. It acts on skin & hair and improves skin barrier function. Sweet almond extract scons find application in formulating cosmetic products. Forlle’d is a Japanese cosmeceuticals company that designs and manufactures hi-tech skincare products for anti-aging and skin restructuring launched “Hyalogy re dify cream” that contains almond extract proteins helps rejuvenates mature skin, deeply hydrates the skin, and helps retain moisture.

Moreover, consumer preferences for health, ethics, and sustainability are driving a massive shift towards plant-based beverages. Almond milk is plant-based, it's naturally dairy-free, which makes it vegan-friendly, meaning it’s suitable for vegans. In 2021, the UK was the most popular country for veganism, according to google trends, followed by Germany and Austria. In a 2021 global survey by NSF, 88% of food industry practitioners said that they expect demand for plant-based products to increase. 74% said they thought consumers choose plant-based for a healthier lifestyle, and 60% believed it’s to be more environmentally friendly. This trend is expected to continue even after the covid-19 pandemic has passed. As a result of the transition toward a plant-based diet, consumers are looking for plant-based protein supplements, which bodes well for plant-based beverage manufacturers in the long run.

Market Segmentation:

Food and beverage segment held highest market revenue share of XX% in the year 2021

Based on application, food and beverage sector holds the largest market share due to the increasing demand for processed food. This strong growth is primarily led by an increasing demand for healthier foods worldwide, which has opened up new opportunities for the almond industry in new products, methods of use, and applications. These include the use of the almond extract in almond oils, salad flavors, almond milk, confectionery fillings as well as healthy, natural, and gluten-free. The increasing demand for processed and ready-to-eat food among consumers is creating a demand for the product.

Geographical Penetration:

North America is expected to dominate the global almond extract market in the year 2021

The growing demand across various industries, such as baking, flavoring, food and beverages, and particularly in cosmetic industries, is projected to bolster market growth in this region. Owing to the constant demand for almonds in the food and beverages industry, the market is expected to grow at a rapid pace in this sector. Moreover, various factors, such as the rise in demand for cosmetic products, and the trend for packaged food items are providing ample opportunities for the market to grow. North America is estimated to be the prominent region, owing to the presence of major key players in the food and beverages industry such as McCormick & Company, frontier co-op, cook flavoring company, Lochhead manufacturing co., and others. These food and beverage companies always seek the product to increase their production. In addition, the vast majority of the world’s almonds are grown and harvested in the United States. In the 2020/21 crop year, the United States produced over 1.4 million metric tons of almonds.

Source: DataM Intelligence Analysis (2021)

Competitive Landscape:

The almond extract market is consolidated owing to the presence of a limited number of established and regional players. Some of the major players operating in the almond extracts market report are McCormick & Company, inc., Nielsen-Massey Vanillas., Frontier Co-op., Waitrose & Partners, Queen Fine Foods, and ADM among others. Key players are following strategies such as product launches to gain a competitive edge in the market. For instance, in January 2021, American-based McCormick & Company has acquired FONA International, a manufacturer of clean and natural flavors, for $710 million in cash. FONA’s annual sales are approximately $114 million and are expected to grow at a mid-to high-single-digit rate. This acquisition also accelerates the strategic migration of our portfolio to more value-added and technically insulated products.

COVID-19 Impact:

Negative impact on the global almond extract market

COVID-19 has caused a direct and negative impact on the almond market globally. The lockdowns in different countries have disrupted the demand for almonds due to the lack of purchasing power, resulting from reduced income in most countries. The value chain of the almond market has been affected negatively due to the disrupted distribution channels across the globe. Manufacturers have been facing problems in getting labor supply and transportation of raw materials, but with a partial list of restrictions for food & staples, the industry is ready to boost for new highs.

Why Purchase the Report?

  • Understand the current market scenario and viability of global almond extract over the forecast period
  • Visualize the composition of the global almond extract market in terms of type, application, and industry sector to identify major players, growth potential, and market strategies
  • Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
  • Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
  • Excel data sheet with valuable data points of the global almond extract market – Regional and Country level segmentation
  • Product mapping in excel for the key products of all major market players
  • Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global almond extract market report would provide an access to approximately 61 market data tables, 50 figures, and 180 pages

Target Audience:

  • Almond Extract Manufacturers
  • Food Service Industry
  • Food and Beverages Manufacturers
  • Cosmetics Industry
  • Education & Research Institutes
  • Research Professionals
  • Alcohol Manufacturer
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