Global Almond Extract Market - 2024-2031

Overview

The global almond extract market reached US$ 1,346 million in 2023 and is expected to reach US$ 1870 million by 2031, growing at a CAGR of 4.3% during the forecast period 2024-2031.

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 the 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 have high moisturizing properties. Which drives market demand.

Almond extract is often used in cosmetics because it is beneficial to skin health. Because of its moisturizing and strengthening properties for skin and hair, almond extract is becoming significantly more popular worldwide. It is also used in a variety of culinary specialties, including desserts and sweet foods, in addition to makeup. Almond extract has a strong flavor, thus it's normally used sparingly. The market has huge potential because the food sector is constantly producing new products with diverse flavors.

Market Dynamics

Drivers

Increasing Awareness About Almond Extract Benefits

The demand for the global almond extract market is driven by multiple factors. One of the key factors 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 provides 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 dify cream" which contains almond extract proteins that help rejuvenate 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.

Restraints

Factors such as the high cost of almonds and their extraction, water scarcity in almond-producing regions, availability of other substitutes, and regulatory compliance are expected to hamper the market.

Segment Analysis

The global almond extract market is segmented based on type, application, industry sector, and region.

The food and beverage segment accounted for approximately 56.5% of the global almond extract market share

The food and beverage segment is expected to hold the largest market share over the forecast period owing 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 almond extract in almond oils, salad flavors, almond milk, and 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.

Similar to this, MALK Organics declared in May 2024 that they will be adding three new plant-based creamers to their lineup: Vanilla Almond, Caramel Almond, and Lightly Sweetened Oat. Like every product in MALK's range, these dairy-free creamers are made with only the finest ingredients, the highest care, and a dedication to excellence. They also don't include gums, oils, or fillers.

As per USDA California Almond Objective Measurement Report In 2023, in California almond production is forecast at 2.60 billion meat pounds, up 4% from May's subjective forecast and 1% higher than last year's crop of 2.57 billion meat pounds. The forecast is based on 1.38 million bearing acres. Production for the Nonpareil variety is forecast at 1.10 billion meat pounds, 10% above last year's deliveries of 1.00 billion meat pounds. The Nonpareil variety represents 42% of California's total almond production.

Moreover, recent advantages in the market such as new product launches, campaigns, and startups help to propel this market. For instance, in June 2023, Justin's launched a new campaign aimed at educating people about the important role pollinators play in our food system. Fans are invited by Justin's to visit JustinsNutsAboutBees.com, in collaboration with the National Honey Board, to discover how pollinators guarantee the continued availability of foods like almonds and other components in JUSTIN'S products, as well as easy methods each of us can contribute to the bee population.

Also, in January 2023, Mumbai-based startup Proventus Agrocom announced the launch of a new line of products called ProV Minis. Designed specifically for the Indian market, ProV Minis are small snack packs of flavored dry fruits, nuts, and seeds that are ideal for healthy on-the-go nutrition.

Geographical Analysis

North America accounted for approximately 45.3% of the global almond extract market share

North America region is expected to hold the largest market share over the forecast period. 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, and Lochhead Manufacturing Co., investments and sales drive this market.

For instance, in January 2021, American-based McCormick & Company acquired FONA International, a manufacturer of clean and natural flavors, for $710 million in cash. With yearly sales of about $114 million, FONA is predicted to expand at a mid-to-high single-digit rate. Additionally, this acquisition quickens our portfolio's strategic transition to more technically sound and value-added products.

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 2023/24 crop year, the United States produced over 1.18 million metric tons (2.6 billion pounds), of almonds.

In addition, key players supporting the women supplemental awareness programs would propel this market growth. For instance, in April 2024, Blue Diamond Growers announce the updated Special Supplement Nutrition Programme for Women, Infants, and Children (WIC) meal packages. It was the largest processor and marketer of almonds and released a statement expressing support. The revised program will allow for the inclusion of almond products as a qualified food package.

Blue Diamond supports the USDA's efforts to improve nutrition security and link the food packages for the Special Supplemental Nutrition Programme for Women, Infants, and Children (WIC) with the American Dietary Guidelines.

Furthermore, the expansion of this market in this area is driven by the tactics of significant players, such as partnerships and collaborations. For instance, in August 2022 Justin's announced its continued support of Honey Saves Hives - a campaign from the National Honey Board to educate consumers on the important role honey, honey bees and beekeepers play in our day-to-day lives.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the global almond extract market. 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.

Market Segmentation

By Type

• Pure Almond extract
• Mixed Almond extract

By Application

• Home
• Restaurant
• Others

By Industry Sector

• Food & Beverage
• Beauty, Personal Care
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major players in the global almond extract market include Nielsen-Massey Vanillas, Lochhead Manufacturing Co., Queen Fine Foods, McCormick & Company, Simply Organic, Beanilla, Cook Flavoring Company, Frontier Co-op., Waitrose and Olive Nation among others.

Key Developments

• On May 13, 2024, Blue Diamond Growers, the world's leading almond marketer and processor, announced the launch of Ranch Flavored Almonds. Cool, spicy herbs and spices give these limited-edition almonds a delicious, crave-worthy crunch and fantastic ranch flavor.
• On February 1, 2024, SunnyGem, a leading supplier of California almonds, announces the launch of SunnyGem Almond Oil, the company's first specialty product available for consumers at retail.
• On June 8, 2023, Blue Diamond and Brightseed launched a partnership to study almond bioactive compounds. The partnership utilizes health innovations and programs, including consumer educational initiatives.
• On June 28, 2022, Bajaj Consumer Care to expand the Almond Drops portfolio by lining up new products and launching a moisturizing soap under the Bajaj Almond Drops umbrella, and is looking to bring products in haircare and skincare under the brand.

Why Purchase the Report?

• To visualize the global almond extract market segmentation based on type, application, industry sector, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of global almond extract market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in excel consisting of key products of all the major players.

The global almond extract market report would provide approximately 62 tables, 51 figures, and 182 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies