What are the Historical Developments and Current Growth Metrics of the Almond Extract Market?
The almond extract market has seen considerable growth due to a variety of factors.
• The size of the almond extract market has seen robust growth in the past years. The market is projected to expand from a value of $1.06 billion in 2024 to a projected value of $1.14 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.3%.
Several factors have contributed to this historic growth, including the tradition and culture of baking, the surge in the packaged and processed food sector, the demand for natural and high-end ingredients, the development of the global sweets market, and the expansion of the drinks industry.
What Is The Projected Growth Of The Almond Extract Market?
The almond extract market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for almond extract is forecasted to experience significant expansion, with the expectation to reach $1.48 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 6.9%.
This anticipated growth during the prediction period can be correlated to the rising demand for organic and natural products, the rise of plant-based and vegan diets, the emergence of premium and gourmet food markets, an increasing tendency towards use in beverage applications, and innovation in flavor combinations and profiles. Major trends to expect in the forecast period consist of products with clean-labels, the embrace of sustainable farming practices, the creation of novel flavors and mixtures, cost-effective extraction processes, and natural and organic almond extracts.
What Are the Critical Driver Fuelling The Almond Extract Market's Growth?
The surge in organic food demand is anticipated to accelerate the expansion of the almond extract market. Organic food implies products cultivated and processed without the application of synthetic chemicals, pesticides, fertilizers, genetically modified organisms (GMOs), and artificial additives. The augmenting demand for organic food can be attributed to heightened consumer awareness regarding health benefits, environmental sustainability, and preference for natural, chemical-free items. Almond extract enriches organic food with a natural, sumptuous flavor which can be paired with numerous organic meals and baked goods. This gives an original taste without resorting to artificial additives. It is in line with the fundamental beliefs of organic food production which emphasize purity and quality. For example, in May 2023, the Organic Trade Association, a U.S. organization advocating for organic trade, revealed that U.S. organic food sales exceeded $60 billion for the first time in 2022 while total organic sales with non-food items peaked at a record-breaking $67.6 billion. In parallel, in February 2023, The Organic Research Centre, a UK-based non-profit organization, reported a rise in revenues from organic food and drink production in the UK, climbing from £3.05 billion ($3.88 billion) in 2021 to £3.11 billion ($3.95 billion) in 2022. As such, the burgeoning demand for organic food is bolstering the almond extract market's growth.
What Are The Principal Market Segments In The Global Almond Extract Industry?
The almond extract market covered in this report is segmented –
1) By Type: Pure Almond Extract, Mixed Almond Extract
2) By Form: Liquid, Powder
3) By Distribution: Online, Retail, Wholesale
4) By Application: Food And Beverage, Beauty And Personal Care, Hotel And Restaurant, Other Applications
Subsegments:
1) By Pure Almond Extract: Natural Almond Extract, Organic Almond Extract
2) By Mixed Almond Extract: Almond-Vanilla Extract, Almond-Rum Extract, Almond-Chocolate Extract
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Which Emerging Market Trends Are Altering The Almond Extract Industry?
Major companies operating in almond extract market are focusing on innovations in plant-based protein to meet the growing demand for healthier, sustainable, and allergen-free food ingredients, while enhancing the nutritional value and flavor profiles of their products. Plant-based protein is a type of protein derived from plants, such as legumes, grains, nuts, and seeds, that provides essential amino acids and is often used as an alternative to animal-derived protein in vegetarian and vegan diets. For instance, in May 2022, Beanbag Superfood, a Bangkok-based company that manufactures almond extract launches new Mix Almond Protein product, an innovative plant-based protein from almond. The almond protein is designed to offer a high-quality alternative to traditional protein sources, appealing to both vegans and those looking to diversify their protein intake. This innovation is part of a broader trend towards healthier eating habits and sustainable food production.
Who Are the Key Players In The Almond Extract Market?
Major companies operating in the almond extract market are:
• Archer-Daniels-Midland Company
• Waitrose And Partners Ltd.
• Savencia Sa
• McCormick And Company
• The Wonderful Company
• Blue Diamond Growers
• John B. Sanfilippo & Son
• Naturex SA
• Fine Foods Pvt Ltd.
• Borges Agricultural And Industrial Nuts
• Frontier Co-op
• Amoretti's Enterprises Pty Ltd.
• Star Kay White Inc.
• Nielsen-Massey Vanillas International LLC
• Kanegrade Flavours & Ingredients Private Limited
• Treehouse Almonds LLC
• Flavorman Inc.
• Royal Nut Company Pty Ltd
• Domaine de Provence LLC
• Queen Fine Foods Pty Ltd
• The Almond Company Inc.
• Lochhead Manufacturing Inc.
What Are The Regional Insights Into The Almond Extract Market?
North America was the largest region in the almond extract market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the almond extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
