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Almond Extract Market Size

Report ID: GMI12113
Published Date: Nov 2024
Report Format: PDF

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Almond Extract Market Size

The global almond extract market size was valued at USD 1.3 billion in 2023 and is estimated to grow at a CAGR of over 4.2% from 2024 to 2032, driven by its versatile applications across the food and beverage, cosmetics, and personal care industries. In the culinary sector, almond extract is a popular flavoring for baked goods, confectioneries, and beverages, appealing to the demand for natural ingredients. Additionally, the personal care industry is increasingly using almond extract for its nourishing and aromatic properties in skincare and haircare products, aligned with the shift toward plant-based, clean-label formulations.

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Growth trends show a rising consumer preference for organic and natural extracts, driven by health-conscious and eco-aware consumers. Expanding e-commerce channels further support this growth, providing easier access to a wider range of almond extract products across regions.

Almond Extract Market Report Attributes
Report Attribute	Details
Base Year:	2023
Almond Extract Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	4.2%
2024 – 2032 Value Projection:	USD 1.9 Billion
Historical Data for:	2021 – 2023
No. of Pages:	235
Tables, Charts & Figures:	165
Segments covered:	Type, Application, Distribution channel
Growth Drivers:	Increasing demand for natural flavors in food and beverages Rising health consciousness and preference for organic products Expanding applications in personal care and cosmetics Growth in the plant-based and clean-label movement
Pitfalls & Challenges:	High cost of raw almonds affecting pricing Vulnerability to fluctuating almond crop yields

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For instance, the 2024 California Almond Objective Measurement Report published by the U.S. Department of Agriculture’s National Agricultural Statistics Service (USDA-NASS) estimates that the crop harvested in 2024 will come in at 2.80 billion meat pounds. This supports the almond extract industry by ensuring ample raw material supply, stabilizing prices, and enabling manufacturers to meet rising demand across food, beverage, and personal care sectors. This high yield aligns with the growing preference for natural, plant-based ingredients.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of almond extract reached USD 1.3 billion in 2023 and is estimated to grow at a 4.2% CAGR from 2024 to 2032, driven by its versatile applications across various industries.

The pure almond extract segment was valued at USD 849.6 million in 2023 and is anticipated to expand at a 4.3% CAGR from 2024 to 2032, owing to its intense flavor and high-quality concentration.

The U.S. market was valued at over USD 280.2 million in 2023 and is expected to grow at a 4.2% CAGR till 2032, supported by California's robust agricultural infrastructure.

The key players in the industry include ADM, Blue Diamond Growers, Borges Agricultural & Industrial Nuts, Cook Flavoring, Frontier Co-op, John B. Sanfilippo & Son, Lochhead Manufacturing, McCormick & Company, Nielsen-Massey Vanillas, and Queen Fine Foods.