Market Outlook for Almond Extract Market:
Almond extract is a concentrated liquid that provides almond flavor to foods. They are made by combining almond oil from almond with alcohol to create a stable almond flavoring agent that lasts longer. Almond extracts have been distinguished as “pure almond extract” and “natural almond extract” by the U.S. Food and Drug Administration. This difference is on the basis of type of the formulation of almond extract. Pure almond extract is made from bitter almonds and natural almond extract is made from caccia bark. Almond extract market is emerging new in the food and beverage industry, more specifically flavoring industry, as it can be used well as flavoring agent in cookies and other baked goods. The market for almond holds a good scope of growth because food industries continues to bring new products with different flavors in the market. Consumers with a liking for almond will definitely buy almond extract owing to its long lasting property and hence increase the product sales for almond extract market.
Almond Extract Market Applications in Baking Industries:
Almond extract becomes a good option for bakers when they want to bring new flavors and varieties of cookies in the market. In this way almond extract has become one of the most preferred and popular flavors among the bakers. Almond extract acts as an ideal complement for other such flavoring agents already available in the market, vanilla extract being one of them. Almond extract offers a delicious and aromatic clean taste in desserts and baked treats like bear claws, croissants and turnovers and this property has made the almond extract a kitchen necessity. In order to emerge well and outstanding in the market, almond extract has to face market competition with its complements like vanilla extract and coffee extract. The only disadvantage of using almond extract as the flavoring agent would be that it narrows down its wide application for nut allergic consumers.
Global Almond Extract Market: Segmentation:
On the basis of applications, the almond extract market is segmented into-
- Food industry applications
On the basis of type, the almond extract market is segmented into-
- Pure almond extract
- Natural almond extract
On the basis of nature, the almond extract market is segmented into-
Global Almond Extract Market: Key Participants
Examples of some of the market participants in the global almond extract market identified are McCormick & Company, Nielsen-Massey Vanillas, Simply Organic, Waitrose, Queen Fine Foods and others.
Global Almond Extract Market: Key Developments
California is home to world’s most efficient almond producers. California alone shares more than 80% of the global almond supply. According to a USDA report in 2017, California’s almond farmers have doubled their crop production in the past decade. This can be seen as a key development for the almond product industries that includes almond extract manufacturers. Higher amount of almond in the market will leverage the constraint of raw material availability for almond extract manufactures and thus will improve almond extract production.
Almond extract manufacturers are also going with the global trends of labeling their products as “organic” or “100% Natural” which tend to attract health conscious consumers and thus improve the marketing and product sales.
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Opportunities for Almond Extract Market Participants:
Almond extract market has wide opportunities to grow with increased production and supply of the raw material-almond. With an improved supply chain efficiency for almond and R&D for improved varieties of almond with lesser perishability can improve the state of raw material availability for the almond extract market. Other than that, advancements in almond extraction process can improve almond extract production and efficiency as well. All these factors would drive the growth and expansion of almond extract market globally.