What is the difference between Essence and Extract?

The main difference is that flavouring extracts are derived from the natural ingredient. For example, Peppermint Extract is made from Peppermint being soaked in a mixture of ethyl alcohol, glycerine and water. The flavour compounds of the ingredient infuse into the soaking mixture, then forming the extract. Essences, by contrast are a mixture of a commercial flavouring (which may be natural or synthetic) and depending on the recipe, ethyl alcohol, glycerine and water. Queen produces a range of Flavouring Extracts and Flavouring Essences as some flavours are very difficult to extract from the original ingredient while still giving a pleasant, characteristic flavour.