In the sentence you've given, you could replace 'albeit' with 'although' or 'though'. This does not mean that they are always interchangeable, however. The word 'albeit' means 'Although it is/it was/they are/they were'. In other words, it refers back to the subject of the main clause and incorporates the subject (it, they, this etc) and the appropriate form of the verb 'to be'. Many native speakers are under the impression that 'albeit' is just a fancy alternative to 'although'. This is not the case. You often hear native speakers trying to sound intelligent by saying things like 'I enjoyed the walk albeit it was challenging'. This is a completely incorrect use of 'albeit', and the speaker would have done better not to have tried to use this word at all. Here's some advice - don't try to use 'albeit'. When the average person uses this word, it is: 1. always pretentious-sounding 2. generally wrong Make life simple for yourself. Just don't use it.

Understand it, don't use it. (Su.Ki. understands it better than I do!) Here is "proof" that it is seen as pretentious. Normally, college football "fight" songs are full of lyrics like "We're gonna fight fight fight for every yard/And throw the other team upon the sod (Hit 'em hard!)/Scarsdale High!" The satirical songwriter Tom Lehrer, however, wrote a Harvard fight song that portrays Harvard as a bunch of pretentious, stuck-up, effete, Anglophilic ("tea" and "how jolly!") snobs. Thanks to Su.Ki. I realize that "albeit" is being used incorrectly, and Lehrer probably did this intentionally. He uses a fancy word in place of a plain word wherever he can ("spheroid" instead of "ball.") In his performance, https://www.youtube.com/watch?v=lWbU2DuWSGE , he gives a comic impression of the "Harvard accent" which still existed in the 1950s. Fight fiercely, Hahvahd, Fight, fight, fight, Demonstrate to them our skill! Albeit they possess the might, Nonetheless we have the will! How we shall celebrate our victory: We shall invite the whole team up for tea! (How jolly!) Hurl that spheroid down the field, and Fight, fight, fight!

Well, 'albeit' was almost extinct, but now is used. 'Though' and 'although' have much the same meaning. So, in writing I just go for 'though' as the simple option. The rest is just taste and sound.