Black Truffles Market: Truffle Flavors Trending in New Revenue-Generating Products

Black Truffles Market - Launch of Innovative Products to Attract a Large Consumer Base

NEW YORK, NEW YORK, UNITED STATES, March 10, 2023 /EINPresswire.com/ -- The black truffles market size is projected to grow from US$ 295.7 million in 2022 to US$ 496.6 million by 2028; it is expected to register a CAGR of 9.0% from 2022 to 2028.

Black truffle is a fungus that imparts a distinct flavor and aroma to numerous food items. Black truffles are in high demand among food processing industries as black truffle is an essential ingredient in premium packaged food products, including black truffle-infused oil, cheese, honey, and sauces. TRUFF, the Australia-based manufacturer, provides black truffle oil, pasta sauce, mayo, hot sauce, and black truffle salt. Moreover, black truffles are used for household purposes as people are willing to prepare gourmet food with different luxury ingredients. Furthermore, black truffle usage is not limited to food and beverage products; it is also used in cosmetic products, including moisturizers, night creams, and antiaging formulas. Therefore, the rising usage of black truffles in various applications propels the growth of the global black truffles market.

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The global black truffles market is segmented based on category, application, and geography. Based on category, the market is segmented into organic and conventional. The organic segment is expected to grow at the fastest CAGR during the forecast period. Generally, organic black truffles are more expensive than conventional truffles due to their superior quality. The rising health awareness pushed consumers toward adopting preventive health measures. Restaurants and top chefs are increasingly adopting organic truffles to respond to the rising health concerns and growing consumer demand for organic food products.

The global black truffles market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America is expected to be the fastest-growing region during the forecast period. The region has the presence of many government and private associations and organizations that promote awareness, growth, and development of the black truffle industry in North America. These authorities are taking initiatives by promoting research, setting standards, sharing information between growers, and educating the public. According to the North American Truffle Growers Association (NATGA), there are over 200 truffle installations planted in the US, ranging in size from a few trees to over 12,000 in one orchard. This makes ultra-fresh black truffles available to food service professionals and chefs. Therefore, strategic initiatives by private and public associations are driving the demand for black truffles across the region.

Impact of COVID-19 Pandemic on Black Truffles Market

The global economy was hit hard due to the COVID-19 pandemic. Governments of various countries took possible steps in the form of country-wide lockdowns to restrict the spread of SARS-CoV-2, which directly impacted the growth of industrial sectors. Various measures implemented to combat the spread of SARS-CoV-2 hampered the food & beverages industry. The sudden closing of national and international boundaries disrupted operational efficiencies and value chains. Black truffle production is a labor-intensive procedure. Thus, the lockdowns imposed by governments resulted in a labor shortage and negatively impacted the production of black truffles. Moreover, due to travel restrictions, trade limitations, manufacturing unit shutdowns, and other government restrictions, the food & beverages, manufacturing, and foodservice industries faced a shortage of black truffles. These factors negatively impacted the black truffles market during the peak of the COVID-19 outbreak.

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Based on category, the black truffles market is segmented into organic and conventional. Based on application, the black truffles market is segmented into culinary; oil; sauces, spreads, & butter; and others. Based on end use, the market is divided into foodservice, processing, and food retail. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The North America black truffles market is subsegmented into the US, Canada, and Mexico. The Europe market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific black truffles market is divided into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The MEA market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The South & Central America market is segmented into Brazil, Argentina, and the Rest of South & Central America.

Trufo, TRUFFUS SAS, L'Aragonais Food Supplies SL, SABATINO NA LLC, LAUMONT TRUFFLES SLU, Arotz SA, Les Freres Jaumard SaRL, Perigord Truffles of Tasmania Pty Ltd, Great Southern Truffles Pty Ltd, and Old World Truffles are among the major players operating in the global black truffles market. Market players continuously focus on strategic development initiatives such as research and development, merger & acquisitions, expansion, and new product launches to offer high-quality and innovative products. These strategies boost the demand for black truffles and are expected to drive the market during the forecast period.

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