Yahoo Finance Black Truffles Market Value Worth $496.6 Million, Globally, by 2028 – Growth Report by The Insight Partners
The global black truffles market size is projected to grow from USD 295.7 million in 2022 to USD 496.6 million by 2028; it is expected to grow at a CAGR of 9% from 2022 to 2028.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Black Truffles Market Size, Share, Growth and Trend Forecasts to 2028 - COVID-19 Impact and Global Analysis By Category (Organic and Conventional), Application (Culinary; Oil; Sauces, Spreads, and Butter; and Others), and End Use (Processing, Food Retail, and Foodservice)”; the global black truffles market growth is impelled by rising adoption of black truffle in personal care industry, product innovation initiatives by end users and wide application scope of black truffles.
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Global Black Truffles Market – Report Scope:
Market Size Value in | USD 295.7 million in 2022 |
Market Size Value by | USD 496.6 million by 2028 |
Growth rate | CAGR of 9.0% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 167 |
No. of Tables | 85 |
No. of Charts & Figures | 79 |
Historical data available | Yes |
Segments covered | Category, Application, and End Use |
Global Black Truffles Market: Competition Landscape
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. Companies in this market focus on strategies such as investments in research and development activities and new product launches.
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Wide Application Scope of Black Truffles:
Black truffles are added as toppings to various food items to give them an opulent appearance. Thus, they are in high demand among end-users, such as Michelin-star restaurants and food companies, which play a key role in augmenting black truffle sales worldwide. Additionally, market expansion in food service applications depends on several variables, such as the rising popularity of fine dining and trying premium cuisine. Black truffles are in high demand among food processing industries as it 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, antiaging formulas, etc. Therefore, the rising usage of black truffles in various applications propels the global black truffles market growth.
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Black Truffles Market: Segmental Overview
Based on category, the black truffles market is segmented into organic and conventional. The conventional segment held a larger share of the global market in 2021. Conventionally grown black truffles are cheaper than organic ones. Hence, manufacturers may continue to use conventional black truffles owing to their affordability and easy availability.
Based on application, the black truffles market is segmented into culinary; oil; sauces, spreads, & butter; and others. The oil segment is expected to be the fastest-growing segment during the forecast period. Black truffle oil is used as a finishing oil in various dishes, including truffle fries, pizzas, pasta dishes, and puréed foods such as mashed potatoes and deviled eggs. Black truffle oil is available in all seasons and is significantly less expensive than fresh truffles. Thus, manufacturers are launching truffle oils to fulfill the increasing demand. These factors are expected to drive the market for the segment during the forecast period.
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Black truffles are gaining massive popularity among European consumers owing to their health benefits, such as controlling blood sugar, reducing inflammation throughout the body, helping prevent cancer, and fighting bacterial infection. Additionally, the demand for black truffle-based products is propelling in Europe due to the increasing consumer interest in different cuisines. Thus, the sales of black truffles are increasing in Europe. Owing to these factors, Europe held the largest share of the global black truffles market in 2021.
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