The scope of our recent study on the "Black Truffles Market Forecast 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)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

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.

The black truffle, scientifically known as Tuber melanosporum, is a species of truffle native to Southern Europe. It is one of the most expensive edible mushrooms in the world. It has a dark brown fruiting body and black-brown skin with small pyramidal cusps. Black truffles grow at a depth of 5 cm to 50 cm as ectomycorrhizae, preferably in loose calcareous soil, close to the roots of their plant. These plants can be holm oaks, French oaks, hazel, cherry, and other deciduous trees.

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.

The report includes the segmentation of the global black truffles market as follows:

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.

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