The truffles market is set to grow by $US235.23 million, at a CAGR of 11.59% from 2020 2025, according to a report by Technavio. 35% of the market’s growth will come from the APAC region during this forecast period. The report, which covers black truffles, white truffles and others, also covers the geography and information on major players in the industry.
“Black truffles are high in demand among end-users such as Michelin star restaurants and manufacturers of premium packaged food products that use truffles as an essential ingredient,” said the senior research analysts at Technavio.
Vendors that harvest black truffles with rich nutrients and aroma are expected to witness greater demand from end-users and are expected to adopt advanced techniques to cultivate black truffles during the forecast period to keep nutrients, taste and aroma intact.
The launch of truffle-based products is also driving the truffles market growth. Truffle-based products launched by regional and international vendors in the industry also contributes to the growth of the market.
“Food and beverage vendors are introducing new truffle-based products, such as sauces and oil, that lead to indirect consumption of truffles in the global market,” said the analysts. “These launches help increase the revenue of vendors by expanding their consumer base under the premium product category.”
Product launches help players increase their market share and give them a competitive edge. In 2018, deRosario launched a range of truffle condiments which are made with truffles and sauces including white and black truffle oil, white truffle acacia honey, extra virgin olive oil, and others. In 2020 PS Gourmet Pe launched its own truffle oil in Singapore. Such product launches help companies establish long-term relationship with end-use consumers.
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