It’s no secret that highly processed meals negatively impact health, which is why more are turning to organic produce. One organic food that is raising the interest of many is truffles. Currently, the global market for this food stands at US$ 340 million. However, it is estimated to reach a market size of US$ 800 million by the end of 2033. In this feature, we look at what is behind the increased demand.

Rising health issues have pushed consumers towards adopting preventative health measures, and the most obvious way to do this is by switching to organic fresh produce that has not been manipulated or subjected to all manner of chemicals

Restaurants and top chefs are increasingly adopting organic truffles to respond to these rising health concerns and growing consumer demand for organic food products. In light of this, organic sales are expected to increase even faster at a CAGR of 10% through 2033.

What is a truffle?
A truffle is a type of underground fungi that resembles a mushroom in flavour and appearance but varies from it in that it grows close to oak tree roots. They are generally about the size of a strawberry but can be as large as an apple. Once picked, they lose their aroma after only a week, which makes them difficult to keep. They are generally used to give food a distinctive flavour and scent.

Expansion of the market depends on several factors, such as the rising popularity of fine dining and premium cuisine, the health advantages of utilising goods containing them, and the development of industrial-scale farming.

Any market expansion will be fueled by the growing usage of the fine dining sector and expensive dishes. Globally, the use of truffles in high-end dishes that are offered at several fine dining establishments is continuing to expand.

Historically, these small, almost non-descript foods have been sought after for their exclusivity; however, the ongoing research into the medicinal and health benefits of fungi is causing more to look at them as more than just a garnish on foods such as pizza, eggs, pasta, risotto, and spaghetti.

Competitive landscape
Top producers are working on research & development to introduce novel products. Such product introductions aid suppliers in developing long-term connections with end users and purchasers. Consumers can enjoy the flavour and scent of truffles in their meals thanks to these value-added products, which will increase overall demand for truffles.

For example:
Truffle & Wine Co. is a premium brand that invests a significant amount in research & development to understand the market dynamics, which helps the company frame its marketing and product strategies accordingly. The company is focused on maintaining its products’ quality through well-established quality check procedures.

Which Regional Market Generates the Highest Demand?
Asia Pacific accounts for a 50% share of the global market. The growing purchasing power of Millennials and a rise in fine-dining restaurants are the elements driving the market growth.

According to estimates, one-third of the millennial population in Asia Pacific dines out at least once per month. In China, Millennials attend fine dining restaurants on average close to 2-3 times per month. Since they are widely utilised in these fine-dining establishments, their regional use is likely to further increase.

Segmentation

By Product:
Black
White
Others

By Nature:
Organic
Conventional

By Form:
Fresh
Processed

By Application:
Food & Beverages
Cosmetics & Personal Care Products
Pharmaceuticals

These insights are based on a report on Truffles Market by Fact.MR.

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