The truffle market - France (2024)

1.2 A global market still dominated by Europe

Worldwide, the truffle market is estimated at around $*** million in ****, with $***.* million according to The Insights Partners, and $*** million according to Fact.MR. Over the next few years, the market is expected to grow at a CAGR close to *%: The Insight Partners estimates a CAGR of *% between **** and ****, and Fact.MR *.*% between **** and ****.

Global truffle market size World, ****-****, US$ million Source: ****

However, estimation in this market is complicated by the fact that truffle producers have no real interest in indicating the quantity they produce if they want to ensure high prices. Based on the number of hectares available for truffle cultivation, and assuming an average production of ** kg per hectare, Trufland arrives at the following estimates:

Estimated breakdown of world black truffle production World, ****-****, tons Source: ****

Production is therefore concentrated in Europe, particularly in France, Spain and Italy:

Distribution of world truffle production World, ****, in Source: ****

Sustained growth in truffle sales is due to a number of factors:

Growing adoption of the product in Asia, particularly China. Asia-Pacific will account for **% of total truffle sales growth. Increasing penetration of processed products containing truffles The use of truffles in non-food products (***) Low price elasticity: as a luxury product, the price ...

1.3 The French market, an increasingly contested world leader

According to FranceAgriMer, ** tons of preserved truffles were produced in **** by some twenty truffle canners, representing total sales of ** million euros.

We now rely on Prodcom data supplied by Eurostat, using the code [***] which corresponds to the following description: "Dried mushrooms and truffles, whole, cut, sliced, broken or in powder, but not further prepared". The figures vary from year to year, but there has now been an increase at a steady rate since **** from **.** million euros to **.** million euros in ****.

Value of truffle and dried mushroom production France, **** to ****, in millions of euros Source: ****

Black truffle harvests in France In tons Source: ****

The sector is difficult to pin down, with a multitude of small entrepreneurs operating forests or farms and selling their products on specialist markets. According to Terre de Truffes, there are some **,*** truffle growers in France, but truffle cultivation is still awaiting a degree of professionalization.

However, this is a niche market in which the players are essentially present out of passion and tradition. In France, the president of the Fédération Française des Trufficulteurs since ****, Michel Tournayre, tells Challenge that "for **% of people, truffle production is above all a supplement to their income" .

A few trading ...

1.4 Foreign trade in truffles

Truffles and mushrooms

The data below are obtained from code [***], which includes mushrooms and truffles. It is therefore larger than our market, but gives an idea of trends in the truffle market.

The trade balance for truffles and mushrooms in France, from **** to ****, reveals a downward trend in imports, from **.** million USD in **** to **.** million USD in ****. Exports follow a similar trajectory, decreasing from **.** million USD in **** to **.** million USD in ****. This trend suggests a reduction in international trade in truffles and mushrooms.

Trend in truffle imports to France France, ****-****, in millions of USD Source: ****

French truffle and mushroom imports come mainly from Spain, the Netherlands and Poland, which account for almost **% of French imports.and, since ****, the share of imports fromSpain has increased year on year, until **** when it first fell.

Breakdown of French truffle imports by country of origin France, ****, in Source: ****

Finally, France exports to a large number of countries. Among these, the United States receives more than a quarter(***) of all exports.Germany accounts for around **.*% and is the leading European exporter, ahead of Belgium, which accounts for around *% of exports.

French truffle export countries France, ****, in Source: ****

Truffles

We can take into account French customs ...

2.1 A seasonal luxury product

This is a luxury micro-market in which margins are maintained by demand driven by top restaurateurs wishing to work with the product, or by wealthy French and foreigners associating this product with culinary luxury.

Demand for truffles is also subject to significant seasonal variations, with demand generally peaking during the festive season. This increased demand in November and December by individuals is due to the production process of a truffle, which reaches maturity at the end of the year, but also to the popularity of this local food during end-of-year meals.

This seasonality is backed up by Google, which shows(***) the search rates for the keyword "truffle" over the last four years.

Search for the keyword "truffle" on Google in France Source: ****

N.B.: the values in this graph are relative: a value of ** indicates that, to date, there have been half the number of searches recorded on the day when the record number of searches was reached over the period studied.

There is a clear seasonal pattern around the end-of-year festivities.

2.2 Stable demand

Demand for truffles has continued to rise since ****, according to France AgriMer.

Since the beginning of the **th century, a collapse in truffle production could have led to the disappearance of the industry. In fact, production has fallen from over *,*** tonnes a year to less than ** tonnes, mainly due to the two world wars, which took truffle growers away from their truffle fields, and the rural exodus and desertification of the countryside, which also explain the slow disappearance of truffles. Yet demand for truffles has not diminished, and this low supply/demand ratio has contributed to the luxury nature of truffles. Today, demand is said to be ** times greater than production, which partly explains the high prices of this local product, which occupies a key position at the heart of French gastronomy.

In France, demand has been constant in recent years, indicating a stable consumption trend that is far from weakening, despite the chronic drop in production due to drought. It is estimated that around ** tonnes of truffles are consumed in France every year, a large proportion of which have to be imported.

2.3 Consumer preference for Made In France and local products

Although they are up against Spanish truffles, which are heavily imported into France, French truffles have a strong national and international selling point: Made in France. Positioned in a luxury segment where quality and reputation tend to take precedence over all other characteristics, French truffles have the advantage of appearing as an exceptional local product. The "Made in France" label is often seen as a guarantee of quality.

French preferences for Made in France France, ****, in percent Source: ****

What the French say about local products France, ****, in Source: ****

The Plantin company benefits from its Made In France status to achieve good figures both at home, where the French are sensitive to Made in France labels, and in the rest of the world, where French truffles are an undeniable guarantee of quality. The company generates **% of its ** million euros in sales abroad, exporting to the Asian market via a subsidiary in Hong Kong and to the American market via a subsidiary in New York. [***].

Sales of Plantin, French leader in truffles World, ****-****, in millions of euros Source: ****

3.1 Many small producers and a few powerful independents

According to France AgriMer, ** to ** tonnes of truffles are produced annually in France. There are three main production regions in France:

Center and South-West: Nouvelle-Aquitaine, Centre Val-de-Loire South-East : Occitanie, PACA and Auvergne-Rhône-Alpes Centre-Est : Bourgogne Franche-Comté, Grand Est.

According to Planetoscope, the majority of production takes place in the South-East, particularly in the Drôme, Vaucluse and Alpes de Haute Provence regions. In France in ****, there will be an estimated **,*** truffle growers, **% to **% of whom are not farmers. Truffle production would cover a total area of **,*** ha in ** départements. However, only *,*** ha per region are planted each year, as it takes around fifteen years before truffles can be harvested. on the other hand, an average of ***,*** truffle plants are sold each year in France by ** approved nurserymen.

There are a few powerful independent players on the truffle market who have managed to grow their business while retaining their know-how and market legitimacy. This is the case, for example, of theUrbani family business in Italy, which boasts a very high production capacity of truffles every year, both for restaurants and as by-products.(***)

We should also highlight the success of Maison de truffe, a historic company founded in **** by truffle brokers in ...

3.2 A multitude of local markets alongside a few franchises and a nascent online business

According to the French Truffle Federationin ****:

**% of production is sold on wholesale markets **% on retail markets in nearly *** markets, **% to **% directly (***)

Truffles are marketed in France mainly by small local players present in the markets as follows Terre des Truffesmajor truffle towns: the Carpentras market, in the Périgord region, but also in the Dordogne, Montagnac, Montpezat, Valréas and Richrenches. In these markets, small local producers sell truffles directly to the end consumer.

A number of franchises are also expanding in France. One of the best-known is the Signorini franchise, which can also be found online. There are also the less specialized Comtesse du Barry franchises, which also sell products such as foie gras, caviar and smoked salmon.

Buying truffles online is also possible on the online platforms of La Comtesse du Barry and the Valette website, for example. Many local producers have also launched their own online stores to bridge the distance between potential consumers and the local physical market, but also to reach a wider audience.

3.3 Truffle harvesting

The high price of truffles is due not only to their rarity, but also to the way they are harvested: even today, truffles are harvested by hand, often with the help of truffle dogs and pigs, trained to find truffles buried underground.

Pigs have long been used because of their natural predisposition to finding truffles, which give off a scent that reminds the animal of its fellow creatures. However, they consume the truffles once they've dug them up. Pigs must therefore be muzzled before being used to harvest truffles.

Today, the most commonly used animal is the dog. All breeds of dog can be used, since it's the sense of smell that counts, and no breed is predisposed to the search for mushrooms. It should be noted that a hunting dog (***) will be a poor truffle dog, as it will be distracted by the smells of game in the forest when searching for mushrooms. However, a breed of dog known as the Lagotto Romagnolo or Romagnolo Water Dog stands out for its truffle-finding skills. [***]

The dog must be trained to sniff out truffles, mark the ground or dig them up without damaging them. He must be calm, obedient and enjoy tracking ...

4.1 The main truffle categories

There are many types and species of truffles, the main ones are listed on the Artisan de la truffe Paris website:

4.2 Price volatility

The price of a truffle on the market depends on its size, quality and species. The price range can vary from €** to several thousand euros, making it a luxurious product.

Source: ****

fluctuate according to market rates, which are governed by supply and demand

harvests become rarer

For example, among fresh Alba white truffles, a white truffle weighing just over * kg was sold for ***,*** euros (***) at an auction in Alba in ****[***]. The reduction in the harvest in recent years has in fact generated exceptional growth in its price, which averages €*,*** and €*,*** per kilo.

The price of black truffles, meanwhile, varies between €*** and €*,*** per kilogram, according to truffenoire. info and the table above. As the ****-**** season was particularly bad due to drought, prices skyrocketed from December **** onwards, compared with the previous season, which was particularly bad due to drought. the previous season, which on the contrary had produced good harvests; and this phenomenon continued until ****. Retail prices for Carpentras truffles jumped by almost ***% between January **** and ****, and those for Richerenches and Rungis by **%, reaching almost €*,*** per kilo.

In terms of trends, import prices for truffles have been relatively stable since **** according to France AgriMer: only the price of truffles from Australia has ...

4.3 The success of Spanish truffles

Truffle cultivation in France is under increasing attack from stiff competition from Spain. For the past six years, that neighbor's production has outstripped that of France, which at best harvests only half of what it consumes, according to the Fédération Française des Truficulteurs. Spain's very recent truffle production almost systematically benefits from boreholes for irrigation. Direct sales by Spanish producers, most often via the Internet, are an attractive alternative. [***]

Spain has one of the world's largest truffle-growing areas, with almost **,*** ha in ****.

The various estates are located in Aragon, and are the result of substantial investment, partly financed by the European Union, to prepare the land and ensure good irrigation. Yields appear to be around ** kg/ha. By ****, Spain will be the undisputed market leader for black truffles. [***]

The majority of this production is destined for the French market. The main outlets for these Spanish harvests are in fact French chefs, surely proof of their similar quality to French truffles. [***]

It is important to note, however, that the country suffers from the same difficulties as France with regard to global warming. Indeed, although Spain has become the world's leading producer of truffles, dethroning France, the current season is ...

4.4 Towards French production of Italian white truffles?

While black truffles now account for **% of French production, an innovation has opened up the possibility of developing the Tuber magnatum Pico sector, also known as the Piedmont or Italian white truffle. In fact, a *-year collaboration between scientists at INRAE (***) and Robin Nurseries has resulted in the first plantations enabling it to be grown in France, which gave rise to the first harvests in ****. The results published in **** are positive, perhaps paving the way for its cultivation in France or in other parts of the world where this truffle has never grown before.

Today, it is harvested mainly in Italy and certain Eastern European countries. It is estimated to generate savings of around *** million euros per year on a European scale, a figure that could potentially increase significantly over the next few years.

Michel Tournayre, President of the FFT (***), also emphasizes the prospects this innovation opens up for truffle growers, who could then harvest several varieties of truffle at different times of the year. In his view, this could lead to the professionalization of truffle-growing, whereas the majority of growers today use it only as a means of supplementing their income. What's more, it would correspond to a real demand, ...

5.1 A sector supervised and supported by the public authorities

In ****, a decree on the marketing and quality control of truffles was issued: since then, quality requirements linked to the fresh state of the truffles produced, as well as labeling for marketing, are the most important regulatory conditions concerning quality control. Labelling must indicate the name of the species, the country of origin and the weight of the product. The term "truffle" is therefore subject to a set of rules and criteria that must be met by the producer to avoid being accused of fraud. There is, for example, a Chinese truffle that is rarely distributed. although "*** times less expensive" than the Périgord truffle, it also has considerably less taste. It is often fraudulently mixed with a European truffle.

In ****, a decree established the common and scientific names of truffles.

In ****, the Fédération Française des Producteurs de Truffes received a grant of **,*** euros for regional experimentation.under the impetus of the current French President, an industry project was submitted in **** by French truffle growers to professionalize the sector. In addition, via INRA, the truffle sector has at its disposal public funding of €***,*** a year for research on fifteen experimental plants, to better understand the water requirements of ...

5.2 Truffles fall victim to their own success: truffle products without truffles

French regulations stipulate that French products bearing the name "truffle" must contain more than *% truffle. What's more, the labels of truffle products must also indicate the type of truffle used (***) because prices vary according to the type of truffle used, consumers must have access to clear information.

Yet in December ****, the magazine ** Millions de Consommateurs conducted a survey of some thirty truffle-based products to determine the true proportion of truffle they contained. Pasta and risotto manufacturers are particularly bad pupils according to ** Millions de Consommateurs, since none of them exceeds *% truffle in the product: pasta Di Angelo with white truffle, for example, is said to contain just *.****% truffle, too little to be truly noteworthy. Risottos also contain little truffle, and often add artificial flavoring to compensate (***). Some brands play on the distinction between the white summer truffle and the white Alba truffle, two varieties of white truffle with very different prices, misleading the consumer. It is possible to find good-quality truffle products, but it seems clear that regulations are not sufficiently respected in this market, to the detriment of the consumer.

What's more, so-called "truffle-flavored" products often contain no truffle flavoring at all. Instead, they are often synthesized or extracted from ...

6.1 Segmentation

• La Maison Pebeyre
• Maison Baumont
• Truffe Extra France
• Artisan de la Truffe (Bertrand Groupe)
• Truffe France
• Plantin
• Signorini Tartufi
• Comtesse du Barry
• Domaine du Grand Merlhiot
• Ferme de Pourcier
• Alena Truffe
• Le Soleil de Carpentras