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Summary of our market study
The global truffle market, renowned for its high-value fungi into cultivation and heightened demand for premium food, was forecasted to grow significantly with an estimated CAGR of 19% between 2018 to 2023. Europe's stronghold in production, led by traditional producers Spain, Italy, and France, was pivoting as climate change enabled countries like the UK to enter the market, evidenced by the cultivation of the first Black Périgord Truffle there. The UK truffle sector faced a volatile domestic market with preserved mushrooms and truffle sales plummeting by 65% and prices surging from £2.42/kg to £4.48/kg, indicating stable or growing demand despite declining supply. Importantly, the international trade of truffles saw the UK heavily relying on imports. This transition towards more local production is also accentuated by technological advances potentially cutting the cultivation period in half. However, challenges persist, including climate change risks threatening to decrease European production by up to 100% by 2100, truffle fraud concerning product authenticity, and strict regulation demanding responsible harvesting on private lands.
The UK's Shifting Truffle Dynamics: A Blend of Traditional Import Reliance and Emergent Domestic Growth
In the United Kingdom, the truffle market has manifested a complex interplay between historically strong import reliance and emerging trends in domestic cultivation. The landscape of truffle consumption has changed significantly in recent years, reflecting a decrease in domestically sold truffles by volume. While the decline in production volume has resulted in heightened scarcity and thus an upsurge in prices, the underlying demand for truffles remains robust within the country. Underscoring the fragmented structure of this market, numerous small independent truffle farmers operate within the UK, complemented by established foreign players from Europe’s traditional truffle triad—Spain, Italy, and France.
The collective movement towards more premium food experiences has further galvanized interest in truffles, an item synonymous with culinary luxury. The volatility of the UK truffle industry, embodied by the dramatic dip in preserved truffles and mushrooms volume from approximately 3.63 million kilograms to around 1.28 million kilograms, underscores the fragility of truffle cultivation against environmental variables such as climate. Global warming, albeit a considerable threat, has paradoxically positioned the UK to potentially flourish as a burgeoning truffle hub. This notion is reinforced by the first successful cultivation of a domestic Black Périgord Truffle in recent years. Internationally, the UK's import-export equation for truffles presents an interesting narrative. The import value hovered around $25.82 million, while exports contributed a value closer to $8.25 million. There appears to be dynamic growth in the export domain, with coverage rates soaring from 5% to a substantial 32%.
Trade destinations for UK truffles stretch beyond European borders into diverse markets like South Korea, the US, and Singapore, among others. Projections suggest the global truffle market is poised for significant growth, with a forecasted compound annual growth rate of about 19%. It is evident that Europe will continue to influence market expansion significantly. Concurrently, the UK market itself is valued in billions, creating a fertile landscape ripe for investment and government-supported initiatives to capitalize on evolving climatic conditions that could open new avenues for truffle growth within British soil.
Navigating the Truffle Terrain: The Key Players Shaping the Market
In the sought-after industry of gastronomic treasures, a few names stand out in the complex world of truffle commerce. Among these are global and UK-based companies that have made significant strides in cultivating, distributing, and enhancing the market for this prized fungi.
- Sabatino Truffles, standing as a stalwart in the global truffle market, has made a name for itself through a century-long tradition. Founded in Italy, the birthplace of many coveted truffle species, Sabatino has expanded its operations across continents, offering a range of truffles and truffle-infused products to an international clientele. Their dedication to quality and heritage has made them a household name in the luxury food segment.
- Plantin, hailing from the scenic landscapes of Provence, France, has bridged tradition with modern gastronomy. Their product range, extending beyond fresh truffles to include oils, preserves, and truffle-based condiments, demonstrates an understanding of the versatile appeal of truffles in culinary arts. Although rooted in French truffle hunting customs, Plantin's reach extends well beyond European borders, serving the needs of Michelin-starred chefs and gourmet enthusiasts alike.
- On home turf, Wild Harvest UK brings the allure of wild and fresh ingredients to Britain's doorstep. As a supplier to the nation's top dining establishments, Wild Harvest UK has built its reputation on sourcing not only the finest in truffles but also an array of other wild produce, connecting the British palate with nature's most exquisite offerings. The English Truffle Company taps into the burgeoning potential of the UK's truffle industry, having witnessed the successful cultivation of native truffles. This company exemplifies the blend of traditional foraging methods with contemporary practices, helping to position the UK as an emerging player in the global truffle market. Their commitment to fostering the growth of British truffles and educating consumers on their wonders speaks to a forward-thinking approach in an industry poised for change.
Together, these companies navigate the delicate balance of tradition and innovation within the truffle market. Their varied positions – from global veterans like Sabatino and Plantin to domestic champions like Wild Harvest UK and The English Truffle Company – illustrate the market's diversity and potential for growth. As custodians of culinary luxury, they not only cater to the appetites of truffle aficionados but also shape the future potential of this highly competitive industry.
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Summary and extracts
1 Market overview
1.1 Definition and scope of the study
"Truffle" is the vernacular name of mushrooms that can be found in the ground and are round-shaped. The color of a truffle can differ greatly from one species to another, however black and white truffles are the most common. Truffles are an extremely complex product, which has been cultivated for centuries yet remains very unreliable in terms of supply quantities. Many factors influence the volume of truffle harvests, including the climate and location of growth. In light of this, prices are very high. Related to this and the complex nature of the product, the levels of fraud remain high.
Truffles are harvested during summer or winter, depending on the species. Harvests most of the time rely on the help of animals such as dogs or a female pig due to their acute sense of smell.
The global truffles market is in full growth. Between 2018 and 2023, the market is estimated to expand at a CAGR of 19%, where Europe is estimated to account for 41% of growth. Indeed, although the share of European production in the world is shrinking, Europe is still very much the world's largest producer and exporter, where Spain, Italy and France stand out as the oligopoly of traditional truffle production.
Another key driver to truffles rise globally is the increase in demand for premium food, where truffles are integral. As disposable incomes increase parallel to a growing interest for food, consumers are more willing to spend on truffle-based meals served in restaurants for example.
In the United Kingdom, domestically sold truffles have decreased somewhat in value since 2008, whilst the drop in volume sales is more significant. Nevertheless, imports are still high, and on top of this the average price of truffles increased from £2.42/kg in 2008 to £4.48/kg in 2019. In other words, the underlying demand remains strong.
The market structure is fragmented where suppliers in the UK are often small independent truffle farmers. A notable player includes The English Truffle Company, whilst many players are foreign from truffle exporting countries such as Italy, France and Spain. Going forward, truffle cultivation is shifting northwards amid climate change, and the UK is expected to be able to capitalise on this shift. 2017 was a monumental year for British truffle manufacturing as the first ever British Black Périgord Truffle was cultivated.
1.2 The global market's rapid growth
It is difficult to obtain an accurate figure about the world truffle market, as many transactions are still made at local fairs in the main producing regions.
It can be estimated that in ****, the world truffle market was worth approximately US$*** million. The truffle market shows very promising growth forecasts for the next few years, with a projected CAGR of **% between **** and ****, (***). [***] The market is thus set to double in the coming years, owning to a rise in prices due to a decrease in supply, combined with an increase in global demand.
Expected market size of the truffle market World, ****-****, in million USD dollars Source: ****
World production of truffles is mainly concentrated in Europe. Italy, Spain, and France are the world's main producers and exporters, with respectively ** tonnes, ** tonnes and ** tonnes of Tuber melanosporum & brumale harvested in ****. [***]
About ***,*** acres of truffle plantations dot Spain, France, and Italy and provide about ** percent of all the truffles on the legal market. [***]
The balance of power between harvesting countries has been reversed in recent years: until ****-****, France was the main producer of truffles, with an average of **% of the European harvest over the last * years; however, for the first time in ****, the ...
1.3 A volatile domestic market
The data for the graph below uses the code "********-Prepared or preserved mushrooms and truffles EXCLUDING: - by vinegar or acetic acid - dried - frozen - prepared vegetable dishes". [***]
Sales volume of preserved mushrooms or truffles manufactured United Kingdom, ****-****, in *,*** kilograms Source: ****
The sales volume of preserved mushrooms and truffles has decreased in the UK, from *.** million kilograms in **** to *.** in ****. This is equal to a drop of some **%. Although both volume and value sales have decreased over this period, prices per kilogram for this product category increased from £*.**/kg to £*.**/kg in the same period. This implies that, ceteris paribus, the harvest of mushrooms and truffles in the UK has gone down, making the products more scarce and thus pushing prices up. [***] Moreover, the fact that this price increase comes parallel to a decrease in supply means that the underlying demand has at least stayed the same or even increased.
It should be noted that these sales figures correspond to UK manufacturers, and does not take into account imported goods. As we will see in the next section, imports of mushrooms and truffles have remained somewhat stable over the course of the last four years, and are very ...
1.4 International Trade
This section analyses the UK's trade of truffles. In particular, data is extracted from UN Comtrade's product category "****-Mushrooms and Truffles, prepared or preserved other than by vinegar or acetic acid".
Trade of mushrooms and truffles United Kingdom, ****-****, in $US million and % Source: ****
The UK imports more truffles than it exports. In ****, the island nation imported $US **.** millions worth, and exported $US *.** million. This results in a coverage rate (***) of **%. This is a remarkable increase from ****'s equivalent value of *%. In other words, the UK, which traditionally has relied almost entirely on imports of truffles, has become more and more of an export country itself', owing to the fact that production has been enabled to a larger degree due to climate change. In section *.* we cover this phenomena in detail.
Export destinations of mushrooms and truffles United Kingdom, ****, in % Source: ****
The chart above depicts the UK's main export destinations of mushrooms and truffles in ****. Based on this, we find that South Korea received *.**%, followed by the US (***). Interestingly, the top three export destinations are outside of Europe, which goes to show that perhaps the credibility of the still immature UK truffle production remains low in the eyes of European nation. ...
2 Demand Analysis
2.1 Determinants of truffle consumption
Targeted markets
The USDA identifies * categories of markets targeted by truffles suppliers which applies to the UK as well:
Restaurants and resorts: generally, gourmet chefs and restaurants prefer to buy local products because they keep their flavors as the main problem of overseas supply is the great loss of flavors from the truffles - and delivery is quicker. Specialty Grocers: these retail stores cater to an evergrowing gourmet customer base. They often sell truffles-based transformed products, such as oil, honey or others. Farmers’ market shoppers: “lifestyle of health and sustainability” consumers are generally looking for locally produced products and are willing to discover new tastes, try gourmet food. E-commerce: websites are prolific marketplaces on which customers can find any trufflesderived products and raw truffles. Consolidation buyers: consolidators are companies that purchase small producers’ truffle production to fill large orders of bigger companies, that small producers alone could not have filled. International sales: truffles’ savors are different according to where they were harvested. This generates imports and exports of truffles in the UK with consumers being willing to test different kind of savors.
Demand determining factors amongst consumers
Income levels: Since truffles is a luxury good, income levels are crucial to ...
2.2 Europe's most popular truffles
The list below presents the most common types of truffles in Europe, based on popularity.
The most popular truffles in Europe are the following (***):
Tartufo bianco d'Alba (***) Black Périgod Truffle (***) Black Summer Truffle (***) Burgundy Truffle (***) White Spring Truffle (***) Muscat Truffle (***) Tartufo di Bagnoli (***) Nero Liscio Truffle (***) Tartufo di San Miniato (***)
[***]
As we saw in section *.*, the UK's number one import partner of mushrooms and truffles is Italy; it is thus highly likely to assume that the UK consumes a large number of the truffles mentioned in the list above, given the prevalence of Italian products.
2.3 Cyclical truffle demand in the UK
Search interest "Truffles" United Kingdom, ****-****, in index value Source: ****
The graph above shows the proportion of searches for the keyword "truffles" in the UK since ****, compared to the time when the use of this keyword was highest (***). Thus, a value of ** means that the keyword was used half as often in the area concerned.
Truffles are a seasonal goods, and are harvested in particular seasons depending on the truffle. However, not only the harvest season plays a direct impact on the demand for truffles, but also seasonality. Indeed, consumer interest for truffles measured through Google searches is the highest around Christmas. This could be explained by the fact that consumers are willing to spend more around festivie seasons, or by the fact that truffles is bought and given away as a gift.
Below is an overview of when well-known Italian truffles are harvested, confirming the seasonality for each truffle.
Source: ****
3 Market structure
3.1 Truffles coming alive
Source: ****
Finding a tree and location Truffles grow under the earth and around a handful of trees only. These include beech, birch, hazel, hornbeam, oak, pine, and poplar. Truffles require vast areas of land. European farmers plant on average *** trees per acre. Protecting the crops Due to the what many claim are exorbitant values at which truffles retail, the fungus is at constant risk of theft. Investing in adequate security is of utmost importance to any farmer. Pesticides are another form of danger to truffles and the number of trees planted can play a crucial role in preventing this. For example, a lower number of trees per acre can help mitigate the spread Preparing the soil The pH of the land should be between *.*-*.* for truffles to thrive. According to frontierag most soil in the UK has a pH value of between *.*-*.*. Creating the fungus hunters Animals are crucial in the pursuit for truffles. In particular, special dogs or female pigs are used. The former needs to be trained whilst the latter intrinsically seeks truffles and proceeds to eat them, which thus requires caution once the female pig has discovered truffles. It was pigs that discovered truffles initially, so ...
3.2 Distribution overview
The distribution of truffles is similar to other foods, with the exception that truffles as a whole are only distributed to a handful of players (***) or dried truffle.
Below is an overview of the retail channels.
B*B
After they have been cultivated, truffles are either sold by the harvesters to consolidators or bigger companies that will ship them to other stores or clients; or they are sold to local businesses like high-end restaurants or specialty grocers.
B*C
If the harvester operates on the black market or is part of a company, it can sell directly its truffle harvest to consumers.
Otherwise, truffles can be sold to consumers in different ways:
Restaurants, mostly used in meals’ seasoning Retailers, either as raw truffles or trufflederived products Online retailers, offering a vast variety of trufflederived products mainly
Distribution in the UK in particular
Today, the ***,*** acres of truffle plantations in Spain, France, and Italy. Together, these three countries provide about ** percent of all the truffles on the legal market. [***]
As we saw in section *.*, the UK imports most of its truffles. However, in recent years farmers have started to experiment with truffle growing. Indeed, there are sites today where it is possible ...
3.3 The UK - future global production centre?
In ****, the UK cultivated a Black Périgord (***) for the first time ever; the truffle weighed ** grams. After nine years of waiting, the harvest was made with the help of a trained dog and the earlier plantation of a Mediterranean oak tree. The truffle in question was been preserved for posterity. However, going forward the truffles will be distributed to restaurants in the UK. [***]
The same source states that “This cultivation has shown that the climatic tolerance of truffles is much broader than previously thought, but it’s likely that it’s only possible because of climate change, and some areas of the UK – including the area around Cambridge – are now suitable for the cultivation of this species”.
Adding to this the Daily Mail states that the UK could be global leaders in the truffle industry in ** years. This statement comes amid a new genetic modification technique which was developed in ****, and could halve the time needed to grow and harvest truffles from six to three years. On top of this, climate change will play into the hands of the UK, as the island becomes warmer and truffle growing can thrive. The same source states that the UK could overtake France ...
4 Analysis of the offer
4.1 Product Overview
Different truffles come at different points in time during the year in Europe.
Below we highlight common truffles in Europe and when they are harvested and sold.
Black Winter Truffle (***) Season: December-April Main area(***) of cultivation: Eastern Spain the Black Perigord truffle, dubbed the "Queen of Truffles", is probably the most emblematic Black Summer Truffle (***) Season: May-September Mostly grown and consumed in Italy Black Autumn Truffle (***) Season: October-December Also referred to as Burgundy or Champagne Truffle White Winter Truffle (***) Season: October-December The Tuber magnatum is the world’s most highly prized truffle (***), available only for a month or two every year and always highly in demand Cultivated in Italy and Croatia White Spring Truffle (***) Season: January-March Hints of Tuber Magnatum, but much more affordable Cultivated in central Italy
[***]
On top of this, we find Chinese truffles for instance, who have no real taste and are very cheap. They are often fraudulently mixed with European crops.
Moreover, with the truffle fungus itself, many derivative products are created. This is done by leveraging the luxury image of truffles; companies started to sell products such as oil, salt and honey, with small bits of truffle added inside to give a particular taste to ...
4.2 Price and cost analysis
Truffles are not farmed or cultivated, but rather foraged. Moreover, to locate truffles farmers must use animals such as a dog or a female pig. Adding to this, the fungi is extremely rare. For this reason, truffles are expensive, and seems to have no cap when it comes to prices. For instance, in **** a white truffle from Italy weighing *.** pounds (***) sold for US$***,***. [***] This is equal to some $US***.** per gram.
Below is an overview of truffle prices.
*only two truffles are currently available due to the season
The graph below shows the price evolution of mushrooms and truffles in the UK. Prices increased by some **% in this period, proving that demand is high.
Price evolution for "Prepared or preserved mushrooms and truffles" United Kingdom, ****-****, in £/kg Source: ****
4.3 Supply trends
Climate Change
National Geographic reports that the main factor of disruption to truffle growth are the long, hot, dry summers. It is indeed the lack of water, or put differently, the droughts, which are damaging truffle production.
Moreover, a paper titled "A risk assessment of Europe's black truffle sector under predicted climate change" published in November **** in Science of the Total Environment stated that European truffle production would decline by between **% and ***% between **** and ****. [***]
Finally, as some truffles are disappearing, others are moving up north in Europe, which helps explain the UK's potential role in production in the coming years. [***]
Fraud
Problems have appeared as well with the rise of truffles’ popularity and prices. Frauds have been happening: in **** Urbani Tartufi was caught mislabeling its products, it had bought ** tons of Chinese truffle for $** a kilogram, and sold them as Périgord truffle since they look alike, at $*** per kilogram [***].
In the UK, frauds are common as well. Only in ****, fives companies (***) were charged of fraud in a case which involved *** investors were cheated out of their savings, totaling close to £* million. According to the UK Government "Investors were told their savings were funding oak and hazel tree saplings inoculated with ...
5 Regulation
5.1 Current Regulation
In light of Britain's withdrawal from the European Union, the island nation now implements and adheres to independent laws solely.
In the UK, all plants, animals and fungi on private land belong to the landowner. In other words, if one is growing truffles on private soil, the person in question also has the right to harvest at any time.
Moreover, the same applies for common land. In particular, The Theft Act **** states that "A person who picks mushrooms growing wild on any land, or who picks flowers, fruit or foliage from a plant growing wild on any land, does not (***) steal what he picks, unless he does it for reward or for sale or other commercial purpose". In other words, truffle which is growing freely in nature belongs to all men.
Below we list laws which fall under the truffle framework.
Importation of food Distance selling, mail order and delivery
In some cases, a license to hunt truffle can become appropriate if the person in question is providing consulting within the realm of truffles. Today, there are only a few licensed truffle hunters in the UK. [***]
6 Positioning of the players
6.1 Positioning of the actors
- Sabatino Truffles
- Plantin
- Wild Harvest UK
- The English Truffle Company
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