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Truffles Market

Truffles Market

Truffles Market Analysis, By Product Type (Black or Périgord Truffles, White Truffles Oregon White Truffles, Burgundy Truffles, Summer Truffles Oregon Black Truffles, Others), By Nature (Natural, Conventional), By Form (Fresh, Processed), By Application & Region - Global Forecast 2021-2031

Truffles Market
FACT7082MR
  • Jan-2022
  • List of Tables : 160
  • List of Figures : 136
  • 170 Pages
  • Food & Beverage

Truffles Market Outlook

The global truffles market is currently valued at US$ 325 Mn, which is expected to witness a prominent growth rate at a CAGR of 8.9% to reach US$ 764 Mn by 2031. According to Fact.MR, truffle sales account for a share of 11.4% of the global edible fungus market.

Restaurants and food companies are major product consumers and have a key role in augmenting truffle sales across the world. These fungi impart a distinct flavor and aroma to a wide range of food preparations, and are therefore widely demanded.

Truffles Market Size (2020) US$ 302 Mn
Market Forecasted Value (2031) US$ 764.2 Mn
Global Market Growth Rate 8.9% CAGR
Europe Truffles Market Share 33.6%

Consumption Analysis of Truffles (2016 to 2020) Vs Market Projections (2021 to 2031)

As per Fact.MR, a market research and competitive intelligence provider, over the past half-decade, global market value for truffles increased at a CAGR of around 7.4% owing to rising demand for minimally processed fungi.

Truffles market share by product type from Fact.MR

When it comes to food preservation, increasing the intensity of treatment through processing usually lowers the quality of the truffles being treated. Consumers are demanding foods that are safe, healthful, and of excellent quality, in addition to its taste and texture, which is making consumers bend towards minimally processed foods such as truffles.

Over the next ten years, consumption of truffles is slated to surge at 8.9% CAGR.

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Country-wise Analysis

Why is There Rising Truffle Cultivation in Germany?

According to Fact.MR, sales of truffles are increasing in the European market at a CAGR of 5.4%, and are expected to rise to a market value of US$ 202 Mn. This is mainly due to rising cultivation of the product every year in the country.

Truffles have traditionally been imported from France, Italy, or Spain, but this is soon to change, as farmers and private persons have begun cultivating burgundy truffles (tuber aestivum var. uncinatum), which are expected to grow in popularity over the coming years.

Will Limited Restrictions on Truffle Harvesting in China Boost Market Growth?

China holds 58.6% of the East Asia truffles market. Demand for truffles in the country stands at a market volume of 121,869 Kg, and is expected to surge at a CAGR of 8.2% in terms of volume.

This expansion is because there are not many government regulations at present in China for truffle harvesting. This helps in the barrier-free harvesting of truffles, as such, increasing availability and demand for truffle mushrooms in the Chinese market.

How are Innovative Farming Methods Driving the U.S. Truffles Market?

The U.S. truffles market is expected to experience a rise in market share from 90.7% at present to 93.7% in North America by 2031, and to reach a market value of US$ 161.3 Mn.

The reason for this boost in the U.S. is that many farmers choose to develop innovative methods for harvesting truffles, such as proper irrigation procedures, growing truffle trees (hazelnuts, oaks, and other species), etc. This is successfully aiding natural growth of truffles on U.S. land, thereby, promoting the growth of the market for truffles in the country.

Category-wise Insights

Why is There Rising Application of Black Truffles in the Food & Beverage Industry?

According to Fact.MR, black or perigord truffles (tuber melanosporum) hold 37.1% of the global market. The segment is expected to expand at a CAGR of 10% through 2031.

These mushrooms are being used in many product lines such as jams, oils, seasonings, etc., in the food and beverage industry. However, it is not just limited to food and beverage products but also in cosmetic products such as moisturising creams, night creams, anti-ageing creams, etc. Therefore, product penetration into various markets is leading to a rise in sales of truffles worldwide.

Will Increasing Health Consciousness Boost Demand for Organic Truffles?

Rising health issues have pushed consumers towards adopting preventative health measures. Restaurants and top chefs are increasingly adopting organic truffles as a response to rising health concerns and demand from consumers for organic food products.

According to Fact.MR, organic truffle sales are expected to rise at a CAGR of 10.9% through 2031.

An Adaptive Approach to Modern-day Research Needs

COVID-19 Impact on Truffles Market

As demand for restaurant-based food declines and demand for online purchases and groceries rises, COVID-19 has accelerated the implementation of non-traditional food delivery strategies. Despite these shifts in consumer behavior, consumption patterns in some areas have remained relatively stable (e.g., Europe).

This makes sense because food consumption is often thought to be inelastic. Because this manifestation of aversion behavior has influenced key purchase modalities, COVID-19 may have reshaped how consumers acquire food, but it has had little impact on how much they consume.

Top Truffle Suppliers

Truffle producers are expanding in number due to rising demand for their taste and aroma across various parts of the world. Mushroom providing companies are working on research & development to understand the market gaps and work towards filling the same.

  • The Truffle & Wine Co., being a premium brand, invests a large 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 taking measures to maintain the quality of its products through well-established quality check procedures.
  • The Truffles Co. d.o.o. focuses on the marketing of Siberian truffles to reach out to potential consumers. The company arranges events such as truffle hunting to connect with customers on a deeper level and build a customer-brand relation.

Similarly, latest developments related to companies manufacturing truffles have been tracked by the team at Fact.MR, which are available in the full report.

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Truffles Industry Report Scope

Attribute Details
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis Kg for Volume and US$ Mn for Value
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA
Key Countries Covered
  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Peru
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Nordic
  • Russia
  • Poland
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Singapore
  • Malaysia
  • Australia
  • New Zealand
  • GCC Countries
  • Central Africa
  • Northern Africa
  • South Africa
Key Market Segments Covered
  • Product Type
  • Nature, Form
  • End Use Application
  • Region
Key Companies Profiled
  • Natura Tartufi
  • Passione Toscana
  • The Truffles Co. d.o.o.
  • Italtouch Trading Fz Llc.
  • Truffles Northwest
  • Black Boar Truffle, LLC
  • TruffleHunter Ltd.
  • Ramelli Corporation
  • Wiltshire Truffles Limited
  • Angel's Salumi & Truffles
  • Others
Pricing Available upon Request

 

Key Market Segments Covered in Truffles Industry Research

  • By Product Type

    • Black or Perigord Truffles (Tuber melanosporum)
    • White Truffles (Tuber magnatum)
    • Summer Truffles (Tuber aestivum var. aestivum)
    • Burgundy Truffles (Tuber aestivum var. uncinatum)
    • Oregon Black Truffles (Leucangium carthusianum)
    • Oregon White Truffles (Tuber oregonense)
    • Others
  • By Nature

    • Organic Truffles
    • Conventional Truffles
  • By Form

    • Fresh Truffles
    • Processed Truffles
      • Dried
      • Oil
      • Frozen
      • Canned
      • Others
  • By Application

    • B2B Sales of Truffles
      • Food Processing Industries
      • Food Service Restaurants
      • Cosmetic and Personal Care Industry
    • B2C/Indirect Sales of Truffles
      • Store-based Retailing
        • Hypermarkets/ Supermarkets
        • Convenience Stores
        • Independent Grocery Stores
        • Specialty Stores
        • Discounters
        • Other Retailers
      • Online Retailing
  • By Region

    • North America Truffles Market
    • Latin America Truffles Market
    • Europe Truffles Market
    • East Asia Truffles Market
    • South Asia Truffles Market
    • Oceania Truffles Market
    • MEA Truffles Market

- FAQs -

Currently, the global market truffles is worth around US$ 325 Mn.
Truffle consumption is expected to increase at a CAGR of around 8.9% during the period of 2021-2031.
In terms of revenue, sales of truffles increased at a CAGR of 7.4% during 2016-2020
Market valuation is forecasted to reach US$ 764 Mn by the end of 2031.
Angel's Salumi & Truffles, Ramelli Corporation, The Truffles Co. d.o.o., Italtouch Trading Fz LLC., and Wiltshire Truffles Limited are the top 5 producers of truffles.
Market players are focusing on new product launches, strong truffle distribution channels, and merger and acquisition strategies to remain prominent players in the global market.
The U.S., China, New Zealand, France, and Japan are major countries driving demand for truffles.
Europe holds around 33.6% of global truffle revenue share.
The U.S. truffles market is projected to expand at a CAGR of around 12% over the next ten years.

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