A key factor driving the growth of the global truffles market is the rise in commercial truffle farming. Commercial truffle farms are gaining immense popularity across the world as they produce higher volumes of truffle than traditional truffle cultivation in the wild. Some of the commercial farms in Europe are producing 100 pounds of truffle per acre each year. As a result, the gap between the supply and demand for truffles is reducing. Several countries including Australia, the UK, the US, Canada, and New Zealand are engaged in commercial truffle farming. Thus, the growth in commercial farming will directly drive the growth of the truffle market during the forecast period.
As per Technavio, the increased use of truffles in fine dining and premium dishes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global truffles market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global truffles market: Growing truffle tourism
Truffle farms have become one of the main tourist attractions in many truffle-producing countries such as Spain, France, and Italy. Several truffle hunting tours are being organized in these countries with the increase in the number of tourists visiting truffle farms every year. As a result, the major commercial producers of truffle such as Israel, the UK, and Greece are also focusing on truffle tourism. Thus, the growth in tourism based on truffle hunting can positively impact the global truffles market during the forecast period.
“The global foodservice industry is growing at a rapid pace because of factors such as innovation and customization in menus. The increasing demand for healthy and nutritious meals in menus has led chefs in fine dining restaurants to use truffles in their dishes. Moreover, with changing taste preferences, consumers are willing to explore new, customized foods which will boost the demand for truffles during the forecast period,” says a senior research analyst at Technavio.
Global truffles market: Segmentation analysis
This market research report segments the global truffles market by product (black truffles, white truffles, and others) and geographic regions (North America, Europe, APAC, South America, and MEA).
The black truffles segment held the largest truffles market share in 2018. The growth of the black truffles segment is mainly driven by the rising demand from restaurant chains across France, the UK, the US, China, Singapore, Hong Kong, and others.
The Europe region led the market in 2018 with a market share of close to 41%, followed by North America, APAC, MEA, and South America respectively. The market growth in Europe can be attributed to the rise in use of truffles in foodservice establishments and an increase in the number of premium and fine dining restaurants in the region.
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