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MARKET OVERVIEW

1.1 Definition and scope of study

The truffle refers to a type of fungus which is created by a ectomycorrhizal fungus ascomycete and has a bulging shape. A single fungus can give birth to several truffles. Truffle harvests are largely dependent on meteorological conditions like drough.

There are hundreds of types of truffles in the world. The main ones are:

  • The black truffle (tuber melanosporum)
  • The white truffle (tuber magnatum), mainly present in Italy
  • The summer truffle (tuber aestivum)

Long dominated by Europe, the world market is now witnessing the entry of new players, such as the United States, Australia and China. Also within Europe, the balance of power has been transformed in recent years, and Spain is today the world's leading producer, followed by France and Italy.

Nevertheless, the Spanish domestic demand remains weak which explains that Spain exports most of its production.

 

1.2 Key figures for the global market

The FAO’s data can be used to get an overview of the global mushroom and truffle production, to have an idea of what countries are important in terms of production. In ****, according to the FAO, over * million tons of mushrooms and truffles were produced in the world, with China dominating ...

1.3 Key figures for the domestic market

Spain started producing truffles very recently compared to other countries, but it has quickly took over the place of  *st truffle producer in the world. For the last three years, the black truffle harvest in Spain has exceeded the French harvest. In ****, Spain, for example, produced ** tons compared to ** for France ...

1.4 International trade

As previously mentioned, Spanish exports of truffles and truffle derivatives reached EUR ** million in **** [***]

The main destination country for Spanish truffles is France which in **** will absorb around **% of Spanish production [***]. Italy, in second place, imports **% of Spanish production. More recently, the United States imported **% of Spanish production in ****, **% more than ...

DEMAND ANALYSIS

2.1 A weak domestic demand

The demand for truffles in Spain is still rather limited, because this ingredient is currently little part of the country's culinary traditions and has not been as much integrated into the gastronomic culture as in neighbouring countries such as France or Italy.

  Comparison between Spain and France search interest for ...

2.2 Determining factors of domestic demand

According to data from the National Institute of Statistics, disposable household income was ***.* billion euros in Q* **** and reached ***.* billion euros in Q* ****, representing growth of +**% over the period. [***]

At the same time, the savings rate fell from **% in **** to *.**% in ****. In summary, Spanish households have more and more disposable income, ...

2.3 Cyclicality of demand

Spain search interest for the keyword "trufa" Spain, ****-****, Google trends index Google Trends

If we now look only at the search for the word "trufa" in Spain, you can see that seasonality, if it is lower than that observed in France, is still noticeable. Over the past five years, there ...

MARKET STRUCTURE

3.1 Truffle production in Spain

Truffle cultivation

Truffles can be found naturally in the forests, but they have also been cultivated since the **th century. The development of truffle cultivation in Spain took place during the **th century, much later than in France or Italy. They must be planted near the roots of a tree (***), and ...

3.2 Distribution

The majority of Spanish production is then directly exported (***) to be distributed from abroad, as there are very few truffle processing and distribution companies in Spain. [***]

Manjares de la Tierra is one of the main distribution companies in the sector in Spain based in Teruel [***]. The company markets both fresh truffles ...

ANALYSIS OF THE OFFER

4.1 Product features

Types of truffles

Today there are more than a hundred types of truffles in the world, but only a handful of them are edible. There are two main types of truffles in Spain :

Tuber melanosporum (***), harvested between November and March Tuber aestivum (***), harvested between May and August

The truffle campaign in ...

4.2 Prices

Historical data on Spanish truffle prices in France show the high volatility of its price. Indeed, at the beginning of the period studied, the price per kilogram was between ***€ and ***€ and there was a peak at ***€ in ****. A few days before the end of the **** winter campaign (***), prices were between ***€ and ...

4.3 Towards a more sustainable supply

As with many products and sectors, environmental and sustainability considerations also apply to truffle production. Indeed, truffles are cultivated in forest areas, and an overexploitation of truffles could thus damage the ecosystem of the area concerned .

Thus, in ****, Aragotruf (***) became the first company in Spain to obtain the international PEFC certificate ...

REGULATION

5.1 European regulations

The UNECE Standard FFV-** of **** delimits a first regulatory framework for the marketing and quality control of truffles. This regulation only concerns truffles intended to be delivered fresh to the consumer, and excludes those intended for industrial processing.

To be marketed, a truffle must be firm, whole, healthy, clean, etc (***), and ...

5.2 National and community regulations

According to Article ***.** of the Spanish Constitution, the State lays the foundations for legislation on forest exploitation Two laws concern more specifically the production of truffles the " Ley de Montes "(***) and the Decreto ****/**

Each Autonomous Community may also legislate at regional level on these issues. In particular, many communities have established ...

POSITIONING OF THE PLAYERS

6. Company segmentation

  • Urbani Tartufi
  • Aragotruf
  • Manjares de la Tierra
  • Arotz

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Hugo S.

chargé d'études économiques, Xerfi

Hugo S.

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Mathieu Luinaud

Associate Consultant

Mathieu Luinaud

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Education Formation
Robin C.

PhD Industrial transformations

Robin C.

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Pierre D.

Analyst

Pierre D.

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Ross Alumni Club France

Arnaud W.

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Analyste de marché chez Businesscoot

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Consultant

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Maelle V.

Project Finance Analyst, Consulting

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Héloise Fruchard

Etudiante en Double-Diplôme Ingénieur-Manager Centrale

Héloise Fruchard

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EDHEC

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Market Research Analyst

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Azelie P.

Market Research Analyst @Businesscoot

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Market Research Analyst @Businesscoot

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Jules D.

Consultant

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Alexia V.

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Emil Ohlsson

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Anna O.

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