Summary of our market study

As of 2020, the global truffle market is estimated to be worth around $102 million and is projected to grow at a CAGR of 7% between 2020 and 2024, potentially reaching $122 million by 2024. Spain has emerged as the world's leading truffle producer, exceeding production in traditional truffle-heavy countries like France and Italy. Despite being a top producer, Spain exports 90-95% of its production due to weak domestic demand, with key export destinations including France, Italy, and the United States.

The overall mushroom market, encompassing truffles, is expected to grow from a value of $53.7 billion in 2019 to $86.6 billion by 2025, at a CAGR of 8.3%. On the other hand, truffle production remains a volatile and risky business with yields highly dependent on weather conditions. Sustainability concerns are also becoming more prevalent, with Aragotruf becoming the first Spanish company to receive the international PEFC certification for sustainably grown truffles. The market is also influenced by regulatory frameworks like the UNECE Standard FFV-53 of 2016, outlining marketing, quality control, and packaging requirements. Urbani Tartufi is a prominent player controlling 70% of the legal global truffle market, and Spain has national actors such as Aragotruf and Manjares de la Tierra playing significant roles within the domestic market.

Trends and Analysis of Truffle Demand in the Spanish Market

With over 50 tons of black truffles produced compared to France's 30 tons and Italy's range of 10 to 15 tons, Spain stands as the world's leading truffle producer. Despite this leading status in production, the domestic demand for truffles within Spain has remained relatively weak, as the culinary traditions of the country have yet to fully embrace this luxury ingredient. France is the primary importer, consuming about half of Spain's production, followed by other countries such as Italy and the United States. The truffle industry is also marked by high volatility, with prices per kilogram reaching peaks of around $900 in 2018. However, the average price remains significantly lower than that of the highly sought-after French truffles.

The Spanish truffle market is complex and somewhat elusive, given that a large volume of transactions occur off the books, making accurate assessment challenging. Moreover, the country's truffle production is mainly concentrated in specific regions like Aragon, which boasts around 6,000 hectares dedicated to truffle cultivation. Sustainability is becoming an increasingly important factor for the industry, as demonstrated by companies like Aragotruf obtaining international certifications for sustainable cultivation practices.

Despite the inherent risks associated with truffle farming, due to their dependence on favorable weather and soil conditions, there is a trend towards more environmentally responsible production methods. Regulatory frameworks at both the European and national levels aim to set quality standards, categorize truffles, and establish rules for harvesting. These standards are crucial for maintaining the reputation and marketability of Spanish truffles in the global marketplace. 

The Key Players in the Global and Spanish Truffle Market

The truffle market is an exclusive and luxurious sector with a handful of key players that lead the way in production, distribution, and innovation in the industry. Here, we delve into the central companies making a significant impact within this niche market.

  • Urbani Tartufi: Dominating the Global Truffle Scene Urbani Tartufi stands out as the world leader in truffle distribution, holding an exceptional position with control over 70% of the legal global truffle market. The Italian company, with over a century of history, has established itself as the epitome of truffle excellence. It is revered for supplying a vast array of truffle products, ranging from fresh truffles to preserved products, extending their reach to gourmet markets and high-end restaurants worldwide.
  • Aragotruf: Championing Sustainability in Truffle Cultivation On the Spanish forefront is Aragotruf, markedly noted for being the first in the country to receive an international PEFC certificate. Located in the proud truffle-producing region of Aragon, this company has dedicated itself to sustainable practices that ensure the conservation of truffle ecosystems while meeting demanding market needs. Aragotruf's commitment to environmental stewardship and ethical supply chains sets a precedent for the industry's future direction.
  • Manjares de la Tierra: Pioneering Distribution in Spain Manjares de la Tierra emanates from Teruel, a significant hub of truffle production in Spain. The company specializes in both the fresh truffles market and the creation of derivative truffle products, such as their sought-after truffle oils and condiments. Their extensive distribution network throughout Spain signifies their substantial role in the national arena, bringing Spanish truffles to tables across the country.
  • Arotz: Cultivating and Innovating in the World of Truffles Another distinguished national player in the Spanish market is Arotz. With a less publicly disclosed profile, this company contributes to the cultivation and distribution of truffles, playing a crucial role in maintaining Spain's position as a leading producer. Arotz embodies the traditional and meticulous process of truffle cultivation while also engaging in modern practices that align with the evolving demands of gourmet consumers. Together, these companies represent the pillars of the truffle industry, each contributing uniquely to the production, distribution, and development of one of the world's most exquisite culinary delicacies. With their distinct roles and specializations, Urbani Tartufi, Aragotruf, Manj
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Summary and extracts

1 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.


List of charts presented in this market study

  • Previsión del crecimiento del mercado global de la trufa
  • Répartition mondiale de la production de truffes
  • Production mondiale de truffes, les producteurs historiques
  • Production mondiale de truffes : les acteurs émergents
  • Key figures for truffle production in Spain
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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Urbani Tartufi
Manjares de la Tierra

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