The truffle market - UK

"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.