The global truffles market is expected to post a CAGR of more than 19 percent through 2023, according to a report by Technavio. A key factor driving market growth is the rise in commercial truffle farming, and these farms are gaining popularity across the world as they produce higher volumes of truffle than traditional truffle cultivation in the wild. According to Technavio, some of the commercial farms in Europe are producing 100 pounds of truffle per acre each year and, as a result, the gap between the supply and demand for truffles is reducing. Several countries, including Australia, the U.K., the U.S., Canada, and New Zealand are engaged in commercial truffle farming.
Researchers predict that 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. Additionally growth in tourism based on truffle hunting can positively impact the global truffles market during the forecast period. In terms of variety, the black truffles segment held the largest truffles market share in 2018, and is mainly driven by rising demand from restaurant chains across France, the U.K., the U.S., China, Singapore, Hong Kong, and others.
Related: European Truffle Industry May Disappear; White Truffle Prices Drop to Lowest in a Decade.
from Specialty Food News http://bit.ly/2IRWNAC
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