IndexBox has just published a new report: ‘U.S. – Mushrooms And Truffles – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
In 2019, the U.S. mushroom and truffle market increased by 3.6% to $2.2B (IndexBox estimates) for the first time since 2016, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.3% over the period from 2013 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when the market value increased by 13% against the previous year. As a result, consumption reached a peak level of $2.4B. From 2017 to 2019, the growth of the market remained at a lower figure.
Production in the U.S.
In 2019, the production of mushrooms and truffles was finally on the rise to reach 422K tonnes after two years of decline. Mushroom and truffle output in the U.S. indicated a relatively flat trend pattern, which was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.
In value terms, mushroom and truffle production amounted to $1.9B in 2019. The total output value increased at an average annual rate of +1.1% over the period from 2013 to 2019; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period.
Imports into the U.S.
For the seventh year in a row, the U.S. recorded growth in purchases abroad of mushrooms and truffles, which increased by 12% to 76K tonnes in 2019. In general, total imports indicated a buoyant increase from 2013 to 2019: its volume increased at an average annual rate of +9.3% over the last six years. Based on 2019 figures, imports increased by +70.8% against 2013 indices. Over the period under review, imports attained the maximum in 2019 and are likely to see gradual growth in the near future. In value terms, mushroom and truffle imports totaled $319M (IndexBox estimates) in 2019.
The share of imports in terms of the total consumption increased robustly from 2015-2019 both in physical and value terms. Thus, it increased from 10% in 2015 (in physical terms) to 16% in 2019. This indicated the rising attractiveness of the American mushroom market for suppliers from abroad.
Imports by Country
In 2019, Canada (52K tonnes) constituted the largest mushroom and truffle supplier to the U.S., accounting for a 68% share of total imports. Moreover, mushroom and truffle imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (12K tonnes), fourfold. South Korea (7.2K tonnes) ranked third in terms of total imports with a 9.4% share.
From 2013 to 2019, the average annual rate of growth in terms of volume from Canada stood at +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+27.4% per year) and South Korea (+14.6% per year).
In value terms, Canada ($230M) constituted the largest supplier of mushroom and truffle to the U.S., comprising 72% of total imports. The second position in the ranking was occupied by Mexico ($39M), with a 12% share of total imports. It was followed by South Korea, with a 5.2% share.
Import Prices by Country
The average mushroom and truffle import price stood at $4,166 per tonne in 2019, increasing by 2.7% against the previous year. Over the period from 2013 to 2019, it increased at an average annual rate of +3.7%.
There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Canada ($4,427 per tonne), while the price for mushrooms from China ($1,785 per tonne) was amongst the lowest.
From 2013 to 2019, the most notable rate of growth in terms of prices was attained by South Korea, while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox AI Platform