"Piedmont Valley Truffles is doing today what Robert Mondavi, and many other early pioneers, did for American viticulture in the 1970's." Similar to wine from Napa Valley thirty years ago, truffles grown in the United States today are of extremely high quality but still relatively unknown to most consumers and chefs.

The consumer demand for truffles far surpasses the supply, and being a luxury item they naturally sell for high prices. In the past ten years, the wholesale price of Black Truffles has fluctuated between $500 and $1,100 per pound, with an average current price of $800 per pound wholesale over the past three years (retail prices typically double that of wholesale when sold in smaller quantities by the ounce). Similar to many commodities markets, there is some short-term price fluctuation, but the long-term trend has been steadily rising over the past decade.

In July 1999, initiated in part by the European Community's refusal to import hormone-treated American beef, the U.S. government imposed a 100 percent tariff on European products such as foie gras, Roquefort cheese, Dijon mustard and truffles. This act essentially doubled the price of imported truffles for European producers.

When wine grapes were first introduced to the United States, many were extremely skeptical. Only after the success in a few selected areas of New York and California was it accepted that grapes could grow in a multitude of areas. Now much of the wine produced in the New World rivals and challenges that of the traditional Old World wines.

The same also holds true for domestically grown Black Truffles. For an industry that has existed for over 150 years, planned, cultivated truffle production is still a nascent business ripe with opportunity. It has been proven that truffles will grow, even where conditions are far from ideal.

For hundreds of years the demand for truffles has been high. Because of the relatively low current supply, basic economics dictates that prices will also remain high. However, Piedmont Valley Truffles forecasts that even as the supply begins to increase over the next several years through increased cultivation, it will not be enough to offset the current demand. In fact, it is estimated that the increased supply will help to stimulate a further increase in consumer demand due to the higher visibility of the product and heightened interest from the general public.

The result of this concurrent increase in both demand and supply will result in increased truffle production with market prices that remain relatively stable; although some slight movement to the downside can be expected over the very long term.

The truffle industry is highly fragmented, with the majority of truffles (domestically & internationally) still coming from individuals harvesting relatively small amounts. Since the demand for truffles is high, and the supply relatively low, the market can hold a significant increase of new growers before affecting prices.

The most notable truffle producing areas, outside of the traditional, are North Carolina, Australia, Spain and New Zealand. Since 1987 there have been some 20 locations around New Zealand which are cultivating Black Truffles, and have been producing significant quantities since 1993.

In Spain, the Tuber now grows throughout the country's northeast, where the world's largest truffière is found in Naveleno, in the province of Soria. While the owners of this property have been active in the European truffle markets, they have not come close to dominating the trade.

Overall, the truffle market is young and burgeoning with opportunity. Piedmont Valley Truffles is leading the way in shaping the industry by promoting the benefits of truffles and helping to further educating consumers, chefs & growers.