Global Caviar Market - 2022-2029

Global Caviar Market - 2022-2029

Market Overview

Caviar market valued USD xx million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of 5.7% during the forecast period (2022-2029)

Caviar is roe or eggs taken from the sturgeon family of fish. Some common varieties of caviars are Beluga, Osetra, Sevruga, Kaluga, and Sterlet among others. Traditionally, the term caviar refers only to roe from wild sturgeon in the Caspian Sea and the Black Sea. Caviar is graded according to the size, flavor, colour of the eggs and manner of processing. Caviar is considered a delicacy and is eaten as a garnish or a spread. Rising awareness of the health benefits of caviar and an increase in the applications of caviar in the food industry help drive the market.

Market Dynamics:

Increasing consumers demand for healthy nutrition products

Caviar is a rich source of vitamin B12. It is essential for the development and function of the nerve system and also helpful for DNA and red blood cell production. Caviar is a great source of omega3 fatty acids, which help to reduce skin aging. Omega 3 fatty acids in the caviar also promote the brain and mental health. Omega-3 fatty acids are used to prevent and manage risk factors for heart disease. It helps to reduce blood pressure and improve blood cholesterol levels. Omega-3 fatty acids and selenium in caviar support the immune system. Caviars are an excellent source of selenium, which have anti-cancer properties. They prevent the growth of cancer cells. Caviar has relatively high quantities of cholesterol, sodium, and calories, despite its high levels of vitamins, minerals, and vital fats.

Caviar is also widely used in the pharmaceutical industry to make tablets, capsules and liquid medicines which assists consumers in overcoming inadequacies. This wide use of caviar in the pharmaceutical industry is projected to boost the demand for caviar in the future. Caviar also plays an essential role in the cosmetic and skincare industry. Caviar has antioxidant properties that protect and hydrate the skin. Caviar has a moisturizing element that is good for the skin. The cosmetics industry has increased the demand for caviar to hydrate the skin and make it softer.

Market Segmentation:

Sevruga segment held highest market revenue share of XX% in the year 2021

Consumers prefer sevruga caviar species on account of their outstanding texture and flavor. It is rich in proteins, omega-3 fatty acids, and selenium. Sevruga has a buttery flavour with a saltier and more intense taste than the Beluga type. Sevruga is available in black, blue, yellow, and green colors. Sevruga Caviar is one of the highest-priced roes in the world, along with Beluga Caviar and Osetra Caviar. This type of Caviar has become widely prevalent in the market and is readily consumed by beginner and enjoyed for its less fishy taste and darker color.

In 2021, fresh caviar accounted for the greatest market share, owing to the reasons such as a growth in fresh caviar applications, an increase in fresh caviar demand in the pharmaceutical business, low fresh caviar shipping costs, an increase in health consciousness among individuals, and increased knowledge of the nutritional benefits of fresh caviar. The dried caviar segment is poised to grow with the fastest CAGR of XX% in the forecast period. The increasing use of dried caviar powder as a condiment or to sprinkle on scrambled eggs, potatoes, pasta, and seafood by fine dining enthusiasts is one of the primary drivers driving the market growth. Fresh and dried caviar has a lower transportation cost than preserved and frozen caviar. In comparison to the other two types, preserved and frozen caviar takes more care.

Geographical Penetration:

Asia Pacific is expected to dominate the global caviar market in the year 2021

The Asia Pacific is leading the market due to the high demand for sevruga, osetra, salmon, and sushi in the region. Some of the factors like increasing spending power and awareness regarding the health benefits of caviar are expected to drive the market growth in this region. Moreover, there is increasing demand for the product in this region as toppings on pancakes or eggs. Furthermore, Asia Pacific is leading the market owing to high demand for sevruga, osetra, salmon, and sushi among consumers. Xiamen Qilei Industrial Co., Ltd., Jiamusi Import and Export Corp. China, and Azuma Trading Co., Ltd. are some of the leading producers of this product in the Asia Pacific market.

Demand for the caviar as a luxury item and developed economies are expected to drive the market in North America region. Moreover, growing cases of obesity and diabetes in U.S. moves consumer to use product like caviar, for such nutrient rich food alternatives. Major key players of the caviar including California Caviar Company, Sterling Caviar, and Coastal Bay Seafood’s are actively working in region to increase their consumer base.

Competitive Landscape:

The caviar market is fragmented due to the local brands in different regions. Some of the key players of the caviar market include Sasanian Caviar, Inc., Caviar Blanc, AmStur Caviar, Labeyrie Fine Foods, The Caviar Co., and others. Some major key players are moving towards strategic acquisitions and collaborations to expand their capacity. For instance, in August 2019, DoorDarshan, the fastest-growing last-mile logistics platform in the U.S., completed the agreement with Square to acquire caviar for $ 410 million in cash. In August 2021, La Prairie unveiled its new Skin Caviar Liquid Lift at a lavish event on Hainan Island in partnership with China Duty-Free Group.

Key players are also launching new products for expanding their portfolio. In December 2016, AmStur Caviar Launched the Ultimate Caviar Experience with the UAE's First Organic Caviar. This brand is now available on online stores. In October 2020, French caviar house Petrossian opened a U.K. lab. The U.K. subsidiary of the brand launched 7 years ago and has introduced Petrossian products to some of the country's best restaurants & luxury hotels, launching an online store for consumers in 2020. This lab will be capable of exporting 1.8 Kg mother tins of caviar. With the help of this new lab, they can offer different species available in the tin. In January 2019, Heinz launched its new product in the market named caviar ketchup. Heinz Ketchup Caviar is a molecular gastronomic spin on the classic condiment that attempts to recreate the joys of ketchup in pearl form.

Some major companies trying to raise new trends in their new product launching. For instance, in September 2021, Sundial launched First Canadian Caviar Cone under top leaf brand. The forbidden lemon caviar cones will be the first caviar cone product to hit the Canadian market. In September 2021, the luxury Swiss skincare brand launched its new skin caviar nighttime oil product. The skin caviar nighttime oil is infused with caviar retinol, a coveted ingredient that works magic while sleep by nourishing skin and reducing signs of aging, producing an overall lifting and firming effect.

COVID-19 Impact:

Negative impact on the global caviar market

Due to the market disruption caused by the Covid pandemic, several shifts in the market have been brought on by a shift in consumer consumption patterns. Among these, the Covid 19 pandemic has disturbed the supply chain and lowered the demand for caviar initially. The product's imports and export are completely closed, as the government sealed borders for transportation. Manufacturers faced shortage of raw materials due to the disruption in the supply chain. Restaurants and hotels were closed around the globe during the Covid lockdown. Glitzy events were canceled and cruise liners not being able to leave port, and it became disaster for the sellers of caviar.

The global caviar market report would provide an access to approximately 56 market data tables, 61 figures and 180 pages