The global caviar market is projected to surge at a CAGR of 6.74% from a market value of US$214.959 million in 2020 to attain a market value of US$339.247 million by the end of 2027.
Caviar is referred to as salted eggs (roe) from the species of fish sturgeons. Traditionally, these fish species were harvested in the Caspian Sea, and their roe was sold as caviar. These were mainly done by Russia and Iran. The well-known, highly-priced caviar variety includes Beluga from Beluga Sturgeon, Osetra from Russian Sturgeon, and Sevruga from Starry Surgeon. The origination of these species is from the Eurasia region, in the Caspian Sea, Black Sea, and the connected rivers.
The caviar availability in the market differs in size and price and is graded as classic, royal, or imperial. The classification is based on the caviar pearl appearance in terms of size and color. Common varieties of caviar occur from White Sturgeon, Shortnose Sturgeon, Siberian Sturgeon, and Kaluga Sturgeon. However, due to habitat degradation and overexploitation or overfishing, Sturgeon and paddlefish populations have declined internationally. This includes illegal fishing as well.
Hence, the market growth is projected to grow only in countries that comply with CITES documents granted by CITES authorities. CITES is referred to as the Convention on International Trade in Endangered Species of Wild Fauna and Flora. It is an international agreement among the governments to ensure that the global trade of the specimens of wild animals and plants does not threaten their survival.
Hence, compliance with CITES requirements will fuel the market demand in a particular region. Today, caviars available in the market are harvested chiefly from the farmed sturgeon. Expanding premium and luxurious hotel and restaurant chains at the global level is augmenting the market growth in the forecast period. This is mainly since the global caviar market is mainly utilized by high-end segments, including premium hotels and restaurants, airliners, and exclusive cruise ships.
Also, with the growing expansion of retail shops, the market is projected to grow significantly in the forecast period. According to the FAO, the harvest reported from aquaculture in 1984 was around 150 tonnes, the harvest increased gradually to the beginning of 2000, and then it increased rapidly every year. In 2015 and 2016, the global aquaculture production of the sturgeon was recorded to be around 105 tonnes, respectively.
Major Sturgeon-producing countries or regions in the world include China, Armenia, the Russian Federation, the EU, Iran, the United States of America, and Vietnam. The estimated production of caviar increased from 290 tonnes to 340 tonnes from 2014 to 2016 (Source: World Sturgeon Conservation Society, WSCS, and TRAFFIC and WWF joint report 2018).
The presence of stringent CITES guidelines for the prevention of endangered species of Sturgeons is allowing the market growth in those regions that are in compliance with CITES mandates, thus preventing overexploitation of the species and illegal trade.
Following are the recommendations listed below:
The COVID-19 pandemic resulted in a global economic slowdown, owing to the suspension of essential industrial processes and commercial activities. The caviar market also suffered significantly during the pandemic, owing to the disruptions in supply and production lines. China being the largest producer of caviar, the world caviar trade suffered since China was severely hit by the pandemic. Data from EUROSTAT-COMEXT show that in 2018, there were 61.6 tons of caviar traded inside the EU; in 2020, there were 48.4 tons. However, as most countries have started to relax their COVID-19 protocols, the market is expected to increase in demand in the forecasted period.
|Market size value in 2020||US$214.959 million|
|Market size value in 2027||US$339.247 million|
|Growth Rate||CAGR of 6.74% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Sturgeon Species, End-User, And Regions|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Peter Pan Seafoods, OLMA IV Inc., Marky's, D'Artagnan, Volzhenka, Kolikof Caviar & Gourmet, Caviar Blanc|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the caviar market size by 2027?
A1. The global caviar market is projected to reach a market size of US$339.247 million by 2027.
Q2. What is the size of the global caviar market?
A2. Caviar Market was valued at US$214.959 million in 2020.
Q3. What are the growth prospects for the caviar market?
A3. The caviar market is projected to surge at a CAGR of 6.74% over the forecast period.
Q4. How is the global caviar market segmented?
A4. The global caviar market has been segmented by sturgeon species, end-user, and geography.
Q5. What factors are anticipated to drive the caviar market growth?
A5. The expansion of premium and luxurious hotel and restaurant chains at the global level is augmenting the caviar market growth in the forecast period.
Peter Pan Seafood Company LLC
OLMA IV Inc.
Kolikof Caviar & Gourmet
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