Global Caviar Market is projected to grow at CAGR 6.38%
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Caviar Market – Forecasts from 2020 to 2025” to their offering.
Globalization, increasing per capita income in developing economies, changing dietary patterns, increased demand for nutrition supplements, among others are anticipated to propel the market to unprecedented heights.
As per the report, the global market pertaining to caviar market is expected to reach USD 303.736 million by 2025, from USD 209.573 million in 2019.
Essentially roe of sturgeon fish, caviar is considered a specialty food and thus tends to bring a high price, and is one of the most expensive food products. The globally renowned and the most expensive caviars are Beluga that is derived from the Beluga sturgeon followed by Osetra from the Russian sturgeon (Acipenser gueldenstaedtii), and Sevruga from the Starry sturgeon (Acipenser stellatus). All species originates from primarily in the Caspian Sea, Black Sea, and the connected rivers. Available in a variety of prices and sizes caviars are have different grades which are namely classic, royal, or imperial which corresponds to the appearance of each pearl in terms of color and size. Caviars from other species like Kaluga sturgeon (Huso dauricus), Shortnose sturgeon (Acipenser brevirostrum), Siberian sturgeon (Acipenser baerii) and White Sturgeon (Acipenser transmontanus) are also made commercially available in the global market that comprises. Due to its characteristic high nutritional profile, as it is rich in essential fatty acids (EFAs) and high biological value proteins, among others the demand for caviar is expected to grow during the next few years.
Caviar appeals, especially to patrons of luxurious gastronomic experiences and the proliferation of high-end food and beverage establishment, have rendered the global caviar market extremely lucrative. This is due to the fact the potential consumers of caviar belong to the category of luxury product consumers. For instance, in February 2020, it was reportedly announced that an independent hotel brand the Palisociety had opened its newest west coast hotel, Palihotel San Francisco,wherein its Fisher Loft Restaurant & Bar’s small, carefully crafted nightly dinner menu reportedly features a signature caviar service. Aspects such as prestige and appeal and the relatively less availability have been the core driving factors of the caviar market. Moreover, due to the recent advances in sturgeon aquaculture that encompass delocalization of sturgeon production i.e. farming out of the original geographic area; fragmentation of productive process which is the separation of production and processing; and diversification of products, have made it possible for the food and beverage industry to meet the demand. Further, the increasing disposable income coupled with rising awareness in middles class economies, caviar is no longer restricted to the circles of aristocracy as it has been until recent past. A recent example is the establishment of an organization called T’lur Caviar in March 2019 in Tanjung Malim, Perak, Malaysia, reportedly offering two varieties with two-months of shelf life without any preservatives as of 2019.
Besides, the luxury market has been made accessible to other consumer groups as well especially because new consumers are being attracted to the associated prestige and rarity of the product more than its sensorial qualities. This creates an opportunity for the global caviar market whereby the innovative marketing strategy of downward extensions can be integrated by various producers to make the market more accessible to growing middle-class consumers worldwide. On the other hand, the aspect that is expected to reinforce global caviar market growth is the convergence of food and cosmetics, whereby food ingredients have been accommodated in the cosmetic applications resulting in product developments in the nutricosmetics space, especially due to synergistic results. For instance, in June 2020, a Switzerland based Caviarlieri has reportedly launched supplements derived from Sturgeon black caviar that are said to have anti-aging and inflammatory-reducing properties. The supplement is a combination of caviar cellular, coenzyme Q10, DNA extracts, elastin plus and selenium, and reportedly facilitates the enhancement of energy levels, brain function, and skin appearance.
As a part of the report, the major players operating in the global caviar market, which have been covered are Caviar Blanc, D'Artagnan, Kolikof Caviar & Fine Foods, Marky's, OLMA IV Inc., Peter Pan Seafoods, and Volzhenka.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-caviar-market
This report segmented the global caviar market on the basis following terms,
By Sturgeon Species
- Siberian Sturgeon
- Kaluga/Shortnose Hybrid
- Russian Sturgeon
- White Sturgeon
- Beluga Sturgeon
- Retail Shops
- Exclusive Cruise Ship
- United States of America
- United Kingdom
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