The rapid rise of sturgeon farming around the world has lowered the price of caviar and increased the popularity of the product in European markets, according to the findings of a new study.
“The Caviar Market: Production, trade and consumption in and outside the E.U.” report, produced by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), confirms that the global production of sturgeon species reached 105,000 metric tons (MT) in 2016, up from just 4,100 MT in 2002.
This surge has been driven by China, which now accounts for 85 percent of production or some 90,000 MT. Back in 2002, Russian production accounted for half the global output and the remainder came from the E.U.
The report states that 2016’s sturgeon production corresponded to an estimated global production of caviar of 340 MT. It adds that according to the Federation of European Aquaculture Producers (FEAP), the E.U.’s sturgeon production has been relatively stable over the last six years, estimated at almost 2,700 MT in 2016. Meanwhile, the bloc’s production of caviar in that year was estimated at 126 MT, an increase of 17 percent from 2015. The largest producers were Italy, France, Germany, and Poland.
Most of the E.U.’s production is consumed domestically, but along with the increased production exports to countries outside the E.U. are also increasing, reaching a level of 32 MT in 2016. EUMOFA said the increase in volume is clearly affecting the price, with both the intra- and extra-E.U. trades showing decreasing price trends over the last four to five years.
The Intra-E.U. trade of caviar, which consists of caviar of E.U. origin and re-exported imported caviar, was estimated at 58.1 MT in 2017, representing an increase of 19 MT or 48 percent from 2014. EUMOFA said the increase represents rises in E.U. production and in imports to the E.U. Over the same time period, the average export price fell from EUR 428 (USD 484) to EUR 370 (USD 419) per kilogram.
Meanwhile, E.U. imports from non-E.U. countries was estimated at 30.6 MT last year, representing steep increases from 2014, 2015 and 2016 of 25 percent, 82 percent and 32 percent respectively. The main supplier of caviar to the E.U. market in 2017 was China with 27 MT, followed by Uruguay (1.9 MT) and Israel (1.1 MT). From 2014 to 2017, the average import price fell 25 percent from EUR 412 (USD 466) to EUR 309 (USD 350) per kilogram.
E.U. exports to countries outside the bloc increased by 25 percent between 2014 and 2017 to 37.3 MT, with the United States, (9.6 MT), Japan (8.8 MT) and the UAE (5.5 MT) providing the three biggest markets. The average export price over this period fell 10 percent to EUR 396 (USD 448) per kg.
The report puts E.U. consumption of caviar at between 101 MT and 106 MT, with France and Germany leading the way. Globally, it identifies that the United States, Japan, Russia, and China are the main caviar-consuming countries.
It also forecasts that total caviar production could reach 550 MT by 2020, based on current production growth levels.
