LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global caviar market to grow to USD 1.55 billion by 2021, at a CAGR of close to 12% over the forecast period, according to their latest report.
The research study by Technavio on the global caviar market for 2017-2021 provides a detailed industry analysis based on the product (inorganic and organic caviar), distribution channel (supermarkets, independent retailers, online stores, and specialty stores), and geography (EMEA, the Americas, and APAC).
EMEA is the leading segment of the global caviar market, projected to generate both the highest revenue and maximum incremental growth over the forecast period. The growing number of sturgeon farms in Europe and growing demand for caviar from Africa and the Middle East are expected to be responsible for the continued market dominance of the region over the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global caviar market:
- Increasing demand for luxury goods
- Health benefits of caviar
- New methods of processing caviar
Increasing demand for luxury goods
“There is a global increase in disposable income among consumers, which has led to an increase in demand for luxury goods such as caviar, mainly due to the rarity of these products,” says Manjunath Reddy, a lead analyst at Technavio for food research.
Luxury food sales are growing around the globe and are expected to increase further during the forecast period, with food products holding a market share of about 13%-14% in the luxury goods market. Caviar's restricted availability and its resultant high price attract consumers who indulge in fine dining.
Health benefits of caviar
Caviar is a rich source of Vitamin A, potassium, and omega-3. These components aid in repairing damaged skin cells, moisturizing, reducing blood pressure, and maintaining heart health. It is also recommended for patients undergoing chemotherapy; and said to help prevent Alzheimer’s disease. Additionally, the Vitamin B12 present in caviar is useful in reducing the severity of conditions such as insomnia, anxiety, and stress. These health benefits associated with the consumption of caviar is one of the key drivers impacting the consumption of caviar around the globe.
New methods of processing caviar
“Various players in the caviar market have developed new, innovative methods of processing caviar, where the sturgeon are not killed. This not only helps in increasing the population of the endangered sturgeons but also paves the way for a more sustainable business model,” says Manjunath.
The Alfred Wegener Institute in Germany developed a new method for processing, where the caviar was produced from eggs that were stripped from live female sturgeon without killing the fish. Under this process, the signaling molecules in very small natural concentrations activate a machinery of enzymes that stabilize the egg membranes within milliseconds.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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