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Caviar market to reach a valuation of US$975 million by the end of 2033
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Saturday, 25 February, 2023, 14 : 00 PM [IST]
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Our Bureau, Mumbai
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The global caviar market is expected to reach a value of US$975 million by 2033-end, according to data provided by Fact.MR, a market research and competitive intelligence provider. Worldwide consumption of caviar is predicted to increase at a CAGR of 7.6% through 2033.
Caviar is rich in B12 vitamins, selenium, and omega-3 fatty acids. It is manufactured from salt-cured roe that has been taken from the Acipenseridae family. Caviar is used as a spread or a garnish and is well-regarded as a delicacy.
Demand for caviar is driven by increasing health-consciousness among people around the world. In addition, rising standards of living and increased production of caviar from aquaculture are also driving their sales. Docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) are the two pivotal omega-3 fatty acids that are abundant in this delicacy. These fatty acids are responsible for noticeable health advantages.
? Dietary Guidelines for Americans mention that an individual needs to get around 250 mg of DHA and EPA each day.
Numerous restaurants around the world are using caviar at a significant rate. Caviars are also gaining traction in the food & beverages industry owing to their rising demand as global cuisine. Exposure to international cuisines is also predicted to drive opportunities in the target industry.
However, illegal trading of caviar in certain parts of the world is estimated to stifle market opportunities. Moreover, some people are allergic to certain types of fish products, which can also limit the adoption of caviar. However, governments as well as private organisations, around the world are taking initiatives to increase the production of caviar, which can create lucrative opportunities for industry players in the coming years.
Key Takeaways from Market Study
- The global caviar market is projected to reach a valuation of US$975 million by the end of 2033.
- The market for caviar is currently valued at US$465 million.
- Demand for caviar is anticipated to increase at a significant CAGR of 7.6% through 2033.
- Sales of caviar in the United States were more than US$100 million in the year 2022.
- Demand for caviar in Germany is forecasted to advance at a CAGR of 4.9% through 2033.
- The Canadian market is anticipated to progress at a CAGR of 6.8% from 2023 to 2033.
“Growing consumer awareness about healthy and nutritious food products, including caviar, is estimated to create lucrative opportunities for industry players,” says a Fact.MR analyst.
Competitive Landscape
Prominent suppliers of caviar are indulging in numerous strategies, including novel product launches and others to open up opportunities for new entrants.
For instance, Heinz is a food processing company, which launched new ketchup in 2019, with the name, Ketchup Caviar. This newly developed product has been claimed to contain caviar pearls that will burst into the mouth of consumers. The company has mentioned that this newly launched food item can also help consumers to convert any ordinary meal into a delicious dining experience.
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