The global beluga caviar market is driven by growing interest in luxury food products & culinary experiences along with the influence of gastronomy, including the preferences of renowned chefs, culinary trends, and the increasing popularity of gourmet dining.
PORTLAND, Ore., Aug. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Beluga Caviar Market by Form (Fresh and Processed), Application (HoReCa and Household), and Distribution Channel (Direct and Indirect), Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global beluga caviar industry generated $108.3 million in 2022, and is anticipated to generate $179.4 million by 2032, witnessing a CAGR of 5.1% from 2023 to 2032.
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Caviar is basically fish eggs which can only be derived from a fish species called 'sturgeon'. They are usually available in olive green, orange, grey, and black in colour. Beluga caviar is the world's most valuable and expensive variant of caviar. This is usually served along with crackers & toasts.
Prime determinants of growth
The global beluga caviar market is driven by factors such as exclusivity & luxury appeal and the growth in culinary tourism. However, sustainability concerns and the high price of beluga caviar restrict the market growth. Moreover, increasing advances in aquaculture technology offer new opportunities in the coming years.
Report Coverage | Details | ||
Forecast Period | 2023-2032 | ||
Base Year | 2022 | ||
Market Size in 2023 | $108.3 million | ||
Market Size in 2032 | $179.4 million | ||
CAGR | 5.1 % | ||
No. of Pages in Report | 202 | ||
Segments covered | Form, Application, Distribution Channel, and Region | ||
Drivers | Exclusivity and Luxury Appeal Diversification and Hybrid Caviar Growing Culinary Tourism | ||
Opportunities | Advances in aquaculture technology | ||
Restraints | High Price Point Sustainability Concerns |
The fresh segment to maintain its leadership status throughout the forecast period
Based on form, the fresh segment dominated the market in 2022, accounting for nearly two-thirds of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 5.4% from 2023 to 2032, owing to its unique and complex flavor profile. As disposable income increases and consumer preferences shift toward high-quality culinary experiences, demand for fresh beluga caviar is expected to increase.
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The hotels and restaurants segment to maintain its lead position during the forecast period
On the basis of the application, the hotels and restaurants segment dominated the market in 2022, accounting for more than three-fourths of the market share and is expected to maintain its dominance during the forecast period. Beluga caviar's increased application in the HoReCa sector is supported by an evolving gastronomic landscape and the rise in popularity of food. Innovative ways of incorporating top-quality ingredients into their recipes are always being explored by chefs and culinary professionals.The households segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032.
The direct segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the direct segment dominated the market in 2022 accounting for more than two-thirds of the market share and is expected to maintain its dominance during the forecast period.This segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032. The rising consumer need for simplicity, technological advancements, the desire to enjoy a distinct culinary experience, and the chance for better value offerings on both the manufacturer and customer side are likely to drive the direct distribution channel of beluga caviar even further.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global beluga caviar market revenue and is likely to dominate the market during the forecast period owing to factors such as the region's cultural connection to caviar, its diverse culinary landscape, sustainable fishing practices, the influence of the tourism industry, technological advancements in e-commerce, and the European market's appreciation for authenticity.The LAMEA region is projected to manifest the highest CAGR of 7.3% from 2023 to 2032
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Leading Market Players: -
- 8 Gems Pte Ltd.
- Caviar India Inc.
- La Maison Nordique
- Attilus GmbH
- Imperial Beluga Caviar Inc.
- Petrossian Inc.
- Russian Caviar House LLP
- Caviar De Beluga Ltd.
- Caviar House And Prunier (Switzerland) SALemberg Lebensmittel GmbH.
The report provides a detailed analysis of these key players in the global beluga caviar market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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