Caviar: The Challenges of a Changing Industry

Wild sturgeon caviar is increasingly rare. In Russia, water pollution, the construction of massive dams on the Volga River, and overfishing have decimated this ancient fish—a species that appeared more than 150 million years ago and is far more fragile than its imposing appearance suggests.
Fishing for sturgeon has been banned since 1982 due to the species' decline. Moreover, since the 2008 Convention on International Trade in Endangered Species (CITES), importing caviar from the Caspian Sea has been prohibited for the 183 countries that signed the agreement.

As a result, aquaculture has stepped in to meet global demand. Over the past 11 years, annual production has increased 2.5 times, reaching nearly 600 tonnes. Yet, the caviar market value has remained stable at approximately €1 billion, signaling a significant drop in prices driven by competitive pressures.

In Europe, Italy leads the caviar market, producing around 65 tonnes annually. However, the rise of Chinese competition, particularly from the brand Kaluga Queen, has disrupted the market over the past decade. Since 2011, China has expanded its production to over 250 tonnes, now holding the title of the world’s largest producer. Of that total, Kaluga Queen alone accounts for more than 200 tonnes.

Due to its fragile nature, caviar cannot be stored for long periods, forcing producers to offload inventory quickly, which has pushed global prices down. Major players like Italian Agroittica and Poland’s Antonius Caviar have been forced to cut prices. Surpassing Russia and Iran, Italy, now the second-largest producer globally behind China, produces about 28 tonnes annually through Agroittica’s Calvisius brand. The company’s products are sold across Europe, the United States, and even Russia.

Agroittica’s story is a unique Italian entrepreneurial success. Founder Gino Ravagnan, originally in the steel industry in 1978, found a way to utilize the excess heat and water from his factory to raise eels. The switch to sturgeon farming proved even more profitable, marking the beginning of Italy’s caviar giant. Today, a 30-gram tin of Italian caviar sells for €50 to €179, depending on the variety.