Why is the price of caviar dropping?
The world is changing, the crisis has affected the economy more than one might think, but in the stream of bad news, there is some good: the price of caviar continues to fall! Let me explain why…
First of all, the worldwide development of caviar through fish farming went from 500 kg to 120 tons in 12 years. This is based on the considerable rise in the price of wild caviars throughout the same period. These increases made the work of caviar from farmed sturgeon profitable. Today farms have reached their cruising speeds leading to substantial savings and more diversified species: Baeri (Siberian Sturgeon) of course, as well as Transmontanus (American White Sturgeon), Gueldenstaedti (Russian Ossetra Sturgeon), to which is now added less known species such as Shrenki (Chinese Sturgeon), without counting the many hybrids.
Finally, there has been considerable growth in fish farming throughout the world in Europe, the United States, China, the Middle East, South America and soon the Caspian Sea! All these elements, combined with the 2008 and 2009 crisis, have led to a drop in the price. But this is not to say that there is no longer Caviar and caviar. Professionalism, rigor and work on the product are always necessary to obtain exceptional caviar. As with wine, just having a good grape is not enough.
You also need to be suspicious of advertising spin and spectacular decreases on over-exaggerated previous prices, false Ossetra or Beluga products, false wild caviar from hybrids with unknown names, allegations of purity and sustainability and all marketing gimmicks, which, unfortunately, are far too numerous. Recent polls have shown that consumers think that the price of caviar is higher than it actually is. Even though the price today is the same as it was 10 years ago!!!
A certain amount of misinformation is circulating about wild caviar…
Caviar is a product that is managed by quotas. For a quota to be published by the CITES, it is required that the countries that share the product’s resource region reach an agreement on the sharing of this resource. Once again this year at the end of June, the countries that boarder the Caspian Sea did not reach an agreement. As a result, the quotas where published in August but the European Scientific commission suspended imports. Therefore, there is little chance of wild caviar reaching the table this holiday season.
It is not necessarily impossible that Europe might end its suspension, but the chances that these products could be exported in time for the Christmas holidays are very low. This situation does not mean that there will not be wild caviar on local markets, or that the sturgeon resource in the Caspian Sea is decreasing. According to our information, the resources are stable. Due to current economic conditions, illegal catches do not find any takers, and this has the effect of reducing the black market price. This is all the more so since the domestic market has the tendency to fall into line with international market prices, leaving less profit to illegal dealers.
By Armen Petrossian
Gift Baskets and Samplers
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There is a lot of thought in each Petrossian gift medley, comprised of complementary delicacies that create stunning symphonies of taste and texture, elegance and refinement. Likewise, samplers offer a taste of Petrossian’s gourmet luxury, a great way to introduce someone to the thrill of Petrossian dining. All you have to do is order it! Gift giving has never been easier…and your gift recipients will never be happier.
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