This study was carried out upon request of the Market Advisory Council (MAC). The MAC drew attention to the need for specific studies to assess the market for caviar analogues, in particular the market for salmon and trout roe for human consumption. Historically, roe from fish other than sturgeon has been consumed all over the world, but caviar substitutes may be viewed as alternatives to sturgeon caviar that are sold at lower prices.
Most of the salmon roe is produced from wild salmon. Given this, the majority of salmon roe production happens in countries with large stocks of wild pacific salmon such as the USA, Russia, and Japan.
Salmon roe from the USA is primarily produced in Alaska. In 2021, a total of 13.335 tonnes of salmon roe was produced in Alaska. Compared with 2020, which saw a lower catch of salmon, the production of roe increased by 83% in 2021. In Russia, the production of salmon roe during 2021 was estimated to be 29.500 tonnes, nearly a doubling from the year prior.
According to Eurostat, EU MS produced a total of 998 tonnes of trout roe in 2020 for a value of roughly EUR 16 million. This was an increase of 12% in terms of volume and 1% in terms of value when compared to 2019.
In 2021, the USA exported an estimated 12.699 tonnes of salmon and trout roe at a value of nearly EUR 191 million. Compared with 2020, the export volume was 54% higher and the value 87% higher. Given the production of 13.335 tonnes in Alaska in 2021, this leads to assume that nearly 95% of salmon roe produced in the USA is exported. The majority or roe exports in 2021 (69%) was destined to Japan.
Russia exported an estimated 11.975 tonnes of salmon and trout roe at a value of nearly EUR 280 million in 2021. This was an increase of 174% in terms of volume and 320% in terms of value when compared with 2020. The majority (81%) of the volume exported in 2021 was destined for Japan. According to stakeholders, trout roe is sold at roughly half the price of salmon roe.
According to industry players, demand for trout roe rises when the availability of salmon roe is limited, or the price has increased. Trout roe may be exported both under the code “caviar substitutes” which covers roe from a multitude of species or under codes used for salmon roe, making the actual trade difficult to identify in trade statistics.
As the largest importer of salmon and trout roe, the market dynamics in Japan reflect the global dynamics of the salmon and trout roe market. In 2021 Japan imported an estimated 19.780 tonnes salmon and trout roe at a value of EUR 438 million. This was an increase of 57% in terms of volume and 101% in terms of value when compared with 2020.