The landscape has changed rapidly. Europe, which accounts for 200 of the 600 tonnes of caviar produced worldwide, remains the world’s largest consumer market. However, over the past decade or so, China has established an overwhelmingly dominant position in the production of this famous “black gold”, accounting for almost 90% of the caviar sold in Europe.

Backed by substantial government subsidies, large fish farms have been built to raise fast-growing sturgeon species, which reach maturity in five years rather than the ten years required for European species. Faced with this intense competition, some French producers have chosen to join forces, either with one another or with other European producers.

Chinese caviar at rock-bottom prices

Within Europe, France is the largest caviar market, consuming around 70 tonnes a year. “That is huge; it is by far the largest market,” says Laurent Deverlanges, head of Caviar de Neuvic, based in Dordogne. “We do not think it is fair that Chinese producers can come and sell their caviar here, while we are not allowed to sell ours there.”

Caviar remains a relatively new product in China and is not particularly popular among domestic consumers. When Chinese caviar reaches the European wholesale market, it is sold at heavily discounted prices: €290 per tonne, compared with €450 per tonne for European caviar destined for export.

In February 2025, an association of producers from Aquitaine secured Protected Geographical Indication (PGI) status. “To me, the PGI is about producers from Aquitaine protecting themselves from other French producers and the rest of the world. I believe the real battle is not being fought at that level, but at European level,” says Laurent Deverlanges.

Looking inward or building a European alliance?

The Aquitaine producers covered by the PGI take a different view. For them, the objective is to “guarantee production methods that meet social and environmental responsibility requirements in terms of origin, traceability and animal welfare,” explains Michel Berthommier, head of L’Esturgeonnière in La Teste-de-Buch, Gironde. These are all “values” that resonate with European consumers.

When it comes to price, however, they acknowledge that they cannot compete when Chinese producers sell their products below European production costs. “And Europe has not decided to help us on that front,” says Michel Berthommier.

Caviar de Neuvic, which farms Oscietra sturgeon, decided several years ago to establish partnerships with Italian, Bulgarian and Spanish producers. “Between us, we have facilities, expertise and species that we can pool,” explains Laurent Deverlanges. “The Bulgarian farm produces the best Beluga in the world, the Spanish farm the best Naccari, and the Italian farm the best Sevruga.” The Spanish producer, for example, is considering relocating part of its production activities to Neuvic.

Beyond strengthening their ability to withstand competition, the aim is also to offer a broader range of caviars and educate consumers’ palates about different terroirs and levels of maturity, “just like wine,” says the head of Caviar de Neuvic. Whereas wild caviar offered far fewer possibilities, the development of farmed caviar has enabled this greater diversity.

“It’s not rice or pasta”

The end of the year is naturally a crucial trading period for caviar producers. Caviar de Neuvic generates 66% of its annual revenue in November and December, selling 90% of its products in France, while L’Esturgeonnière generates 70% of its sales during the final quarter. “For the past ten days, we have exceeded 250 orders a day, and that can rise to as many as 500, compared with around 30 outside the peak season,” explains Laurent Deverlanges.

French producers are calling for the product to become somewhat less ceremonial, encouraging consumers to enjoy caviar on a wider range of occasions. “In 2025, caviar costs less in absolute terms than it did thirty years ago,” notes Michel Berthommier. “Nevertheless, it remains an exceptional delicacy at a certain price, and we have no intention of making it a mass-market product: we do not have the ability to do so, and it probably would not be desirable anyway.”

“It’s not rice or pasta; it’s a celebratory food, like Champagne or foie gras,” adds the head of Caviar de Neuvic. “You put it on the table to celebrate something.”

It remains to be seen how the surge in Chinese caviar will reshape consumption patterns in the coming years, as has happened with products such as truffles.

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