Russia: Will the rapid escalation of red caviar prices continue in 2025

Published 2024년 12월 11일

Tridge summary

In the first october of 2024, Russia witnessed a significant decrease in the production of red caviar by 62.6%, totaling only 7.8 thousand tons compared to the same period in the previous year, according to VARPE. This reduction was coupled with a notable increase in retail prices, rising by 33.8% to 8104.9 rubles per kg. Despite the initial shock, experts like Zverev view this as a return to the product's historical pricing, reflecting its rarity and luxury. They attribute the previous undervaluation of caviar to market distortions caused by illegal and low-quality production, which has now begun to correct with the implementation of labeling measures. Furthermore, the industry faces challenges due to a decline in salmon catches, which have dropped by 13.5% from the previous year, exacerbated by high production costs related to labor and loan servicing. These challenges present a complex backdrop for the future of red caviar production in Russia, requiring strategic adjustments to maintain profitability and quality in the face of changing market dynamics.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to VARPE, red caviar production in January-October 2024 decreased by 62.6% compared to the same period last year - from 20.9 thousand to 7.8 thousand tons. Retail prices for caviar in October of this year were 8104.9 rubles per kg, which is 33.8% higher than in the same period of 2023. But the expert does not see a tragedy in this price situation. Zverev recalled that in Soviet times, red caviar was high-quality and very expensive. A 140 g jar of caviar in the early 80s of the 20th century cost 4.2 rubles. Thus, a kilogram of caviar cost 30 rubles with an average monthly salary at that time of 110 rubles, that is, a third of the salary. At the same time, caviar was hard to come by. Now, with an average salary of 87 thousand rubles, per month, a kilogram of caviar costs 11% of the salary. For some time in our country there was "distorted pricing" for salmon caviar, the expert believes. The cheapness of caviar was explained by several factors. Firstly, this was a ...

Source: RG