According to them, Japan, the main caviar market, is experiencing a severe shortage of caviar in storage facilities and is actively replenishing stocks. This makes Russian companies expect a shortage of raw materials and build these fears into the final price.
Caviar prices on the domestic Russian market are growing, among other things, due to the aggravation of the situation with stocks of raw materials on the international market, in particular, in Japan, the All-Russian Association of Fisheries Enterprises and Exporters (VARPE) told RBC.
As its president German Zverev explained, last year’s fishing season was unsuccessful, including for Japan, which not only extracts salmon, but also imports them (the country is the main caviar market in the world in terms of production). As a result, the volume of stocks of processed caviar in Japanese storage facilities began to decline. By September, the volume of product residues in the main storage facilities turned out to be 40% less than in 2020, although even then the level of stocks was assessed as critically low.
“Given this situation, the good Russian salmon fishing season in 2021 has warmed up the demand in the Japanese market, which is now replenishing stocks, which has led to an increase in export supplies and increased the fears of caviar processors: they fear a break in the“ supply chains, ”explained Zverev. Accordingly, Russian businessmen began to fear a halt in the supply of frozen raw materials for the production of ready-made caviar, which resulted in an increase in prices.
Also, the cost of caviar in Russia, according to him, was influenced by the shortage of refrigerated containers, which led to a rise in the cost of transportation. “In general, transportation has quadrupled in price. But the main thing is that the stability of supplies has been destroyed, and the market always reacts to instability with a rise in prices, ”explained the President of VARPE.