RIOFRÍO, Spain — Caviar might be perceived as one of the world’s most exclusive products, but its production is expanding far and fast.
In countries as divergent as China, Finland, Spain and the United Arab Emirates, new sturgeon farms are starting to fill the void left by the depleted stock of wild beluga and other species of sturgeon from the Caspian Sea, the traditional source of caviar.
As the new farms emerge, they hope to change the dynamics of caviar, popularizing the product while at the same time expanding production and sales.
First, though, they will have to convince consumers that caviar produced somewhere other than the Caspian is not a luxury knockoff.
Unlike Champagne, caviar is not a brand name; in fact, many other types of fish eggs other than sturgeon are also sold as caviar. The luxury cachet has come in large part from Russian and Iranian caviar producers, who have successfully sold the image of black caviar from Caspian sturgeon as the only true product.
Despite the worldwide financial crisis, caviar is among a select group of luxury goods that has weathered the downturn in consumer spending, maintaining a wholesale price of about 1,000 euros a kilogram ($590 a pound) for most varieties.
That golden market niche, however, has been shriveling. The sturgeon population in the lower Volga River — which empties into the Caspian Sea and used to be the world’s chief source of black caviar — has plunged 99 percent in the last 15 years, according to the Russian fisheries agency.
The drop, which began because of pollution and dam-building, has been accelerated by illegal fishing, Andrei Krainy, the head of the agency, told Interfax, the Russian news agency, last August.
The Russian government banned black caviar exports in 2002 to comply with international fisheries agreements aimed at protecting endangered species. It reopened the exports earlier this year, although from farm fish that take years to reach maturity.
In the meantime, the new sturgeon farms are hoping to fill the gap, and then some.
There are no reliable statistics on worldwide production, but Patrick Williot, a French sturgeon researcher, estimated that annual caviar production now stood at about 250 tons — almost exclusively from farmed sturgeon — compared with 550 tons in the late 1970s. But “in contrast with the former production based on wild sturgeon populations, the present production is continuously increasing,” he said.
Seppo Kapanen is part of the transformation. Mr. Kapanen, the co-founder of Caviar Empirik, a Finnish company, runs two sturgeon farms in Finland and in October acquired a sturgeon farm in the Andalusia region of Spain.
“We’re now talking about being able to transform the market for one of the world’s greatest and most established luxury products,” he said. “There are plenty of very interesting investment opportunities.”
Mr. Kapanen said he decided to diversify into caviar production after making his money in activities like shipping and real estate. His company’s two farms in Finland, where caviar production is set to start next year, are backed by Russian investors. While he would not give details on his investments, Mr. Kapanen said he and his associates had already spent “many millions” on their caviar business.
Among other newcomers at the table is Royal Caviar, a company in Abu Dhabi that has been building an indoor caviar farm in the emirate at a cost of $120 million and using German technology. Production there is set to start next summer and reach 35 tons of caviar by 2015.
Romania and Bulgaria, which joined the European Union only in 2007, are using their access to the bloc’s agricultural subsidies to develop sturgeon farming. The two countries are also home to Europe’s only viable populations of wild sturgeon, although wildlife organizations have recently raised concerns about illegal fishing.