Nordic caviar is simply a commodity, compared to Russian caviar, which has built a worldwide reputation and has basically developed a virtual monopoly on this exclusive label. In the Nordic region there is no unified “seal of approval” for producing caviar from other fish species than the sturgeon to challenge the Russian oligarchy, and monopoly on luxury caviar.
In order to create a loyal customer base the Nordic region needs to make sure that the industry can present a consistent, recognizable, trustworthy, and safe product. Additionally there is a need to create a luxury experience to go along with the Nordic caviar.
This project adheres to the classical innovation principle of “adding value to a basic commodity product”, through quality control, branding, and diversifying it into a new customer experience.
It is a visionary and bold attempt to pursue a completely new market segment, and compete on the lucrative high end market of caviar, and thereby change the entire Nordic caviar industry. Treating caviar like a commodity is basically like saying you like Merlot Wine or Cabernet Sauvignon. When, in reality, the taste of caviar is as diverse as it is of wine.
Excluding illegal trade, worldwide high end caviar trade is estimated at 220 MT per year, by USDA. This translates into an annual economy of over 200 million USD, considering that the wholesale price is about 1 mil. USD per MT. The expected revenue on the retail and branded wholesaler side is 4-5 times those numbers, meaning that this is a billion Dollar annual economy. Anyone can understand that the potential is enormous for Nordic businesses, not even considering the effect on the rest of the Nordic seafood industry that this project may foster.
Being an inspiration to more Nordic-Baltic cooperation that facilitates exchange of know-how and experience. The project fosters an enormous potential for Nordic-Baltic caviar producers.
WHO is in the project?
LCF Sweden, SE
GE Consulting, ES
Digistar Consult, RU
Vignir G. Jónsson hf., IS
HBC Ltd., LA
Lawyers Hämäläinen, FI
Dansk Standard, DK