The bottarga market - Italy (2024)

1.2 The global market

Fish is processed through fermentation, salting, pickling, smoking, and other chemical processes to add flavor to the fish and extend its shelf life. Increased demand for seafood among consumers because of its nutritional and health benefits, coupled with rising consumer disposable income, is fueling the growth of the global processed fish market.strong economic growth over the past decade has led to increased employment, changing consumer lifestyles, and changing consumption patterns.

The global processed fish market size was valued at $**.** million in **** and is estimated to reach $**.** million by ****, with a CAGR of *.* percent over the forecast period.

Global processed fish market value Italy, ****-****, in millions of dollars (***) Research and Markets

1.3 The local market

Turnover

To visualize the size of the Italian botargo market, we consider the value of turnover of companies active in the processing and preservation of fish, shellfish and molluscs. Since more recent data are not available in the Istat database, values up to **** are considered. It can be seen that the sector has experienced a growth trend over the last five years under consideration, rising from a value of *.** billion euros in **** to *.** billion in ****. This growth can be translated into an increase of **.* percent.

Turnover of enterprises active in processing and preserving fish, shellfish and molluscs Italy, ****-****, in billion euros (***) Istat

Production by volume

Dwelling on the volume of production in the dried fish segment (***), data proposed in the National Strategic Plan for Aquaculture **** are presented. The value of roe produced in the last * available years has registered a signficant increase, amounting to **.* percent. This obvious increase denotes how the product has attracted considerable consumer interest in recent years, making the market very relevant within the seafood sector.

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1.4 The foreign market

In the analysis of the foreign market, focusing on the HS commodity code, which includes fish livers, eggs and milks, an increase in exports of **.* percent from **** to **** is observed, which is higher than imports. However, there is a **.* percent decline in this trend in ****. In contrast, imports, excluding **** when a record low was reached, showed an overall increase of **.* percent from **** to ****.

Exports, Imports and Coverage Rate HS Commodity Code **** ** Italy, ****-****, in millions of dollars (***) UNComtrade

In terms of exports, the two countries that are the biggest consumers of the Italian product are Germany (***).

Distribution of exports among the top * consuming countries (***) Italy, ****, % UNComtrade In contrast, analyzing imports, the top supplier countries are: Germany (***). Distribution of imports among the top * supplier countries (***) Italy, ****, % UNComtrade

1.5 Impact of the conflict between Russia and Ukraine

The conflict between Russia and Ukraine has affected global markets, including seafood products. Despite initial concerns, a survey by Altroconsumo revealed that while some products such as sunflower oil and white flour were less available, there were no significant shortage alerts. In addition, the survey showed that price increases in consumer goods were underway even before the conflict, suggesting that direct impacts on prices could become evident in the monthsahead. [***]

As for the consumer price segment in dried, smoked or salted fish and seafood, an increase of **.* points is noted. This means that there was an increase of**.* percent during the period under analysis.

Consumer price index in dried, smoked or salted fish and seafood Italy, ****-****, base ****=*** (***) Istat

The increase in consumer prices is nothing but a reflection of the increase in producer prices. Between January **** and November ****, the producer price index in the processing and preservation of fish, shellfish and molluscs increased by **.* percent.

Producer price index (***) Italy, ****-****, base ****=*** (***) Istat

2.1 Demand characteristics

in order to analyze the demand for roe in Italy, average annual household expenditure, monthly expenditure by employment status, and weekly fish consumption are considered.

Average annual expenditure

Between **** and ****, the average annual expenditure of Italian households on dried, smoked, or salted fish and seafood saw an erratic trend; in fact, while it grew by *.* percent from **** to ****, it can be seen that the value of expenditure in **** contracted compared to **** by *.* percent. On any average, the upward trend in household spending from **** to the present finds justification in both the increased propensity to consume healthy foods and the increase in consumer prices for food products, especially in the period after ****.

Average monthly household expenditure item in dried, smoked or salted fish and seafood Italy, ****-****, in current euros (***) Istat

Employment status Regarding the average monthly expenditure on the basis of employment status, from the graph below it is possible to appreciate how entrepreneurs and freelancers present, in economic terms, the highest expenditure in Italy. In ****, the average monthly expenditure of this category of households stands at just under ** euros. This is followed by the employee category (***). On the other hand, at the bottom of the ranking are those who have ...

2.2 Demand drivers

The roe market is driven by a number of factors that have increased demand and production in recent years. The main drivers of demand are health benefits and the adoption of new environmentally friendly production techniques.

Health benefits

Buying roe offers numerous benefits, both in terms of taste and nutritional value. Botargo, known as the gold of the Mediterranean or the truffle of the sea, is prized for its rich, briny flavor with notes of sweetness and a very slight bitter aftertaste. This product, made mainly from the eggs of gray mullet and bluefin tuna, stands out for its nutritious qualities, being rich in zinc, Omega-*, vitamins A and D, protein and calcium. This combination of nutrients makes it an investment-worthy superfood, although its cost may seem high at first glance. In *** grams of mullet or tuna roe there is an intake of about *** calories, broken down as follows: ** percent lipids and ** percent protein.

Also present in the same amount are:

**.* g of water **.* g of protein **.* g of lipids *** mg of cholesterol.

The addition of salt makes it a sodium-rich food.

Nutritional value per *** g of roe (***) in % Humanitas

2.3 Geographical distribution of demand

In order to highlight the geographical distribution of demand, a map was created with the average monthly expenditure of Italian households on fish and other seafood.

Southern households have the highest average monthly expenditure in the peninsula, with a value of **.** euros per month. Spending more than ** euros per month, they are followed by households in the Islands (***). Finally, households in the Northeast and Northwest spend **.** euros per month and **.* euros per month, respectively.

MACROREGION AVERAGE MONTHLY EXPENDITURE (***) South **.** Islands **.** Center **.** Northeast **.** Northwest **.*

2.4 Interest Google Trends

To visualize consumer interest in roe, a graph is proposed that presents the trend of online visits by keyword.

The numbers represent search interest relative to the highest point on the graph in relation to the region and period indicated. A value of *** indicates the highest search frequency of the term, ** indicates half of the searches. A score of *, on the other hand, indicates that not enough data were found for the term.

It can be seen that the demand for roe is strongly seasonal, reaching peaks during the summer period to drop considerably in the winter period.

Google Trends interest index for keyword "bottarga" Italy, ****-****, Google Trends index Google Trends

3.1 Market structure and dynamics

Analyzing the macrosector of the fish market, it can be seen that in recent years there has been a steady growth in active fish farms, with an increase of almost ** percent from **** to ****, from *,*** to *,*** units, all falling under the activities that fall under the definition of aquaculture. From the data proposed by BMTI (***) is particularly concentrated due to favorable climatic conditions, which allow the ideal biological needs of the species raised to be met. In southern Italy, on the other hand, the number of sea cage farms is increasing.

Number of fish farms in Italy Italy, ****-****, number of units BMTI

Taking a closer look at the sector under study, it is possible to know the number of enterprises active in processing and preservation through the process of freezing, salting and drying; thus, evaluating the available data, it can be seen that from **** to **** there has been a percentage growth of *.** percent. This trend declined slightly from **** to **** by *.**%. Enterprises active in the processing and preservation of fish, shellfish and molluscs by freezing, salting, etc Italy, ****-****, number of units Istat Below is a graph on the breakdown of the legal form of enterprises active in the Fishing and Aquaculture ...

3.2 Value Chain

The value chain in the roe market includes several stages from fishing or farming of fish (***) to production, distribution, and final sale of the product. Each stage adds specific value to the final product that arrives on consumers' tables.

Acquisition of raw materials: this stage includes fishing for mullet or tuna, which are the fish from which botargo is made. The quality of the fish, the fishing season, and sustainable fishing techniques play a crucial role in determining the quality of the roe. Production: roe production requires a meticulous process that includes extracting the egg sacs, salting, pressing, and drying the fish eggs. This process can vary slightly among producers and regions, affecting the flavor, texture, and color of the final product. Processing and packaging: after drying, roe is sometimes sliced, grated, or left in whole blocks, then packaged for sale. Vacuum packaging is common to preserve freshness and extend the shelf life of the product. Distribution: packaged roe is distributed to retailers, restaurants, and consumers through a network that may include local and international distributors. Logistics and cold chain management are essential to maintain the quality of the roe during transport. Retailing and consumption: roe reaches consumers through specialty stores, ...

3.3 Distribution channels

In ****, the distribution of seafood products in Italy showed an almost equidistribution among different sales channels, including frozen, canned, smoked and fresh. The special feature of the year was the evident growth in the performance of supermarkets and free service. Percentage data on distribution show supermarkets at ** percent, hypermarkets at ** percent, traditional distribution also at ** percent, discount stores at ** percent, and free service at ** percent. This distribution underscores the importance of a multichannel strategy to reach seafood consumers.

Share purchases by volume by distribution channel (***) Italy, ****, % Ismea

3.4 Main actors

4.1 Type of Offering

Botargo, both mullet and tuna, is a prized ingredient in Mediterranean cuisine, prized for its unique flavor reminiscent of the sea. Both are obtained through a process that includes salting and drying the fish's egg sacs, but they have substantial differences in taste, color, and culinary use.

Mullet roe, considered more valuable and expensive, has an amber color and delicate taste, while tuna roe is distinguished by its more intense flavor and darker color. Mullet roe is often associated with Sardinia and can reach high prices, up to *** euros per kilo, unlike tuna roe, which has a lower production cost, about ** euros per kilo. This type of roe has a delicate, slightly sweet flavor. Tuna roe, which is less common than mullet roe, is made from the eggs of bluefin tuna. It has a stronger and more intense flavor than mullet roe. It too is salted and dried following a similar process, but the result is a product with a stronger, more distinctive taste.

Uses in cooking

Botargo is used in many ways in Mediterranean and international cuisine:

Grated or Sliced: it can be finely grated or thinly sliced for use as a condiment in pasta dishes, risottos, or salads. Appetizers: ...

4.2 Prices

Analyzing the consumer price trend for dried, smoked or salted fish and seafood from **** to the present, there is a significant increase of **.**%. This is an interesting fact that is directly reflected in the segments that make up the market (***).

Consumer price index in dried, smoked or salted fish and seafood Italy, ****-****, base ****=*** (***) Istat The following is a more precise overview of prices for the product under analysis:

Product Price Ground Mullet Bottarga (***) ** gr *,** € Delfino Battista Grated Mullet Bottarga *,** € Cuore d'Arancia Bottarga di Muggine - superior quality **-** grams **,** € Grated Tuna Bottarga *,** € Giacinto Callipo Grated Tuna Bottarga (***) *,** € Mr Boris Grated tuna botargo in sachet (***) *,** €

5.1 Rules and regulations

Italian and European regulations on the botargo market include:

Regulation (***) No. ***/****: establishes specific rules on the hygiene of food of animal origin, ensuring that botargo produced and sold in the EU meets high hygiene standards. Regulation (***) No. ****/****: covers food information provided to consumers, including labeling, which for roe includes origin, list of ingredients and allergens. Regulation (***) No ****/****: introduces a Community system to control that the rules of the Common Fisheries Policy are met, affecting the traceability of roe from catch to sale. Regarding production and preservation, there are specific restrictions applicable to the production and preservation of seafood products, as outlined in theeU Delegated Regulation ****/***. For the regulation of controls and authorized establishments, there is a requirement for authorization by the establishments to be periodic. Controls are carried out both when the products arrive in Italy and by veterinary authorities and other official control bodies.[***]

6.1 Segmentation

• GIÓ MARE S.P.A.
• Iliopesca
• Alemar
• Ittica Cabras
• Gusti Pregiati - Tharros Pesca
• Blue Marlin
• Le Mareviglie