Modern Plant Based Foods, a Vancouver, British Columbia-based company offering plant-based products and meat alternatives, is tapping into the growing popularity of caviar.
Over the last year, social influencers have been promoting the luxury food item in the form of a casual over-the-counter snack to be enjoyed in your sweats.
Now, Modern Plant Based Foods is looking to bring that experience to its vegan consumer base, and make it more affordable.
On Monday, the company launched its Vegan Kaviar line, with flavor offerings of salmon, wasabi, and beluga.
The product both “offers a luxurious taste experience but also serves as an affordable alternative to traditional, high-cost caviar, effectively filling a significant gap in the market,” according to Modern Plant Based Foods.
The company is aiming to secure partnerships with local suppliers and seafood restaurants.
"Our products are designed for those who seek the finesse of high-end caviar without the extravagant cost, aligning with our commitment to sustainable, accessible, and ethical food choices,” said CEO Avtar Dhaliwal in a statement.
The company’s products are available at select restaurants and retailers across Canada, including its own Modern Wellness bars located in Vancouver, as well as online.
The caviar market is expected to reach $547.03 million by 2029, growing at a compound annual growth rate of 7.96% from 2024 to 2029. The surge in demand is partly due to a growing consumer interest in nutritiously dense snacks and foods, according to research from Mordor Intelligence.
Other companies are also working to reduce the burden that traditional caviar has on the market. Sturgeons – the primary species associated with caviar – are the most endangered species group on Earth today, according to the World Wildlife Fund.
Some companies like Magiccaviar, CellMEAT and Marinas Bio have used cell cultures to make cultivated caviar, while others are also developing plant-based versions like Caviart and Cavinoir.