- Brand brings premium product closer to everyday consumption
- China’s dominant producer actively pushes domestic expansion
Kaluga Queen (卡露伽) has opened a new flagship store in Hangzhou, as the world’s largest caviar producer by capacity looks to reposition the delicacy for a wider domestic audience.
The outlet, located in the newly opened Hang Lung Westlake 66 mall, showcases the company’s full product line alongside curated dining offerings.
These include caviar sandwiches, ice cream and coffee, reflecting an effort to integrate the traditionally luxury ingredient into more casual consumption settings.
The move also introduces themed tasting formats such as afternoon tea experiences centered on different caviar vintages, paired with classic accompaniments like mini pancakes.
The company said the goal is to make caviar more accessible, shifting it away from its long-standing image as an exclusive fine-dining symbol.
Founded in 1998 and registered in Hangzhou, with operations based in Quzhou, also in Zhejiang Province, Kaluga Queen now distributes to 46 countries.
Its products are used by more than 100 Michelin-starred restaurants and served in the first-class cabins of airlines including Air China, Singapore Airlines, Cathay Pacific and Lufthansa, according to the company.
“Hangzhou holds special significance for us,” said Xia Yongtao, executive vice president of the company. “More than two decades ago, this city gave us a foothold. Now that we’ve matured, we’re returning with a flagship store as a way to reconnect.”
Growing appetite for caviar
China accounts for more than 60% of global caviar production and exports. Kaluga alone produced about 260 tons in 2024 and operates processing capacity of 250 tons annually, giving it roughly 35% of the global market—more than five times that of the second-largest producer.
Its parent company, Hangzhou Xunlong Technology, filed for a Hong Kong listing in November 2025, after multiple unsuccessful attempts to go public on mainland exchanges.
If successful, it would become the first caviar-focused listing on the Hong Kong bourse. The company reported a net profit margin of 60% in the first half of 2025, its prospectus shows.
Despite its global reach, most of Xunlong’s revenue still comes from overseas markets, which accounted for about 80% of total sales between 2022 and 2024. In the first half of 2025, overseas sales rose from 191 million yuan ($28 million) to 244 million yuan, accounting for 80.9% of total revenue.
Domestic demand, however, is growing. China’s caviar consumption reached 56.9 tons in 2024, up 26.7% year-on-year, while production totaled 379.3 tons, with the majority still exported.
Online sales have also expanded rapidly, rising from 30 million yuan to 150 million yuan over the past three years, according to market intelligence provider Shangpu Group.
Online platforms such as Douyin, Xiaohongshu and Taobao Live have emerged as key growth drivers. In the first 10 months of last year, Douyin’s e-commerce arm recorded peak monthly revenue of 9.8 million yuan.
