Acipenser Madagascar
Acipenser Madagascar operates the first sturgeon farm in Africa and the Indian Ocean, vertically integrated from hatchery to distribution, producing six caviar varieties from pure sturgeon species and serving luxury consumers, Michelin-starred chefs, and global country importers through three brands.
- Company typePrivate
- Founded2009
- HeadquartersAntananarivo, Madagascar
- Headcount11–50
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Acipenser Madagascar does
Acipenser Madagascar operates the first sturgeon farm in Africa and the Indian Ocean, established in 2009 at Mantasoa, Madagascar, by three co-founders (Delphyne, Christophe, and Alexandre) formerly of Akanjo, a French ready-to-wear clothing firm. The company runs a vertically integrated aquaculture operation spanning 8+ hectares of land facilities with 19 ponds, a hatchery, a pre-growout zone, an in-house feed mill (producing 2 tonnes of pellets daily with 80% locally-sourced raw materials), and a processing workshop; the adjacent 2,000-hectare Lake Mantasoa, fed exclusively by rainwater at 1,400m altitude, hosts approximately 50 grow-out cages. The farm holds a current fish biomass of 500 tonnes (approximately 65,000 sturgeon) across 70,000+ cubic meters of farming space, and produces caviar from six pure sturgeon species — Baerii, Gueldenstaedtii, Persicus, Nudiventris, Stellatus, and Huso Huso — with caviar yields averaging 15% and 2023 production reaching 10.8 tonnes.
The business operates three distinct distribution channels. Rova Caviar (founded June 26, 2017, Madagascar's National Day) is the premium direct-to-consumer brand offering Baeri (from €55), Oscietra (from €75), Persicus (from €105), and Shipova (from €150), targeting luxury consumers, food enthusiasts, and Michelin-starred chefs globally. Kasnodar Caviar (launched 2018) is the accessible premium brand with modern branding, offering Baeri Black/White (from €15) and Oscietra (from €25) for younger demographics and festive occasions. ADC Selection France has handled white-label B2B distribution to country importers worldwide since 2019. The 300+ employee workforce includes 80% recruited from local Mantasoa and Ambatolaona populations. The company holds ISO 14001:2015, Friend of the Sea, health, and zoosanitary certifications, operates a 275.4KWc solar installation, and targets cruising speed by 2029 as the remaining Beluga and Sevruga caviar lines mature.
The company is privately held, incorporated in Madagascar as Acipenser Madagascar SA, with no parent company or external funding rounds disclosed. Competitive advantages derive from biological capital (irreversible 6-20 year maturation cycles), provenance differentiation (Madagascar terroir, rainwater-fed impluvium lake), regulatory certifications relevant to European export, and vertical integration controlling the entire production chain from feed to packaging. Customer segments span luxury DTC, professional fine-dining, B2B importers, and younger accessible-premium consumers, with sturgeon by-products (flesh, heads, fillets) providing ancillary revenue alongside the caviar portfolio.
Acipenser Madagascar firmographics
Firmographics- Name
- Acipenser Madagascar
- Legal name
- Acipenser Madagascar SA
- Website
- https://acipenser-madagascar.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Acipenser Madagascar operates the first sturgeon farm in Africa and the Indian Ocean, vertically integrated from hatchery to distribution, producing six caviar varieties from pure sturgeon species and serving luxury consumers, Michelin-starred chefs, and global country importers through three brands.
- Ownership category
- akta.pro rank
Acipenser Madagascar industry classification
Industry- Product category
- Premium Caviar Production
- NAICS
- Finfish Farming and Fish Hatcheries (112511), Aquaculture (1125), Animal Production and Aquaculture (112)
- SIC
- Agricultural Prod-Livestock & Animal Specialties (200)
- akta.pro primary industry
- Larval Rearing & Nursery Operations (Fry/Fingerling/Spat/Nauplii to Juvenile) (AFAEAKAH)
- akta.pro secondary industries
- Grower/Finisher Feed (AFADADAG), Hatchery & Larval Feed (Microdiets, Live Feed Enrichment) (AFADADAE)
Keywords
Where Acipenser Madagascar is headquartered
LocationHeadquarters
- HQ city
- Antananarivo
- HQ country
- Madagascar
Offices3 records
Markets served
Acipenser Madagascar business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Caviar Sales (Premium Brands): Direct retail sales of premium caviar through owned brands Rova Caviar and Kasnodar Caviar, targeting luxury consumers, food enthusiasts, and Michelin-starred chefs worldwide.
- White Label/Bulk Caviar: B2B sales of caviar to country importers under white label/retailer brand arrangements, primarily through ADC Selection France since 2019.
- Sturgeon Flesh/By-products: Sale of processed sturgeon meat and by-products, including flesh, heads, and fillets distributed to orphanages and schools, with commercial sales also conducted.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Rova Caviar Baeri - Premium single origin caviar |
| Unit Pricing | Pay-as-you-go | Rova Caviar Oscietre - Chef's favorite premium caviar |
| Unit Pricing | Pay-as-you-go | Rova Caviar Persicus - Exceptional rarity caviar |
| Unit Pricing | Pay-as-you-go | Rova Caviar Shipova - Ultra-premium unique caviar |
| Unit Pricing | Pay-as-you-go | Kasnodar Caviar Baeri Black - Bold character edition |
| Unit Pricing | Pay-as-you-go | Kasnodar Caviar Baeri White - Light and mild edition |
| Unit Pricing | Pay-as-you-go | Kasnodar Caviar Oscietre Black - Premium festive caviar |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Acipenser Madagascar product offering
Product offeringCore offering
Acipenser Madagascar operates the first sturgeon farm in Africa and the Indian Ocean, producing six varieties of caviar from six pure sturgeon species (Baerii, Gueldenstaedtii, Persicus, Nudiventris, Stellatus, and Huso Huso) raised at 1,400m altitude near Mantasoa Lake. The farm is vertically integrated with its own hatchery, in-house feed mill producing 2 tonnes of pellets daily, and processing workshop. Caviar is distributed globally through three channels: Rova Caviar premium brand, Kasnodar Caviar modern premium brand, and white label distribution to country importers via ADC Selection France.
Product overview
Acipenser Madagascar operates the first sturgeon farm in Africa and the Indian Ocean, producing six varieties of caviar from six pure sturgeon species (Baerii, Gueldenstaedtii, Persicus, Nudiventris, Stellatus, and Huso Huso). The company distributes through three channels: Rova Caviar (premium brand launched 2017), Kasnodar Caviar (modern premium brand launched 2018), and White Label (bulk for country importers). The farm features vertical integration with its own hatchery, feed mill producing 2 tons of pellets daily, and processing workshop. Caviar products range from entry-level Baeri (6 years, from €15) to ultra-premium Beluga (10-20 years) and Shipova (the most precious, first produced 2022).
Differentiator
Problem solved
Functional benefit
Brands
- Rova Caviar: Premium caviar brand born on Madagascar's National Day (June 26, 2017), paying homage to the purity of the Red Island's terroir for clientele seeking the most subtle dishes and exclusivity.
- Kasnodar Caviar
Products and services
- Rova Caviar Premium Brand Premium caviar brand offering Baeri (from €55), Osciètre (from €75), Persicus (from €105), and Shipova (from €150) caviars, targeting luxury consumers, food enthusiasts, and Michelin-starred chefs globally.
- Kasnodar Caviar Brand Accessible premium caviar brand offering Baeri Black/White editions (from €15) and Osciètre (from €25) caviars with modern branding targeting younger affluent consumers, celebrations, and gifting.
- White Label Caviar Distribution Bulk B2B caviar distribution channel for country importers, offering Baeri, Osciètre, and Persicus caviars under retailer/importer brands via ADC Selection France.
- Baeri Caviar Caviar produced from Siberian sturgeon (Acipenser Baerii) after 6 years of maturation. Amber brown color with buttery texture and mineral, slightly fruity notes. Ideal for first caviar tasting.
- Osciètre Caviar Caviar produced from Russian sturgeon (Acipenser Gueldenstaedtii) after 7 years of maturation. Brown grains with golden highlights, firm texture, tangy iodine and hazelnut flavor. The favorite of leading chefs.
- Persicus Caviar Caviar produced from Persian sturgeon (Acipenser Persicus) after 7 years of maturation. Known as the mythical Iranian Oscietra, with characteristic golden glints, firm texture, and very delicate marine flavor.
- Shipova Caviar Caviar produced from Acipenser Nudiventris (broad-nosed sturgeon) after 7 years of maturation. Atypical and unique taste, described as the most precious and sought-after caviar by connoisseurs.
- Sevruga Caviar Caviar produced from Star sturgeon (Acipenser Stellatus) after 7 years of maturation. Anthracite grey to jet black color, small grains with soft texture and powerful taste. Highly appreciated by Russian consumers.
- Beluga Caviar Caviar produced from Beluga sturgeon (Huso Huso), the largest sturgeon reaching 100kg at maturity. Requires 10-20 years to harvest. Large, crunchy, light grey eggs with very mild taste.
- Sturgeon Flesh & By-products Processed sturgeon meat, heads, and fillets sold commercially and donated to orphanages and schools. By-product of caviar production.
Quantifiable outcome
- Caviar production reached 10.8 tonnes in 2023, demonstrating scaling capacity
- +4 more outcomes
Companies that use Acipenser Madagascar
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Acipenser Madagascar technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Acipenser Madagascar partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- ADC Selection FrancecoreExclusive white label distribution partner for Acipenser caviar since 2019. ADC Selection France is a company specializing in the import and export of fresh and exceptional products from Madagascar, distributing Acipenser caviar worldwide under retailer brands to country importers.
- Valéa ConseilcoreEnvironmental consulting partnership established in 2014 for annual monitoring of physicochemical parameters and bio-indicators, environmental impact assessment, and lake future planning. Valéa Conseil supports the farm's environmental management system and helps with understanding and predicting environmental outcomes.
- SOCOTEC GroupcoreInternational certification body providing ISO 14001 environmental certification, health approvals, and zoosanitary certifications through annual audits and assessments of the environmental management system since 2017.
- ONE (Office National pour l'Environnement)coreMadagascar's National Office for the Environment issued the environmental permit in 2014 and conducts annual environmental compliance reviews for the aquaculture operations.
- Rotary ClubminorPartnership for well construction to improve access to drinking water for residents in areas surrounding Lake Mantasoa.
- Art Ironwork Association (Ferronnerie d'art)minorCircular economy partnership transforming original caviar tins into decorative baobab objects. Proceeds from sales fund the school's operations and CSR activities of the farm.
Scale indicators10 records
Recent moves10 records
Expansion highlights6 records
Acipenser Madagascar competitors and assessment
Company assessmentDirect peers
- Kaviari: Parisian premium caviar specialist distributing farmed sturgeon caviar to luxury retail, Michelin-starred restaurants, and B2B white-label customers across Europe and Asia. Closely comparable on customer mix (Michelin chefs, luxury consumers, white-label importers) and brand-led GTM.
- Sturia: Leading French sustainable sturgeon aquaculture and caviar producer, operating in France since the 1990s with similar vertical integration (hatchery, feed, processing) and multi-species portfolio. Direct competitor in the European farmed-caviar segment and the most natural peer for Acipenser given comparable product range and certifications.
- California Caviar Company: Sacramento-based sustainable sturgeon and caviar producer raising white, Siberian, and other sturgeon species with similar sustainability ethos and certifications. Comparable as a non-traditional-origin aquaculture caviar producer targeting premium retail and chefs.
- Tsar Imperial Caviar: France-based farmed caviar brand with European sturgeon aquaculture sourcing and global distribution to luxury retail and B2B customers. Comparable positioning as a premium D2C brand with white-label capabilities, similar price points.
- Sterling Caviar: One of the largest US-based sturgeon aquaculture operations, producing premium farmed caviar with full vertical integration from hatchery to processing. Comparable scale of operation, multi-species program, and B2B white-label distribution.
Regional players
- Caviar Giaveri: Italian sturgeon aquaculture operator (Agroittica Lombarda group) producing farmed white and Siberian sturgeon caviar for European markets. Comparable on aquaculture vertical integration and multi-species program but operates in a different geography (Italy vs Madagascar).
- Russian Caviar House: Russian-origin sturgeon caviar producer (Vodohod Group / Russian Caviar House brand) with traditional Caspian species expertise and Sevruga/Beluga heritage that Acipenser is also building. Comparable on species portfolio but serves primarily Russian and CIS markets.
- Amini Caviar: Iranian-origin premium caviar producer focused on Persian sturgeon (Persicus) and traditional Caspian species — directly comparable to Acipenser's Persicus line, with heritage in the very species Acipenser is recovering from supposed extinction.
Broad incumbents
- Petrossian: Historic Parisian luxury caviar house (founded 1920) with global retail, restaurant supply, and a wider portfolio spanning farmed and wild caviar, smoked fish, and gourmet gifts. Overlaps with Acipenser in luxury caviar distribution but on a much broader scale and with wild-caviar heritage that Acipenser does not have.
Emerging players
- Black River Caviar: Uruguay-based sustainable sturgeon caviar producer with smaller scale than European peers but premium positioning and certifications similar to Acipenser's Friend of the Sea credential. Comparable as a Southern Hemisphere aquaculture entrant targeting global luxury markets.
Market position
Strengths5 records
Weaknesses6 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Acipenser Madagascar social profiles
Digital presenceAcipenser Madagascar compliance and trust
Trust signalCompliance2 records
Acipenser Madagascar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Acipenser Madagascar leadership team
Management profileNumber of profiles
Profiles13 records
Acipenser Madagascar subsidiaries and ownership
Company hierarchySubsidiaries3 records
Acipenser Madagascar funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Acipenser Madagascar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Acipenser Madagascar
What does Acipenser Madagascar do?
Acipenser Madagascar operates the first sturgeon farm in Africa and the Indian Ocean, producing six varieties of caviar from six pure sturgeon species (Baerii, Gueldenstaedtii, Persicus, Nudiventris, Stellatus, and Huso Huso) raised at 1,400m altitude near Mantasoa Lake. The farm is vertically integrated with its own hatchery, in-house feed mill producing 2 tonnes of pellets daily, and processing workshop. Caviar is distributed globally through three channels: Rova Caviar premium brand, Kasnodar Caviar modern premium brand, and white label distribution to country importers via ADC Selection France.
Is Acipenser Madagascar a public or private company?
Acipenser Madagascar is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Acipenser Madagascar founded?
Acipenser Madagascar was founded in 2009. It employs 11 to 50 people.
Where is Acipenser Madagascar based?
Acipenser Madagascar is headquartered in Antananarivo, Madagascar.
How does Acipenser Madagascar make money?
Three revenue lines are on record. Caviar Sales (Premium Brands) is the primary driver. The others are white Label/Bulk Caviar and sturgeon Flesh/By-products.
Who are Acipenser Madagascar's main competitors?
Direct peers on record are Kaviari, Sturia, California Caviar Company, Tsar Imperial Caviar and Sterling Caviar. Regional players are Caviar Giaveri, Russian Caviar House and Amini Caviar. Petrossian is listed as a broad incumbent. Black River Caviar is listed as an emerging player.
Does Acipenser Madagascar have an API?
No public API is recorded for Acipenser Madagascar.
What industry is Acipenser Madagascar in?
Acipenser Madagascar's product category is Premium Caviar Production. Its primary akta.pro industry code is AFAEAKAH, Larval Rearing & Nursery Operations (Fry/Fingerling/Spat/Nauplii to Juvenile), with a secondary code of AFADADAG, Grower/Finisher Feed. Its NAICS code is 112511 and its SIC code is 200.