No, “red caviar” isn’t real caviar, as others have already stated. However, less expensive does not always imply inferior.
I’ve had a number of different varieties of fish roe over the years, and “genuine” caviar isn’t even in my top two favorites. However, because it is so pricey, many people believe it is the greatest.
Kalix Löjrom (vendace roe from Kalix, Northern Sweden; quite pricey) is my favorite, followed by burbot roe (pretty cheap).
However, the huge, gorgeous orange pearls of salmon roe are difficult to surpass for ornamentation.
There’s “false roe” manufactured from kelp seaweed, just like there’s “fake caviar” made from roe. It’s generally totally vegan, and it’s rather tasty (and the salmon roe lookalike has the same nice qualities for decoration that salmon roe has).
You may also use spherification to make your own faux roe.
So you can’t call it caviar if it’s not from a sturgeon (and salted/cured). It’s merely roe from a fish.
The crimson eggs used to decorate sushi and other dishes come from far less expensive fish such as salmon.