Food - Armenia | Statista Market Forecast

Food - Armenia

Armenia

Highlights

Revenue in the Food market amounts to US$6.98bn in 2024. The market is expected to grow annually by 8.46% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$1.66bn in 2024.
In global comparison, most revenue is generated China (US$2tn in 2024).
In relation to total population figures, per person revenues of US$2.51k are generated in 2024.
In the Food market, 3.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 2.50bn kg by 2029. The Food market is expected to show a volume growth of 6.0% in 2025.0.
The average volume per person in the Food market is expected to amount to 720.50kg in 2024.

Key regions:

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Food market in Armenia has been experiencing subdued growth, influenced by factors such as the increasing demand for convenience food, rising health consciousness among consumers, and the availability of online food services. This growth is further impacted by the diverse sub-markets, such as Dairy Products & Eggs, Meat, Fish & Seafood, and Vegetables, which offer a variety of options for consumers. The market's growth rate is also affected by the availability of affordable and high-quality products in sub-markets such as Bread & Cereal Products and Oils & Fats. These factors contribute to the overall growth of The Food market in Armenia.

Customer preferences: The Food market in Armenia has seen a growing trend of consumers seeking healthier and more sustainable food options. This is reflected in the increasing demand for organic and locally sourced products. Additionally, there has been a shift towards plant-based diets, as more individuals are becoming conscious of the impact of their food choices on the environment. This shift is also driven by a growing interest in traditional Armenian cuisine, which emphasizes the use of fresh and seasonal ingredients. As a result, there has been an increase in the availability of vegetarian and vegan options in restaurants and grocery stores.

Trends in the market: In Armenia, The Food market industry is experiencing a surge in online grocery shopping, with more consumers opting for convenience and safety amid the COVID-19 pandemic. This trend is expected to continue, with companies investing in digital platforms and delivery services to meet the growing demand. Furthermore, there is a shift towards healthier and more sustainable food options, as consumers become more health-conscious and environmentally aware. This presents opportunities for industry stakeholders to cater to these preferences and adapt their offerings accordingly. However, there may also be challenges in terms of logistics and supply chain management. It will be crucial for companies to stay on top of these trends and make strategic decisions to stay competitive in the evolving market.

Local special circumstances: In Armenia, The Food market sector is heavily influenced by the country's rich agricultural history and cultural traditions. The local market is dominated by small-scale, family-owned farms, leading to a strong focus on organic and locally-sourced products. Additionally, strict regulations on food imports have promoted the consumption of locally-grown produce. These factors have contributed to a unique market dynamic, with a strong emphasis on traditional, high-quality food products and a growing demand for sustainable and locally-sourced options.

Underlying macroeconomic factors: The Food market in Armenia is heavily influenced by macroeconomic factors such as the country's economic health, government fiscal policies, and global economic trends. Armenia has experienced steady economic growth in recent years, with a focus on developing a strong agricultural sector. This has led to increased investment in The Food market, with a growing demand for high-quality, locally-sourced products. However, the market is also affected by external economic factors such as trade policies and currency fluctuations, which can impact the cost of imported goods and ultimately affect consumer purchasing power. As Armenia continues to develop and diversify its economy, The Food market is expected to see further growth and innovation in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.