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  4. Convenience Food

Soups - Armenia

Armenia
  • Revenue in the Soups market amounts to US$27.80m in 2024. The market is expected to grow annually by 8.02% (CAGR 2024-2029).
  • In global comparison, most revenue is generated Indonesia (US$10bn in 2024).
  • In relation to total population figures, per person revenues of US$10.01 are generated in 2024.
  • In the Soups market, volume is expected to amount to 7.39m kg by 2029. The Soups market is expected to show a volume growth of 5.6% in 2025.0.
  • The average volume per person in the Soups market is expected to amount to 2.2kg in 2024.

Definition:

The Soups market covers any type of soup that is ready for consumption immediately after purchase or after heating. These soups require minimal preparation by the consumer and included instant soups that typically come in powdered form and broth or liquid soups that are purchased in prepared form such as tinned soups.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), 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.

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

In-Scope

  • Dehydrated soup
  • Tinned and other packaged soup
  • Broth
  • Canned soups and stews
  • Fondue soup
  • Frozen soups, Instant miso soup

Out-Of-Scope

  • Other ready-to-eat meals
  • Out-of-home consumption

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Volume

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Price

Most recent update: Sep 2024

Source: Statista Market Insights

Sales Channels

Most recent update: Nov 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Sep 2024

Source: Statista Market Insights

Analyst Opinion

The Soups Market in Armenia is facing subdued growth, influenced by factors such as limited consumer awareness and lack of convenience in online services. Despite this, the Convenience Food Market is seeing a steady rise, driven by increasing adoption of digital technologies and a growing health-conscious population.

Customer preferences:
In Armenia, the convenience and accessibility of packaged soups have become increasingly popular among busy urban consumers. This trend is attributed to the rising number of working women and the growing popularity of single-person households. As a result, there has been a shift towards healthier and more nutritious options, with demand for organic and low-sodium soups on the rise. Additionally, the emerging trend of "grab-and-go" meals has also contributed to the growth of the Soups Market within the Convenience Food Market.

Trends in the market:
In Armenia, the Soups Market of the Convenience Food Market within The Food market is experiencing a shift towards healthier options, driven by consumer demand for more nutritious and natural products. This trend is expected to continue as more consumers prioritize their health and wellness. Additionally, there is a growing interest in ethnic and international flavors, reflecting the country's diverse population and increasing globalization. These developments present opportunities for industry stakeholders to innovate and differentiate their products, while also catering to changing consumer preferences. However, they also pose challenges in terms of sourcing high-quality ingredients and maintaining affordable prices in a competitive market. To stay ahead of the curve, companies may need to invest in research and development, as well as strategic partnerships with local suppliers and distributors.

Local special circumstances:
In Armenia, the Soups Market of the Convenience Food Market is heavily influenced by the country's strong soup culture and the availability of locally sourced ingredients such as vegetables, herbs, and spices. This has led to a wide variety of unique and regional soup recipes, making the market highly fragmented. Additionally, the country's cold climate and harsh winters contribute to the high demand for hearty and warming soups, further driving market growth. The market is also regulated by the government, with strict food safety standards in place to ensure the quality and authenticity of soups sold in the market.

Underlying macroeconomic factors:
The Soups Market of the Convenience Food Market within The Food market in Armenia is heavily influenced by macroeconomic factors such as consumer purchasing power, inflation rates, and trade policies. As the country continues to recover from recent economic challenges, there has been a steady increase in disposable income and consumer spending. This has positively impacted the demand for convenience food products, including soups. However, fluctuations in inflation rates and trade policies can greatly affect the cost of raw materials and ingredients, which can impact the pricing of soups in the market. Additionally, as Armenia seeks to improve its trade relations with other countries, there is potential for increased competition from imported convenience food products, which could affect the growth of the Soups Market. Overall, the stability of the national economy and favorable trade policies are crucial for the growth of the Soups Market in Armenia.

Methodology

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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