Fish & Seafood - Armenia

Armenia

Highlights

Revenue in the Fish & Seafood market amounts to US$337.40m in 2024. The market is expected to grow annually by 8.39% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$121.50 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 29.00m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 6.6% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 8.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Armenia is seeing modest growth due to factors such as consumer preference for fresh and healthy options, and the convenience of online purchasing. However, challenges such as limited resources and infrastructure for seafood production and distribution may impact the market's growth rate in the near future.

Customer preferences: With the growing health consciousness among consumers in Armenia, there has been a notable increase in demand for sustainably sourced and environmentally friendly seafood products. This trend is driven by the rising awareness of the impact of overfishing and the importance of preserving marine ecosystems. Additionally, the younger generations in Armenia are increasingly seeking out seafood options that are more diverse and innovative, reflecting their evolving palates and interest in culinary experiences.

Trends in the market: In Armenia, the Fish & Seafood Market is experiencing a shift towards sustainable and eco-friendly practices. This trend is driven by consumer demand for ethically sourced seafood and government initiatives promoting responsible fishing. As a result, industry stakeholders are investing in sustainable fishing methods and certifications. This trajectory is significant as it not only addresses environmental concerns but also enhances the market's reputation and ensures long-term viability. However, complying with these standards may lead to increased costs for smaller businesses, potentially creating barriers to entry. As the trend towards sustainability continues, it is essential for stakeholders to adapt and innovate to stay competitive in the market.

Local special circumstances: In Armenia, the Fish & Seafood Market thrives due to its unique geographical location and cultural traditions. Being situated near the Caspian Sea and Lake Sevan, the country has access to a diverse range of fresh and high-quality seafood. Additionally, Armenians have a rich history of fishing and consuming seafood, making it an integral part of their cuisine. The market is further influenced by strict regulations on fishing and aquaculture, ensuring sustainability and quality. These factors contribute to the dynamic growth of the Fish & Seafood Market in Armenia, setting it apart from other markets.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global demand for fish and seafood products, national economic health, and fiscal policies. Countries with strong economies and stable fiscal policies tend to have a higher demand for luxury seafood products, while countries with weaker economies may have a higher demand for more affordable seafood options. Additionally, global economic trends, such as changes in consumer preferences and trade agreements, can greatly impact the supply and demand of fish and seafood products in a given country. Furthermore, investment in sustainable fishing practices and regulatory support for the industry can also play a significant role in the overall performance of the Fish & Seafood Market.

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.