Fresh Fish - Armenia

Armenia

Highlights

Revenue in the Fresh Fish market amounts to US$186.40m in 2024. The market is expected to grow annually by 8.46% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$67.09 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 12.55m kg by 2029. The Fresh Fish market is expected to show a volume growth of 7.8% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 3.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Armenia is experiencing slow growth due to various factors, including limited consumer awareness and access to digital technologies, as well as a preference for traditional fish markets. Despite this, the market is expected to grow as more consumers become health conscious and seek convenient options for purchasing fish and seafood.

Customer preferences: Consumers in Armenia are increasingly looking for fresh, locally sourced fish and seafood options, driven by a growing interest in supporting local businesses and sustainable food choices. Additionally, there is a growing demand for convenience and ready-to-eat seafood products, as busy lifestyles and changing cultural norms have led to a decline in home-cooked meals. This trend is also reflected in the rising popularity of online seafood delivery services, providing consumers with a convenient and efficient way to access fresh fish and seafood.

Trends in the market: In Armenia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and locally sourced seafood. Consumers are increasingly demanding transparency and ethical practices in the fishing industry, leading to the rise of certifications and labels. This trend is expected to continue, as consumers become more conscious of the environmental impact of their food choices. As a result, industry stakeholders may need to adapt their sourcing and marketing strategies to meet these changing consumer preferences. Additionally, the government of Armenia has implemented stricter regulations on fishing practices, further emphasizing the importance of sustainability in the industry. This trend towards sustainability is not only significant for the environment, but also for the reputation and success of businesses in the Fresh Fish Market.

Local special circumstances: In Armenia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's mountainous terrain and proximity to the Caspian Sea. This has resulted in a strong demand for locally sourced fish, particularly from the trout and whitefish farms located in the country's highlands. Additionally, cultural traditions, such as the preference for fresh, whole fish, have shaped the market dynamics, with many vendors offering live fish for purchase. Regulatory factors, such as strict food safety regulations and import restrictions, have also played a role in shaping the market landscape.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Armenia is influenced by various macroeconomic factors, including the country's overall economic health and global economic trends. The stability of the national economy and fiscal policies can greatly impact the demand for and pricing of fresh fish in the market. Additionally, investments in the seafood industry, such as infrastructure and technology, can also play a significant role in driving market growth. The availability and accessibility of fresh fish in Armenia are also influenced by factors such as transportation and trade regulations. With an increasing focus on sustainable and ethical fishing practices, these factors can have a significant impact on the supply and demand of fresh fish in the 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.