Fresh Seafood - Armenia

Armenia

Highlights

Revenue in the Fresh Seafood market amounts to US$21.76m in 2024. The market is expected to grow annually by 8.98% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$7.83 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 899.80k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 7.1% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Armenia has seen a subdued growth rate, due to a variety of factors such as limited consumer awareness, lack of access to technology, and difficulties in sourcing high-quality seafood. Despite these challenges, the market is slowly expanding, driven by a growing demand for fresh and sustainable seafood options.

Customer preferences: As consumers become more health-conscious, there has been an increase in demand for sustainably sourced and locally caught seafood in the Fresh Seafood Market of the Fish & Seafood Market. Additionally, there has been a rise in popularity for plant-based seafood alternatives as individuals are looking to reduce their environmental impact and make more ethical food choices. This trend is also driven by a growing awareness of the health benefits of a plant-based diet.

Trends in the market: In Armenia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable sourcing and consumption. Consumers are increasingly seeking out ethically and environmentally responsible seafood options, leading to a rise in certified sustainable seafood products. This trend is expected to continue, with more businesses adopting sustainable practices and consumers becoming more conscious of their seafood choices. Industry stakeholders should take note of this trend and prioritize sustainable sourcing to meet consumer demand and stay ahead in the competitive market.

Local special circumstances: In Armenia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location. Being a landlocked country, Armenia relies heavily on imports for its seafood consumption, leading to a higher demand for fresh seafood from neighboring countries. Additionally, the cultural significance of seafood in Armenian cuisine drives the market, with traditional dishes such as fish kebab and stuffed trout being popular among consumers. Regulatory factors, such as government policies on importation and food safety standards, also play a role in shaping the dynamics of the market.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is significantly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The market is heavily reliant on global trade and international demand, making it susceptible to changes in global economic conditions. National economic health also plays a crucial role, as countries with stable economies and high levels of disposable income tend to have a higher demand for fresh seafood. Fiscal policies, such as import and export regulations and tariffs, can also greatly influence market performance. Additionally, financial indicators such as exchange rates and inflation can impact the cost of seafood and ultimately affect market demand.

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.