Oils & Fats - Armenia

Armenia

Highlights

Revenue in the Oils & Fats market amounts to US$171.60m in 2024. The market is expected to grow annually by 9.33% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$46bn in 2024).
In relation to total population figures, per person revenues of US$61.77 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 32.18m kg by 2029. The Oils & Fats market is expected to show a volume growth of 6.7% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 9.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats market in Armenia is experiencing subdued growth, influenced by fluctuating consumer preferences, economic conditions, and shifts towards healthier alternatives. Despite these challenges, the demand for traditional products remains steady, shaping market dynamics.

Customer preferences: In Armenia, consumer preferences in the Oils & Fats market are shifting towards healthier and more sustainable options, reflecting a growing awareness of nutrition and well-being. Plant-based oils are gaining popularity as younger demographics prioritize health-conscious choices, influenced by global trends and local culinary traditions. Additionally, the rise of urban lifestyles is encouraging the adoption of convenience-oriented products, such as pre-packaged cooking oils. This dynamic interplay of cultural influences and modern lifestyle choices is reshaping the market landscape.

Trends in the market: In Armenia, the Oils & Fats market is experiencing a significant shift towards organic and natural products, driven by increasing health consciousness among consumers. There is a noticeable rise in the demand for cold-pressed and expeller-pressed oils, as consumers seek higher quality, nutrient-dense options. Additionally, sustainability is becoming a key factor, with brands exploring eco-friendly packaging and sourcing practices. This evolving landscape presents opportunities for industry stakeholders to innovate and align their offerings with consumer values, ultimately fostering brand loyalty and enhancing market competitiveness.

Local special circumstances: In Armenia, the Oils & Fats market is shaped by the country's rich agricultural heritage and diverse climate, which supports the cultivation of various oilseed crops. Traditional practices and local preferences influence consumer choices, leading to a strong demand for locally sourced oils such as sunflower and walnut oil. Additionally, regulatory support for organic farming enhances the growth of organic oils, aligning with a cultural emphasis on health and wellness. These unique factors create a distinct market landscape, encouraging innovation while promoting sustainable practices that resonate with Armenian consumers.

Underlying macroeconomic factors: The Oils & Fats market in Armenia is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and global commodity prices. The health of the national economy, characterized by GDP growth and inflation rates, impacts consumer purchasing power and demand for oils. Favorable fiscal policies promoting agricultural development and subsidies for local producers strengthen the domestic supply chain. Additionally, fluctuations in global oil prices can affect pricing strategies for local oils, while increasing health awareness among consumers drives demand for healthier options, further shaping the market dynamics in Armenia.

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.