Edible Oils - Armenia | Statista Market Forecast

Revenue in the Edible Oils market amounts to US$35.56m in 2024. The market is expected to grow annually by 9.36% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$35bn in 2024).
In relation to total population figures, per person revenues of US$12.80 are generated in 2024.
In the Edible Oils market, volume is expected to amount to 7.91m kg by 2029. The Edible Oils market is expected to show a volume growth of 8.0% in 2025.0.
The average volume per person in the Edible Oils market is expected to amount to 2.20kg in 2024.

Definition:

The Edible Oils market covers any type of oil that is extracted from plants and nuts and is used for cooking and food preparation.

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.

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Olive oil
Sunflower oil
Other edible oils (e.g. palm, soybean, coconut oil, canola oil, rapeseed oil, sesame oil, soybean oil)
Cooking oil blends

Butter
Margarine
Animal fats (e.g. lard)
Out-of-home consumption

The Edible Oils market in Armenia is experiencing subdued growth, influenced by factors such as fluctuating raw material prices, changing consumer preferences, and increased competition among local and imported brands, impacting overall market dynamics.

Customer preferences: Consumers in Armenia are increasingly prioritizing health-conscious choices in their edible oil selections, reflecting a broader shift towards wellness and nutrition. This trend is evident in the rising demand for oils rich in omega-3 fatty acids and those labeled as organic or non-GMO. Additionally, younger demographics are gravitating towards innovative blends and flavored oils, inspired by global culinary trends. As lifestyles evolve, there is a growing interest in sustainable sourcing, prompting brands to highlight eco-friendly practices and local production, reshaping the competitive landscape.

Trends in the market: In Armenia, the Edible Oils Market is experiencing a notable shift towards health-oriented products, with consumers increasingly favoring oils that boast nutritional benefits, such as those high in omega-3 fatty acids. The rise of organic and non-GMO options reflects a deeper awareness of food quality and its impact on health. Meanwhile, younger consumers are exploring innovative flavored and blended oils, influenced by international culinary trends. This evolution underlines the importance of sustainable sourcing, compelling brands to adopt eco-friendly practices and promote local production, thereby transforming competitive dynamics in the market.

Local special circumstances: In Armenia, the Edible Oils Market is shaped by the country's rich agricultural heritage and its diverse climate, which supports the cultivation of various oilseed crops. The cultural emphasis on traditional cooking methods drives demand for local oils, such as sunflower and grape seed oil, which are integral to Armenian cuisine. Regulatory frameworks encouraging organic farming and sustainable practices further influence consumer preferences for healthier options. Additionally, the increasing focus on preserving local culinary traditions fosters innovation in oil blends that reflect regional flavors, setting Armenia apart from other markets.

Underlying macroeconomic factors: The Edible Oils Market in Armenia is significantly influenced by macroeconomic factors, including global commodity prices, national economic stability, and trade policies. Fluctuations in the prices of key oilseeds on the international market directly affect local production costs and retail prices. Armenia's economic health, characterized by GDP growth and inflation rates, plays a critical role in consumer purchasing power and demand for premium oils. Additionally, fiscal policies that promote agricultural subsidies and investment in local oil production enhance competitiveness, while trade agreements can facilitate access to diverse oil markets, further shaping consumer options and preferences.

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.