Other Oils & Fats - Armenia | Statista Market Forecast

Revenue in the Other Oils & Fats market amounts to US$52.28m in 2024. The market is expected to grow annually by 8.30% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$2bn in 2024).
In relation to total population figures, per person revenues of US$18.82 are generated in 2024.
In the Other Oils & Fats market, volume is expected to amount to 8.30m kg by 2029. The Other Oils & Fats market is expected to show a volume growth of 6.0% in 2025.0.
The average volume per person in the Other Oils & Fats market is expected to amount to 2.4kg in 2024.

Definition:

The Other Oils & Fats market covers lard and other edible animal fats, such as fat from cattle, buffaloes, sheep, goats, poultry, fats and fish oils.

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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Lard
Other animal fats
Duck and chicken fats
Fish oils, liver fish oils, fish fats

Butter
Margarine
Vegetable oils
Olive oils
Out-of-home consumption

The Other Oils & Fats Market within The Food market in Armenia is experiencing subdued growth, influenced by factors such as fluctuating raw material prices, changing consumer preferences, and increased competition from alternative products.

Customer preferences: Consumers in Armenia are increasingly prioritizing health and wellness, leading to a notable shift towards healthier oils and fats, such as olive oil and avocado oil, which are perceived as more nutritious alternatives. Additionally, younger demographics are showing a preference for organic and locally sourced products, reflecting a cultural shift towards sustainability and supporting local economies. This trend is further influenced by rising awareness of dietary fat's role in overall health, prompting consumers to explore various cooking oils that align with their evolving lifestyles and dietary choices.

Trends in the market: In Armenia, the Other Oils & Fats Market is experiencing a significant shift towards healthier options, with consumers increasingly favoring oils like olive and avocado due to their health benefits. This trend is particularly pronounced among younger generations, who are also inclined towards organic and locally sourced products, reflecting a broader cultural movement towards sustainability. As awareness of the nutritional impact of dietary fats rises, industry stakeholders must adapt to these preferences, potentially leading to increased demand for innovative, health-oriented products and sustainable sourcing practices.

Local special circumstances: In Armenia, the Other Oils & Fats Market is influenced by the country’s rich agricultural heritage and mountainous geography, which fosters the cultivation of diverse oil-producing crops. Traditional cooking practices emphasize the use of locally sourced oils, such as sunflower and grape seed oil, appealing to consumer nostalgia and cultural identity. Additionally, regulatory initiatives promoting organic farming and health education are reshaping consumer preferences towards healthier oils, enhancing demand for premium, locally produced options while supporting sustainable agricultural practices.

Underlying macroeconomic factors: The Other Oils & Fats Market in Armenia is shaped by macroeconomic factors such as national economic stability, agricultural productivity, and global commodity prices. Armenia's ongoing efforts to bolster its agricultural sector through fiscal policies and investments in rural development are enhancing the production and quality of oil crops. Additionally, fluctuations in global oil prices significantly affect local market dynamics, influencing consumer purchasing power and preferences. The rising trend toward health consciousness further drives demand for premium oils, while trade agreements and international partnerships aim to expand market access for Armenian oil producers, fostering economic growth and sustainability.

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.