Juices - Armenia

Armenia, a small country in the South Caucasus region, is experiencing a growing demand for juices.

Customer preferences: Armenian consumers have shown a strong preference for natural and healthy beverages, which has contributed to the growth of the juices market. They are increasingly seeking out products that are free from artificial additives and preservatives, and are made from high-quality fruits. This shift in consumer preferences can be attributed to a growing awareness of the health benefits of consuming natural juices.

Trends in the market: One of the key trends in the Armenian juices market is the rising popularity of locally sourced and produced juices. Consumers are increasingly interested in supporting local businesses and are willing to pay a premium for products that are made using locally grown fruits. This trend has led to the emergence of small-scale juice producers who focus on using locally sourced ingredients to create unique and flavorful juices. Another trend in the market is the increasing availability of a wide variety of juice flavors. In response to consumer demand, both local and international juice brands have introduced new and innovative flavors to cater to different tastes and preferences. This has resulted in a more diverse and competitive market, offering consumers a wider range of options to choose from.

Local special circumstances: Armenia's favorable climate and fertile soil make it an ideal location for fruit cultivation. The country is known for its high-quality fruits, including apples, pomegranates, and berries, which are used in the production of juices. The availability of locally grown fruits has not only contributed to the growth of the domestic juices market but has also positioned Armenia as a potential exporter of fruit juices to other countries in the region.

Underlying macroeconomic factors: Armenia's improving economy and rising disposable incomes have played a significant role in the development of the juices market. As consumers have more purchasing power, they are able to afford higher-priced products, including premium juices. Additionally, the growing tourism industry in Armenia has also contributed to the demand for juices, as tourists often seek out local and authentic food and beverage experiences. In conclusion, the juices market in Armenia is experiencing growth due to customer preferences for natural and healthy beverages, the popularity of locally sourced and produced juices, the availability of a wide variety of flavors, favorable climate and fertile soil for fruit cultivation, and the country's improving economy and rising disposable incomes. As these trends continue, the market is expected to further expand and diversify, offering more options for consumers and opportunities for local juice producers.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

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 (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level 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 Non-Alcoholic Drinks 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.