Market Insights Consumer Food Dairy Products & Eggs

Milk Substitutes - Armenia

Armenia

Revenue in the Milk Substitutes market amounts to €1.37m in 2024. The market is expected to grow annually by 22.24% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€9,117m in 2024).
In relation to total population figures, per person revenues of €0.49 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 1.19m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 23.7% in 2025.
The average volume per person in the Milk Substitutes market is expected to amount to 0.2kg in 2024.

Key regions: India, Canada, China, United States, Russia

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Región

Comparación de regiones

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Analyst Opinion

The Milk Substitutes Market in Armenia is experiencing considerable growth, driven by factors such as increasing health consciousness and the convenience of online shopping. This market has seen a significant rise in demand due to the growing trend of plant-based diets and lactose intolerance. The growth rate of this market is expected to continue due to the increasing availability of innovative and healthy milk substitutes.

Customer preferences: In recent years, there has been a noticeable increase in demand for plant-based milk substitutes in Armenia. This trend can be attributed to the growing number of individuals adopting a vegetarian or vegan lifestyle, as well as a rising awareness of the potential health benefits associated with these products. Additionally, there is a growing preference for dairy-free options among individuals with lactose intolerance or other dietary restrictions. As a result, we can expect to see continued growth in the milk substitutes market in Armenia.

Trends in the market: In Armenia, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a shift towards plant-based alternatives, driven by a growing health-conscious population and rising concerns over animal welfare. This trend is expected to continue, with an increasing number of consumers opting for non-dairy milk substitutes such as almond, soy, and coconut milk. This has significant implications for industry stakeholders, as they will need to adapt their production and marketing strategies to cater to this evolving market demand. Additionally, the rise in milk substitutes also presents opportunities for new entrants and innovative players in the market.

Local special circumstances: In Armenia, the Milk Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by the country's tradition of dairy consumption, as well as its location between Europe and Asia. This has led to a unique blend of Western and Eastern influences in the market, with a variety of milk substitutes catering to different cultural preferences. Additionally, strict regulatory standards for food safety and labeling have led to a high level of consumer trust in the quality of milk substitutes, driving market growth. The country's mountainous terrain also presents challenges for traditional dairy farming, leading to a demand for alternative sources of milk, such as plant-based substitutes.

Underlying macroeconomic factors: The Milk Substitutes Market in Armenia is heavily influenced by macroeconomic factors such as the country's overall economic health, fiscal policies, and global economic trends. With a GDP growth rate of 7.6% in 2020, Armenia has a strong economy and a stable political environment, making it an attractive market for dairy products and eggs. Additionally, the government's efforts to promote sustainable agriculture and increase domestic production of dairy products has boosted the demand for milk substitutes in the country. Moreover, the increasing health consciousness among consumers and the rise in vegan and lactose-intolerant population has also contributed to the growth of the milk substitutes market. Overall, these macroeconomic factors are expected to continue driving the growth of the Milk Substitutes Market in Armenia in the coming years.

Methodology

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.