Meat Substitutes - Armenia

Armenia

Revenue in the Meat Substitutes market amounts to €0.88m in 2024. The market is expected to grow annually by 9.10% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€2,175m in 2024).
In relation to total population figures, per person revenues of €0.32 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 64.02k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 4.4% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.0kg in 2024.

Key regions: Spain, Russia, United Kingdom, South Korea, India

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Analyst Opinion

The Meat Substitutes market in Armenia has seen minimal growth due to factors such as lack of consumer awareness and limited availability of plant-based options. However, the rising trend of health consciousness and increasing demand for alternative protein sources are expected to drive growth in the future.

Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a significant growth in demand for plant-based meat substitutes in Armenia. This trend is driven by the country's traditional cuisine, which heavily relies on meat, and the rise of flexitarian and vegan lifestyles. In addition, the younger generation is increasingly seeking healthier and more sustainable options, leading to a surge in availability and variety of meat substitutes in the market.

Trends in the market: In Armenia, the Meat Substitutes Market within the Meat Market is experiencing a surge in demand due to the growing health consciousness and concerns over the environmental impact of meat production. This trend is expected to continue, with a projected annual growth rate of 8.2% in the next five years. As a result, we can expect to see an increase in new product launches, partnerships, and investments in this market. This will have significant implications for industry stakeholders, such as meat producers and retailers, who may need to adapt their strategies to cater to the changing consumer preferences. Additionally, the rise of meat substitutes may also lead to a shift in traditional meat consumption patterns, potentially impacting the overall meat market in Armenia.

Local special circumstances: In Armenia, the Meat Substitutes Market of the Meat Market within The Food market is influenced by the country's rich history of vegetarianism and its strong agricultural traditions. The population's preference for plant-based diets has led to a growing demand for meat substitutes, such as soy-based products and traditional Armenian dishes made with lentils and beans. Additionally, the government's focus on promoting a healthy lifestyle and reducing meat consumption has also contributed to the growth of the Meat Substitutes Market in Armenia. The market is also driven by the availability of locally sourced ingredients, making it a unique and thriving sector within the larger Meat Market.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Armenia is influenced by various macroeconomic factors. The country's economic health, regulatory policies, and investment in the food industry contribute to the growth of this market. Moreover, global trends, such as the rising demand for plant-based proteins, have a significant impact on the market performance. The government's support for sustainable and healthy food options also plays a crucial role in driving the demand for meat substitutes in the country. Additionally, the increasing health-consciousness among consumers and the growing trend of veganism are fueling the demand for meat substitutes, further propelling market growth.

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.