Market Insights Consumer Food Sauces & Spices

Spices & Culinary Herbs - Armenia

Armenia

Revenue in the Salt & Other Spices market amounts to €58.36m in 2024. The market is expected to grow annually by 8.99% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€9,666m in 2024).
In relation to total population figures, per person revenues of €21.01 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 4.12m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 7.0% in 2025.
The average volume per person in the Salt & Other Spices market is expected to amount to 1.2kg in 2024.

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

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Analyst Opinion

The Spices & Culinary Herbs Market in Armenia is experiencing subdued growth, impacted by factors such as low consumer awareness and limited availability of online services. Despite this, the market is expected to grow due to increasing demand for traditional spices in Armenian cuisine.

Customer preferences: The demand for organic and locally sourced spices and culinary herbs is on the rise in Armenia, as consumers are becoming more health-conscious and environmentally aware. This trend is also driven by a growing interest in traditional Armenian cuisine, which heavily relies on the use of fresh and high-quality herbs and spices. Additionally, with an increasing number of tourists visiting the country, there is a growing interest in authentic Armenian flavors, leading to a surge in demand for locally sourced and artisanal spices and herbs.

Trends in the market: In Armenia, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is experiencing a rise in demand for organic and locally-sourced spices and herbs. This trend is driven by consumers' increasing awareness of the health benefits and sustainability of these products. Additionally, there is a growing interest in incorporating traditional Armenian flavors and ingredients into global cuisines. This trend is expected to continue, providing opportunities for local producers and suppliers to expand their reach and catering to the evolving preferences of consumers. However, industry stakeholders must also consider the potential challenges of meeting these demands, such as ensuring consistent quality and supply of these products.

Local special circumstances: In Armenia, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is heavily influenced by the country's rich cultural heritage and its location on the ancient Silk Road trade route. This has led to a diverse range of ingredients and cooking techniques being utilized in Armenian cuisine, creating a unique demand for local spices and culinary herbs. Additionally, the country's strict regulations on food safety and labeling have shaped consumer preferences and purchasing behaviors, resulting in a market that prioritizes quality and authenticity.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market in Armenia is influenced by various macroeconomic factors. The country's economy has been steadily growing, with a GDP growth rate of 5.2% in 2019. This growth is supported by favorable government policies, such as tax incentives for small and medium enterprises and efforts to improve the business climate. Furthermore, Armenia's strategic location as a gateway between Europe and Asia has attracted foreign investments, leading to the development of The Food market, including the demand for spices and culinary herbs. The country's growing middle class and increasing disposable income have also contributed to the rising demand for high-quality and exotic flavors in food, driving the growth of the Spices & Culinary Herbs Market. However, challenges such as inflation and currency fluctuations could potentially hinder the market's growth in the future.

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.