Spreads & Sweeteners - Armenia

Armenia

Revenue in the Spreads & Sweeteners market amounts to €107.10m in 2024. The market is expected to grow annually by 8.60% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€132,300m in 2024).
In relation to total population figures, per person revenues of €38.55 are generated in 2024.
In the Spreads & Sweeteners market, volume is expected to amount to 43.65m kg by 2029. The Spreads & Sweeteners market is expected to show a volume growth of 7.0% in 2025.
The average volume per person in the Spreads & Sweeteners market is expected to amount to 12.5kg in 2024.

Key regions: Spain, Japan, China, Philippines, United Kingdom

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Analyst Opinion

The Spreads & Sweeteners market in Armenia is experiencing subdued growth, influenced by factors such as limited consumer awareness and availability of traditional alternatives. Online services and rising health consciousness may drive growth, while factors such as price sensitivity and limited product variety may hinder it.

Customer preferences: With a growing focus on health and wellness, consumers in Armenia are turning to natural sweeteners and spreads to satisfy their cravings without compromising on nutrition. This trend is driven by a cultural preference for traditional, local ingredients and a desire for healthier options. As the market for natural, organic products continues to expand, manufacturers are responding with innovative offerings that cater to this evolving consumer demand. Additionally, the rise of vegan and plant-based diets is fueling the demand for alternative sweeteners and spreads made from ingredients like agave, coconut, and almond.

Trends in the market: In Armenia, the Spreads & Sweeteners market is experiencing a shift towards healthier and more natural options. Consumers are increasingly opting for products with natural sweeteners like honey and maple syrup, while also seeking out spreads made with organic ingredients. This trend is driven by a growing awareness of the health benefits of natural products and a desire for more sustainable and ethical food choices. As a result, industry stakeholders are investing in research and development to create innovative products to meet this demand. Additionally, there is potential for increased competition in the market as more companies enter the space to cater to this growing trend. This shift towards natural and organic spreads and sweeteners has the potential to not only impact consumer preferences, but also drive changes in sourcing and production methods within the industry.

Local special circumstances: In Armenia, the Spreads & Sweeteners market is heavily influenced by the country's geographical location and cultural preferences. Due to its close proximity to Turkey, Armenia has a strong Turkish influence, leading to a demand for traditional Turkish spreads and sweeteners. Additionally, the country has a rich agricultural sector, leading to a wide variety of locally produced spreads and sweeteners made from local fruits and honey. This emphasis on local and traditional products sets Armenia apart from other markets and drives consumer preferences in the Spreads & Sweeteners market.

Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Armenia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's relatively stable economic growth and increasing consumer purchasing power have led to a rise in demand for convenient and affordable food products, including spreads and sweeteners. Additionally, government initiatives to promote domestic food production and reduce import reliance have further fueled market growth. However, the market is also impacted by challenges such as high inflation rates and limited access to financing options, which may hinder market expansion and innovation.

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.