Armenia Consumer Goods Market to Witness High Demand with Growth Rate of 4.7% by 2026

According to the report, the Armenia consumer goods industry was pegged at $1.73 billion in 2018, and is expected to reach $2.51 billion by 2026, growing at a CAGR of 4.7% from 2019 to 2026.

oMajor motivators for market growth

Purchasing power parity and growth in demand for convenience goods are the major drivers for the Armenia consumer goods market. However, robust monopolies in certain business sectors, price-sensitive customers, and the presence of trade barriers hamper the market growth. On the contrary, government initiatives to encourage new entrants and investments coupled with the adoption of e-commerce are expected to create lucrative opportunities in the near future.

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oFMCG segment dominated the market

By product type, the FMCG segment held the largest share in 2018, contributing to around 94% of the market. The segment is further divided into food & beverages, personal care, health care, and home care. The food & beverage segment is expected to manifest the fastest CAGR of 4.4% during the forecast period, as food & beverage products are the highest consumed products due to its perishable nature.

On the other hand, the consumer durables segment is expected to register the fastest CAGR of 7.3% during the forecast period. The segment is further bifurcated into refrigerator, air conditioner and heater, entertainment and information appliances, washing machine, kitchen appliances, cleaning appliances, and others. The refrigerator segment held the largest share in 2018, owing to the rise in population, disposable income, and the spending on necessity goods.

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oE-commerce segment to manifest the fastest CAGR by 2026

The e-commerce segment is expected to register the fastest CAGR of 7.2% during the forecast period, owing to an increase in internet penetration and convenience of online shopping. However, the supermarkets and hypermarkets segment held the largest share in 2018, accounting for nearly two-fifths of the market, owing to shift of retail trade in Armenia from small and medium stores to large supermarkets and hypermarkets.

Major market players

o Procter & Gamble Company
o The Coca-Cola Company
o PepsiCo, Inc.
o Nestlé S.A.
o Samsung Electronics Co., Ltd.
o LG Electronics Inc.
o Haier Group Corporation
o Panasonic Corporation
o Electrolux AB
o Koninklijke Philips N.V.

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Source: https://www.prnewswire.com/news-releases/armenia-consumer-goods-market-to-garner-2-51-bn-by-2026-at-4-7-cagr-says-allied-market-research-300992080.html

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