Armenia Consumer Goods Market Size, Share, Value, and Competitive Landscape 2019-2026

In accordance to several interviews conducted, the CXOs of the leading companies stated that the Armenia consumer goods market is expected to witness a positive growth prospects in the future. Armenia is an industrial-agrarian country. The country's GDP comprises various segments including agriculture, industrial production, trade, construction, and transport. The Armenian economy is demand based as consumer lending and remittances support private consumption. Furthermore, the GDP (gross domestic product) is gradually rising, which generates positive outlook for consumer spending and hence, growth prospects for consumer goods products in the country.

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According to key players operating in the Armenia market, the rise in per capita income and disposable income is one of the key influential factors that generates positive impact on the market demand for consumer goods.

The development of new products through product innovation has enabled to create higher market traction for consumer goods products, especially in entertainment and information appliances. In addition, internet penetration has experienced a significant growth in Armenia. As a result, there has been a rise in number of e-commerce players in the market. Taking this fact into account, majority of the consumer goods manufactures operating in Armenia consider online platform as a key tool to promote and sell their products in an effective manner.

However, the presence of monopolies in the market have created persistent market entry barriers and led to market power abuse. Furthermore, the Eurasian Economic Union’s (EAEU) complex system of standardization is extremely redundant which causes major hindrances in dealing with custom authorities in Armenia.

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The Armenia consumer goods market size was valued at $1,734.5 million in 2018 and is projected to reach $ 2,519 million by 2026, growing at a CAGR of 4.7% from 2019 to 2026. Fast moving consumer goods (FMCG) is the largest group of consumer goods with regard to production, distribution, and marketing. This includes durable and nondurable goods such as food & beverages, personal care, health care, and home care products.

FMCG products are required every day in human life. All sections of the society consume these products frequently and spend a significant portion of their income on these goods. The FMCG product group is an important contributor to the economy as these products have a quick turnover.

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The key players in the Armenia consumer goods industry include Procter & Gamble Company, The Coca-Cola Company, PepsiCo, Inc., Nestlé S.A., Samsung Electronics Co., Ltd., LG Electronics Inc., Haier Group Corporation, Panasonic Corporation, Electrolux AB, and Koninklijke Philips N.V.

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