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Armenia Consumer Goods Market: Segmented: by Product Type (Fast Moving Consumer Goods and Consumer Durables); By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-commerce, and Others) and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
The Armenian Consumer Goods Market overall market for consumer goods was estimated at USD 2 million in 2019 and is anticipated to expand to USD 3 million in 2030 and a CAGR of 7% growth
Consumer goods refer to items bought mainly for use by individuals or households. Items like clothes, food, books, and cooking equipment are included in consumer goods. The goods purchased by the average customer are consumer goods that are used for consumption. They are also known as finished products, as consumer products are the end outcome of manufacturing and processing and are purchased by the customer from the store shelf. These items are purchased and used as clothes, food, or equipment to meet human needs. This study mainly examines consumer goods in two main groups, FMCG and consumer durable items.
The Fast Moving Consumer Product group is the biggest customer commodity group in terms of production, marketing, and distribution. This involves long-term and unsustainable products like food & drink, personalized care, health care, and hygiene products. Per day in human life, FMCG products are needed. All segments of society often buy such commodities and spend a substantial part of their income on them. Since these goods have a quick turnover, the FMCG commodity group is a massive financial component.
Armenia Consumer Goods MarketExpected Market Growth
FMCG category had the biggest share by product type in 2019, accounting for approximately 94% of the market. The section also consists of food & drinks, personal treatment, medical services, and home care. The largest CAGR of 5 percent in the forecast period of 2019-2030 in the food and beverage segment is anticipated, as food & beverage items are the most widely consumed due to their perishability. During the projected period, the category of customer durables is projected to have the highest CAGR of 8 percent. The section often branches into refrigerators, air-conditioners and heaters, entertainment and communication devices, washing machines, kitchens, cleaning equipment, and other appliances. Due to the increase in population, available income, and the expenditure on needed products the refrigerator segment had the largest share in 2019.
Owing to increased internet adoption and e-commerce comfort, it is anticipated that the e-commerce category to have the highest CAGR of 8.4 percent during the forecast period. In 2019, however, supermarkets & hypermarkets held the biggest share due to the shifting of retail trade from SME stores to big supermarkets and hypermarkets in Armenia, accounting for almost two-fifths of the industry.
The rise in Disposable Income
Armenian customers' increased purchasing power parity and discretionary income with economic growth have boosted the market for consumer goods products in Armenia. Consumers prefer items that make life easy, productive, and time-saving. Such goods continue to achieve a larger market with a surge in the percentage of working people. Moreover, rapidly evolving consumer goods (FMCG) are fairly inexpensive, delicate, and perishable and are readily accessible as a result of their quick sales. Such factors would possibly boost the consumer goods market in Armenia.
New Operations and regulations
Measures are being pursued by the government to promote new entry and investment. It declared the elimination of prior operational and consumer obstacles present for the foreign vendors and investors. There have been developed E-platforms such as "Select Armenia" which pose Armenia's investment and export prospects in the "Invest Armenia" category. Such government policies are projected to create an increased demand for Armenia's consumer goods.
Distortions and Obstruction of Smooth Functioning
There are monopolies/oligarchies in the Armenian economy that prevent the efficient operation of the market. This leads to market disparities, misuse of monopoly power, pervasive barriers to market entry, and lack of financial competition for goods and services. Furthermore, the extensive standardization scheme of the European Economic Union (EAEU) is extremely redundant. This leads to significant barriers and obstructs the trade spiral for consumers in Armenia. From its bordering nations, Armenia confronts regional problems. All Armenian-traded products move through Georgia. High transit tariffs are paid throughout that process, which eventually raises the product's final cost. The existence of trade barriers, therefore, impedes the development of the Armenian market for consumer goods.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Armenia Consumer Goods Market size was estimated at USD 2 million in 2019 and is expected to reach USD 3 million in 2030
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 Koninklijke Philips N.V. Other Prominent Players
by product type segment is anticipated to hold the Armenia Consumer Goods Market
Drivers The rise in Disposable Income.
Consumer goods refer to items bought mainly for use by individuals or households. Items like clothes, food, books, and cooking equipment are included in consumer goods. The goods purchased by the average customer are consumer goods that are used for consumption.
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