Armenia Consumer Goods Market Expected to Reach $2.51 Billion by 2026 | AMR

A comprehensive analysis of factors that drive and restrict the Armenia consumer goods market growth is provided.

PORTLAND, OREGON, UNITED STATES, December 16, 2020 /EINPresswire.com/ -- Armenia Consumer Goods Market 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.

Major 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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FMCG 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.

E-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.

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Major market players

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.

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Tushar Rajput
Allied Analytics LLP
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