The consumer goods mention to the products bought principally for personal or household consumption. It involves the products such as clothing, food, books, and cooking appliances. Customer goods are principally studied around two major categories in this report, namely FMCG (fast moving consumer goods) and customer durable.
Armenia is a landlocked region in the South Caucasus economy of Eurasia. It is a small market with confident economic growth prospects. The structural reforms and sound macroeconomic policy in the region allow it to preserve low inflation and fascinate foreign investments.
According to the report analysis, ‘Armenia Consumer Goods Market by Product Type (Fast Moving Consumer Goods and Consumer Durables), and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-commerce, and Others): Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the Armenia consumers goods market there are several companies which presently operating more significantly for leading the fastest market growth and registering the handsome value of market share around the globe throughout the coming duration while decreasing the side effects of the consumer goods, decreasing the linked prices, growing the usage of the consumer goods, augmenting the applications of the Armenia consumer goods, implementing the profitable strategies, spreading the awareness related to the benefits of the consumer goods, and employing the young work force includes Procter & Gamble Company, The Coca-Cola Company, PepsiCo, Inc., Nestle S.A., Samsung Electronics Co., Ltd., LG Electronics Inc., Haier Group Corporation, Panasonic Corporation, Electrolux AB, Koninklijke Philips N.V. and several others.
The effective growth in purchasing power parity (PPP) of Armenian consumers has created the positive impact on the consumption of consumer goods. Armenia’s annual household income per capita stretched USD 1,516.748 in December 2018 from USD 1,453.618 in Dec 2017. Shoppers across the Armenia spend almost USD 100 million monthly on consumer goods, principally on food and food products. In addition, the requirement for the expediency goods has obtained the high traction during recent past. The effective growth in the internet penetration, denser urban populace, fast pace lifestyles, and challenging working hours are deepening the involves of the consumer lives. Consumers are continuously opting for the products which deliver the effectiveness and is time saving. These aspects cumulatively function a positive impact on the growth of customer goods market in Armenia. However, the Armenia faces geopolitical conditions with its neighboring regions. All the goods traded with the Armenia have to pass through Georgia.
During this procedure, high transport tariffs are levied, which eventually augments the end price of the product. Hence, the existence of the trade barriers causes interruption in the growth of the Armenian consumer goods market.
On the contrary, the government in Armenia is promised in improving the comprehensive reforms in the business environment to deliver the promising investments and business opportunities for worldwide stakeholders. This is envisioned to propel the international players to Armenia. Enterprises by the government are focused to reinforce the market scenario, which can be observed as a growth opportunity for the market players in Armenia.
In addition, the Armenia consumer goods market by product type and distribution channel: Opportunity Analysis and Industry Forecast, 2019-2026, the Armenia consumer goods market size was worth at USD 1,734.5 million in 2018 and is anticipated to reach USD 2,519 million by 2026, increasing at a CAGR of 4.7% from 2019 to 2026. Therefore, in the coming years, it is predicted that the market of Armenia Consumer goods will increase around the globe more effectively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications