ARMENIA CONSUMER GOODS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In June 2024, the International Monetary Fund (IMF) Executive Board completed the third review under the Stand-By Arrangement (SBA) with Armenia, granting the country access to Special Drawing Rights (SDR) amounting to 18.4 million, equivalent to approximately US$24.5 million. This financial support is part of the ongoing efforts to stabilize Armenia's economy and promote sustainable growth.
• In 2023, Ozon, a prominent e-commerce platform in Russia, announced its expansion into Armenia, marking a significant milestone in its growth beyond the Russian market. This launch allows Armenian customers to access Ozon's extensive product range, enjoy competitive prices, and benefit from reliable delivery services. By entering the Armenian market, Ozon aims to enhance its international presence and cater to the increasing demand for online shopping in the region.
• In 2023, the Armenian government has been actively promoting new entries and investments in the consumer goods sector through various initiatives aimed at enhancing the business environment and encouraging foreign direct investment. However, the market also faces challenges such as monopolistic practices and complex standardization systems within the Eurasian Economic Union (EAEU).
• In 2021, Wildberries, Russia's largest online retailer, established a significant foothold in Armenia shortly after its launch. The platform has rapidly ascended to become one of the top taxpayers in the country, contributing over US$67 million in taxes. This financial input underscores Wildberries' substantial impact on the Armenian economy.