Greece: Cheese Market 2024

Cheese Market Size in Greece

In 2021, the Greek cheese market increased by 5% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2017 with an increase of 6.5%. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Cheese Production in Greece

In value terms, cheese production amounted to $X in 2021 estimated in export price. Over the period under review, production saw a mild descent. The most prominent rate of growth was recorded in 2014 when the production volume increased by 7.3%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Cheese Exports

Exports from Greece

In 2021, cheese exports from Greece expanded markedly to X tons, growing by 11% against the previous year's figure. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 13%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, cheese exports skyrocketed to $X in 2021. Over the period under review, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +109.4% against 2012 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for cheese exports from Greece, with a 34% share of total exports. Moreover, cheese exports to Germany exceeded the volume sent to the second major destination, the UK (X tons), threefold. Italy (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+7.3% per year) and Italy (+10.2% per year).

In value terms, Germany ($X) remains the key foreign market for cheese exports from Greece, comprising 32% of total exports. The second position in the ranking was taken by the UK ($X), with a 10% share of total exports. It was followed by Italy, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+5.8% per year) and Italy (+7.9% per year).

Export Prices by Country

The average cheese export price stood at $X per ton in 2021, increasing by 7.8% against the previous year. Over the period under review, the export price, however, recorded a slight descent. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Spain ($X per ton) and the United States ($X per ton), while the average price for exports to Germany ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cyprus (+0.5%), while the prices for the other major destinations experienced mixed trend patterns.

Cheese Imports

Imports into Greece

In 2021, after two years of decline, there was significant growth in overseas purchases of cheese, when their volume increased by 8.7% to X tons. The total import volume increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 12%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, cheese imports surged to $X in 2021. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 19% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Germany (X tons), the Netherlands (X tons) and Austria (X tons) were the main suppliers of cheese imports to Greece, together comprising 69% of total imports. These countries were followed by Denmark, Italy, Bulgaria, Romania, Cyprus, Belgium, Ireland, France and Poland, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for Cyprus (with a CAGR of +18.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Italy ($X) were the largest cheese suppliers to Greece, together comprising 64% of total imports. Denmark, Austria, Bulgaria, France, Romania, Cyprus, Ireland, Belgium and Poland lagged somewhat behind, together comprising a further 33%.

In terms of the main suppliers, Poland, with a CAGR of +17.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average cheese import price amounted to $X per ton, with an increase of 8.5% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 12%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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