Greece: Chocolate Market 2024

Chocolate Market Size in Greece

After three years of decline, the Greek chocolate market increased by 27% to $X in 2022. In general, consumption, however, saw a relatively flat trend pattern. Chocolate consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Chocolate Production in Greece

In value terms, chocolate production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Greece

In 2022, shipments abroad of chocolate and cocoa products decreased by -13.5% to X tons, falling for the second year in a row after six years of growth. In general, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.0% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 39%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports reduced modestly to $X in 2022. Over the period under review, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +90.3% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 17%. As a result, the exports attained the peak of $X, and then contracted modestly in the following year.

Exports by Country

Cyprus (X tons), the UK (X tons) and Albania (X tons) were the main destinations of chocolate exports from Greece, together accounting for 31% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +45.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Greece were Cyprus ($X), Germany ($X) and Albania ($X), with a combined 37% share of total exports.

Among the main countries of destination, Germany, with a CAGR of +35.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, with an increase of 9.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2021 an increase of 25%. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Greece

Chocolate imports into Greece rose modestly to X tons in 2022, increasing by 3% on the previous year's figure. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 9.3%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, chocolate imports shrank to $X in 2022. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 18% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), Italy (X tons) and Belgium (X tons) were the main suppliers of chocolate imports to Greece, with a combined 53% share of total imports. The Netherlands, Bulgaria, Spain, Serbia, Poland, Austria, Hungary, France, Romania and the UK lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Serbia (with a CAGR of +55.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Italy ($X) and Belgium ($X) constituted the largest chocolate suppliers to Greece, together accounting for 55% of total imports. The Netherlands, Bulgaria, Poland, Spain, France, Serbia, Austria, Romania, Hungary and the UK lagged somewhat behind, together comprising a further 41%.

Serbia, with a CAGR of +44.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, shrinking by -4.4% against the previous year. Over the period under review, the import price continues to indicate a mild reduction. The growth pace was the most rapid in 2021 when the average import price increased by 8%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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