Greece: Ethanol Market 2024

Ethanol Market Size in Greece

In 2022, the Greek ethanol market increased by 44% to $X, rising for the sixth consecutive year after four years of decline. Over the period under review, consumption posted a significant increase. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Ethanol Production in Greece

In value terms, ethanol production fell to $X in 2022 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +43.2% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2021, and then fell in the following year.

Ethanol Exports

Exports from Greece

Ethanol exports from Greece skyrocketed to X litres in 2022, with an increase of 46% against the year before. Over the period under review, exports showed resilient growth. The pace of growth was the most pronounced in 2020 when exports increased by 577% against the previous year. As a result, the exports attained the peak of X litres. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, ethanol exports skyrocketed to $X in 2022. In general, exports showed a resilient expansion. The pace of growth was the most pronounced in 2014 when exports increased by 670%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cyprus (X litres) was the main destination for ethanol exports from Greece, accounting for a 64% share of total exports. Moreover, ethanol exports to Cyprus exceeded the volume sent to the second major destination, Albania (X litres), twofold. The third position in this ranking was held by Germany (X litres), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to Cyprus totaled +61.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (+17.1% per year) and Germany (+17.4% per year).

In value terms, Cyprus ($X) remains the key foreign market for ethyl alcohol exports from Greece, comprising 53% of total exports. The second position in the ranking was taken by Albania ($X), with a 21% share of total exports. It was followed by Georgia, with a 20% share.

From 2012 to 2022, the average annual growth rate of value to Cyprus stood at +49.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (+30.7% per year) and Georgia (+2.9% per year).

Export Prices by Country

In 2022, the average ethanol export price amounted to $X per litre, increasing by 4.5% against the previous year. Overall, the export price enjoyed resilient growth. The pace of growth was the most pronounced in 2015 when the average export price increased by 123% against the previous year. Over the period under review, the average export prices hit record highs at $X per litre in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Georgia ($X per litre), while the average price for exports to Albania ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Albania (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Ethanol Imports

Imports into Greece

In 2022, supplies from abroad of ethyl alcohol increased by 51% to X litres, rising for the sixth year in a row after four years of decline. Overall, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 149% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, ethanol imports surged to $X in 2022. In general, imports showed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 255%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

The Netherlands (X litres), the United States (X litres) and Spain (X litres) were the main suppliers of ethanol imports to Greece, with a combined 75% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +165.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of ethyl alcohol to Greece, comprising 45% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by Spain, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +82.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+121.6% per year) and Spain (+92.1% per year).

Import Prices by Country

In 2022, the average ethanol import price amounted to $X per litre, with a decrease of -4.7% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethanol import price increased by +81.8% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 43%. Over the period under review, average import prices reached the maximum at $X per litre in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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