Greece: Honey Market 2024

Honey Market Size in Greece

In 2022, after three years of decline, there was significant growth in the Greek honey market, when its value increased by 6.5% to $X. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Honey Production in Greece

In value terms, honey production stood at $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 32% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Honey Exports

Exports from Greece

For the third year in a row, Greece recorded growth in overseas shipments of honey, which increased by 5.2% to X tons in 2022. Overall, exports posted strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 103% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, honey exports expanded modestly to $X in 2022. Over the period under review, exports showed a strong increase. The growth pace was the most rapid in 2017 with an increase of 72% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Germany (X tons), Italy (X tons) and France (X tons) were the main destinations of honey exports from Greece, with a combined 43% share of total exports. Bulgaria, Cyprus, the United States, Belgium, Spain, Canada, Romania, the UK, Austria and Israel lagged somewhat behind, together comprising a further 46%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +93.2%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for honey exports from Greece, comprising 25% of total exports. The second position in the ranking was held by France ($X), with an 11% share of total exports. It was followed by Italy, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany amounted to +7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+20.1% per year) and Italy (+29.3% per year).

Export Prices by Country

In 2022, the average honey export price amounted to $X per ton, approximately equating the previous year. Overall, the export price recorded a noticeable decline. The growth pace was the most rapid in 2016 an increase of 10% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Spain ($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 the UK (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Honey Imports

Imports into Greece

After two years of decline, purchases abroad of honey increased by 24% to X tons in 2022. In general, imports enjoyed a strong increase. The growth pace was the most rapid in 2017 when imports increased by 106%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, honey imports soared to $X in 2022. Overall, imports showed a remarkable increase. The pace of growth was the most pronounced in 2017 with an increase of 102%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Bulgaria (X tons) constituted the largest honey supplier to Greece, with a 53% share of total imports. Moreover, honey imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. China (X tons) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bulgaria amounted to +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+101.9% per year) and China (+96.7% per year).

In value terms, Bulgaria ($X), Poland ($X) and Spain ($X) constituted the largest honey suppliers to Greece, with a combined 73% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of +98.4%, recorded 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

The average honey import price stood at $X per ton in 2022, picking up by 2.5% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible descent. The growth pace was the most rapid in 2021 when the average import price increased by 20%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for China ($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 (+1.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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