Greece: Market for Protein Concentrates and Flavoured or Coloured Sugar Syrups 2024

Market Size for Protein Concentrates and Flavoured or Coloured Sugar Syrups in Greece

In 2021, the Greek market for protein concentrates and flavoured or coloured sugar syrups increased by 6% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Production of Protein Concentrates and Flavoured or Coloured Sugar Syrups in Greece

In value terms, production of protein concentrates and flavoured or coloured sugar syrups soared to $X in 2021 estimated in export price. In general, production enjoyed a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 43% against the previous year. Production of peaked in 2021 and is expected to retain growth in the near future.

Exports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Exports from Greece

After nine years of growth, overseas shipments of protein concentrates and flavoured or coloured sugar syrups decreased by -11.2% to X tons in 2021. Over the period under review, exports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2014 when exports increased by 72%. Over the period under review, the exports of attained the peak figure at X tons in 2020, and then declined in the following year.

In value terms, exports of protein concentrates and flavoured or coloured sugar syrups dropped to $X in 2021. In general, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 92%. The exports peaked at $X in 2020, and then shrank in the following year.

Exports by Country

Cyprus (X tons) was the main destination for exports of protein concentrates and flavoured or coloured sugar syrups from Greece, with a 46% share of total exports. Moreover, exports of protein concentrates and flavoured or coloured sugar syrups to Cyprus exceeded the volume sent to the second major destination, Romania (X tons), fourfold. Albania (X tons) ranked third in terms of total exports with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cyprus amounted to +23.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+24.9% per year) and Albania (+12.5% per year).

In value terms, Cyprus ($X) remains the key foreign market for protein concentrates and flavoured or coloured sugar syrups exports from Greece, comprising 54% of total exports. The second position in the ranking was held by Romania ($X), with a 14% share of total exports. It was followed by Albania, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value to Cyprus stood at +24.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+28.5% per year) and Albania (+20.2% per year).

Export Prices by Country

In 2021, the average export price for protein concentrates and flavoured or coloured sugar syrups amounted to $X per ton, leveling off at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2019 an increase of 12% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Imports into Greece

Imports of protein concentrates and flavoured or coloured sugar syrups into Greece declined dramatically to X tons in 2021, falling by -41.4% compared with 2020. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 82% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, imports of protein concentrates and flavoured or coloured sugar syrups totaled $X in 2021. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when imports increased by 37%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of protein concentrate and flavoured or coloured sugar syrup to Greece, accounting for a 32% share of total imports. Moreover, imports of protein concentrates and flavoured or coloured sugar syrups from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Germany totaled +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+23.7% per year) and the Netherlands (+15.2% per year).

In value terms, Germany ($X), the Netherlands ($X) and Italy ($X) appeared to be the largest protein concentrate and flavoured or coloured sugar syrup suppliers to Greece, together accounting for 55% of total imports. These countries were followed by Bulgaria, Spain, Belgium, the United States, Serbia, Romania and Denmark, which together accounted for a further 22%.

In terms of the main suppliers, Spain, with a CAGR of +31.4%, recorded the highest rates of growth with regard to 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 import price for protein concentrates and flavoured or coloured sugar syrups stood at $X per ton in 2021, rising by 83% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Romania ($X per ton), while the price for Serbia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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