Greece: Saccharin Market 2024

Saccharin Market Size in Greece

The Greek saccharin market dropped sharply to $X in 2021, declining by -31.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, posted prominent growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Saccharin Exports

Exports from Greece

In 2021, overseas shipments of saccharin and its salts increased by 190% to X tons, rising for the second consecutive year after two years of decline. In general, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 476% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, saccharin exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2017 with an increase of 490%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Cyprus (X tons) was the main destination for saccharin exports from Greece, accounting for a 92% share of total exports. Moreover, saccharin exports to Cyprus exceeded the volume sent to the second major destination, Moldova (X kg), more than tenfold. Albania (X kg) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume to Cyprus stood at +11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (+129.0% per year) and Albania (+4.3% per year).

In value terms, Cyprus ($X) emerged as the key foreign market for saccharin and its salts exports from Greece, comprising 85% of total exports. The second position in the ranking was taken by Moldova ($X), with a 12% share of total exports. It was followed by Albania, with a 2.4% share.

From 2012 to 2021, the average annual growth rate of value to Cyprus totaled +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (+133.5% per year) and Albania (+63.0% per year).

Export Prices by Country

In 2021, the average saccharin export price amounted to $X per ton, increasing by 96% against the previous year. In general, the export price showed a resilient expansion. The growth pace was the most rapid in 2016 when the average export price increased by 183% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Moldova ($X per ton), while the average price for exports to Bulgaria ($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 Albania (+56.3%), while the prices for the other major destinations experienced more modest paces of growth.

Saccharin Imports

Imports into Greece

Saccharin imports into Greece shrank notably to X tons in 2021, with a decrease of -19.9% compared with the previous year. Over the period under review, imports, however, showed a strong expansion. The pace of growth was the most pronounced in 2017 when imports increased by 218% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, saccharin imports declined dramatically to $X in 2021. Overall, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 140% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Germany (X tons), South Korea (X tons) and Bulgaria (X tons) were the main suppliers of saccharin imports to Greece, together accounting for 64% of total imports.

From 2012 to 2021, the biggest increases were recorded for Bulgaria (with a CAGR of +29.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest saccharin suppliers to Greece were South Korea ($X), Germany ($X) and Spain ($X), together accounting for 67% of total imports. Bulgaria, Italy, China and the Netherlands lagged somewhat behind, together accounting for a further 32%.

In terms of the main suppliers, Bulgaria, with a CAGR of +64.6%, 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

In 2021, the average saccharin import price amounted to $X per ton, reducing by -12.1% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 21% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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 Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bulgaria (+27.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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