Greece: Sugars Market 2024

Sugars Market Size in Greece

The Greek sugars market expanded slightly to $X in 2021, growing by 1.6% 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). In general, consumption continues to indicate prominent growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Sugars Exports

Exports from Greece

In 2021, approx. X tons of sugars, sugar ethers and salts were exported from Greece; waning by -14.8% compared with the year before. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 1,655% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then dropped in the following year.

In value terms, sugars exports totaled $X in 2021. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 1,386% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

Cyprus (X tons) was the main destination for sugars exports from Greece, accounting for a 79% share of total exports. Moreover, sugars exports to Cyprus exceeded the volume sent to the second major destination, Italy (X tons), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cyprus amounted to +62.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-5.7% per year) and Romania (+49.0% per year).

In value terms, Cyprus ($X) remains the key foreign market for sugars, sugar ethers and salts exports from Greece, comprising 54% of total exports. The second position in the ranking was held by Italy ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cyprus totaled +56.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+2.0% per year) and Romania (+111.7% per year).

Export Prices by Country

The average sugars export price stood at $X per ton in 2021, rising by 26% against the previous year. Over the period under review, the export price, however, faced a deep slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 158%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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 Romania ($X per ton), while the average price for exports to Cyprus ($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 Romania (+42.0%), while the prices for the other major destinations experienced mixed trend patterns.

Sugars Imports

Imports into Greece

In 2021, purchases abroad of sugars, sugar ethers and salts was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports posted a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 200%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, sugars imports dropped to $X in 2021. In general, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of 140%. Imports peaked at $X in 2020, and then declined in the following year.

Imports by Country

Germany (X tons), Canada (X tons) and France (X tons) were the main suppliers of sugars imports to Greece, with a combined 71% share of total imports. These countries were followed by the Netherlands, Belgium, Thailand, the Czech Republic and Italy, which together accounted for a further 23%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +136.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Germany ($X) and the Netherlands ($X) constituted the largest sugars suppliers to Greece, with a combined 59% share of total imports. These countries were followed by France, Belgium, the Czech Republic, Thailand and Italy, which together accounted for a further 19%.

In terms of the main suppliers, Thailand, with a CAGR of +158.1%, saw 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

In 2021, the average sugars import price amounted to $X per ton, which is down by -18.2% against the previous year. In general, the import price continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2020 an increase of 28% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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