Greece: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Greece

After three years of growth, the Greek waffle and wafer market decreased by -12.1% to $X in 2021. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Waffle And Wafer Production in Greece

In value terms, waffle and wafer production dropped to $X in 2021 estimated in export price. Overall, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +77.7% against 2017 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 44% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then declined in the following year.

Waffle And Wafer Exports

Exports from Greece

For the tenth consecutive year, Greece recorded growth in overseas shipments of waffles and wafers, which increased by 19% to X tons in 2021. In general, exports saw a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 33% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, waffle and wafer exports soared to $X in 2021. Over the period under review, exports recorded a strong expansion. The pace of growth appeared the most rapid in 2016 with an increase of 29%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons) was the main destination for waffle and wafer exports from Greece, accounting for a 19% share of total exports. Moreover, waffle and wafer exports to the United States exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+10.6% per year) and the Netherlands (+23.0% per year).

In value terms, the United States ($X), Saudi Arabia ($X) and Cyprus ($X) appeared to be the largest markets for waffle and wafer exported from Greece worldwide, with a combined 37% share of total exports. Bulgaria, the UK, Germany, France, the Netherlands, Italy, the United Arab Emirates, Israel, Belgium and Denmark lagged somewhat behind, together accounting for a further 38%.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +69.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average waffle and wafer export price stood at $X per ton in 2021, surging by 7.4% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the Netherlands ($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 the United Arab Emirates (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Greece

For the fourth consecutive year, Greece recorded growth in overseas purchases of waffles and wafers, which increased by 1.5% to X tons in 2021. The total import volume increased at an average annual rate of +3.7% 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 was the most pronounced in 2016 with an increase of 15% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the near future.

In value terms, waffle and wafer imports expanded markedly to $X in 2021. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +73.4% against 2015 indices. The growth pace was the most rapid in 2018 with an increase of 17% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

Italy (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of waffle and wafer imports to Greece, together accounting for 62% of total imports. These countries were followed by Bulgaria, Romania, Austria, the Netherlands and Spain, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +17.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Poland ($X) and Germany ($X) were the largest waffle and wafer suppliers to Greece, with a combined 68% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of +16.1%, saw 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 waffle and wafer import price stood at $X per ton in 2021, surging by 8.7% against the previous year. In general, the import price, however, showed a mild downturn. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 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, the country with the highest price was Italy ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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