Greece: Wine Market 2024

Wine Market Size in Greece

In 2021, the Greek wine market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value increased by 9.5%. Wine consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Wine Production in Greece

In value terms, wine production expanded remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 33% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Wine Exports

Exports from Greece

In 2021, overseas shipments of wine were finally on the rise to reach X litres for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a slight descent. The growth pace was the most rapid in 2016 when exports increased by 9.2% against the previous year. The exports peaked at X litres in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, wine exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X litres) was the main destination for wine exports from Greece, with a 47% share of total exports. Moreover, wine exports to Germany exceeded the volume sent to the second major destination, the United States (X litres), fivefold. The third position in this ranking was taken by Cyprus (X litres), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.6% per year) and Cyprus (+4.4% per year).

In value terms, Germany ($X), the United States ($X) and Canada ($X) were the largest markets for wine exported from Greece worldwide, together accounting for 60% of total exports. These countries were followed by Cyprus, the UK, the Netherlands, Belgium, Russia, France, Austria and Poland, which together accounted for a further 26%.

Russia, with a CAGR of +9.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wine export price stood at $X per litre in 2021, with an increase of 21% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per litre), while the average price for exports to France ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Greece

Wine imports into Greece skyrocketed to X litres in 2021, increasing by 61% against the previous year's figure. Overall, imports, however, saw a relatively flat trend pattern. Imports peaked at X litres in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, wine imports skyrocketed to $X in 2021. In general, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Italy (X litres), Spain (X litres) and France (X litres) were the main suppliers of wine imports to Greece, together accounting for 82% of total imports. These countries were followed by Germany, North Macedonia, Cyprus and Bulgaria, which together accounted for a further 14%.

From 2012 to 2021, the biggest increases were recorded for Cyprus (with a CAGR of +66.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Italy ($X) and Spain ($X) were the largest wine suppliers to Greece, together comprising 85% of total imports. These countries were followed by Germany, Cyprus, North Macedonia and Bulgaria, which together accounted for a further 6.4%.

Cyprus, with a CAGR of +58.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 wine import price amounted to $X per litre, with an increase of 23% against the previous year. In general, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wine import price increased by +39.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 an increase of 48%. The import price peaked in 2021 and is likely to see steady growth in years to come.

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 France ($X per litre), while the price for North Macedonia ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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