Biodiesel market in Greece

Earlier Report Observations

The biodiesel market in Greece opened the 2018–2024 period at a value of 230.4 million USD, supported by an active EU and national policy framework that included blend specifications, mandatory labeling for high‑biofuel content fuels, and an annual quota allocation system for domestic biodiesel. Over the next two years, the market contracted, falling to 172.7 million USD by 2020, a period during which the EU’s Renewable Energy Directive set a binding 10% target for renewable energy in transport.

A clear policy shift occurred in 2021 with the entry into force of the EU’s RED II Directive, which confirmed support for biodiesel produced from waste oils and animal fats through 2030. This bolstered demand, helping lift the market to 202.1 million USD. The following year witnessed a dramatic expansion, with the market size soaring to 333.1 million USD in 2022.

After this peak, the market corrected to 243.9 million USD in 2023. That same year, the production landscape saw significant activity as the company Mil Oil invested 6 million euros to expand its biodiesel and biogas output. In 2024, the market stabilized at 245.6 million USD, supported by a broader 2.8% increase in total petroleum product consumption across Greece.

Production biodiesel in Greece

In value, 2017-2020, M $ US

After two years of growth, Greece's biodiesel production declined. In 2020, biodiesel output in Greece was valued at 180.2 million US dollars, marking a 7.5% contraction from the previous year. Over the period from 2017 to 2020, production increased by 8.1%, with a compound annual growth rate of 2.6%. The highest value was recorded in 2019 at 194.8 million US dollars, while the largest increase occurred in 2018 with a 10.8% rise.

Annual dynamics of production in Greece in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Following two years of improvement, Greece's biodiesel production volume declined. In 2020, Greece produced 157.3 thousand tonnes of biodiesel, reflecting a significant decrease of 13.7% compared to the previous year. From 2017 to 2020, production increased by 13.4%, with a compound annual growth rate of 4.3%. The peak volume was recorded in 2019 at 182.4 thousand tonnes, and the largest increase also occurred in 2019 with an 18.6% rise.

Annual dynamics of production in Greece in kind, 2017-2020, K t

Exports biodiesel from Greece

Exports in kind, t

Greece's biodiesel export volume increased for the third consecutive year. In 2020, Greece exported 22 766 tonnes of biodiesel, representing a 49.6% advance compared to the previous year. Over the period from 2017 to 2020, exports surged by 44 647.1%, with a compound annual growth rate of 664.9%.

Annual dynamics of product's exports from Greece in kind, 2017-2020, t

From 2017 to 2020, Cyprus, Belgium, and Bulgaria were the main markets for Greece's biodiesel exports in kind. Cyprus accounted for 40.3% of exports, Belgium for 32.5%, and Bulgaria for 15.3%. Together, these three countries represented 88.1% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, K $ US

Greece's biodiesel exports increased for the third year in a row. In 2020, Greece exported biodiesel worth 26 329 thousand US dollars, showing a steep advance of 45.3% from the year before. Between 2017 and 2020, exports grew by 44 462.8%, equating to an annualized rate of 663.8%.

Annual dynamics of product's exports from Greece in value, 2017-2020, K $ US

Between 2017 and 2020, Belgium, Cyprus, and Bulgaria were the primary destinations for Greece's biodiesel exports in value terms. Belgium accounted for 46.8% of exports, Cyprus for 28.3%, and Bulgaria for 13.4%. Collectively, these three markets made up 88.4% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports biodiesel to Greece

Imports in kind, t

The market displayed volatility during the observed period. Imports reached their lowest point in 2020 at 81 tonnes, which is 99.7% less than in 2019. The maximum volume was recorded in 2018 at 54 173 tonnes. From 2018 to 2020, the peak-to-trough amplitude was 666 times, with the largest increase occurring in 2018 at 22.8%.

Annual dynamics of product's imports to Greece in kind, 2017-2020, t

From 2017 to 2020, Romania and Bulgaria were the main suppliers of biodiesel to Greece in kind, together accounting for 93.2% of total imports. The remaining share was distributed among other countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, K $ US

The data indicates irregular changes, pointing to a volatile market environment. Imports hit a minimum in 2019 at 9 608 thousand US dollars and a maximum in 2018 at 48 193 thousand US dollars, showing a 5-fold fluctuation between these years. In 2020, foreign biodiesel supplies to Greece totaled 18 807 thousand US dollars, marking a sharp uptick of 95.7% over the previous year. The largest decline was recorded in 2019 at 80.1%.

Annual dynamics of product's imports to Greece in value, 2017-2020, K $ US

Over the period from 2017 to 2020, Bulgaria and Romania were the main sources for Greece's biodiesel imports in value terms, jointly taking 90.5% of total flows. The residual share was split among other markets.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020