Frozen beef market in Greece

Earlier Report Observations

The Greek frozen beef market has historically relied on imports of live calves for fattening and slaughter, as domestic production covers only part of consumption. This structural context was evident in 2018 when the market volume reached 13.3 thousand tons. A sharp contraction followed in 2020, with volume dropping to 10.3 thousand tons, driven primarily by the COVID-19 sanitary crisis which severely reduced demand, especially in the HoReCa professional channel.

Market volume rebounded strongly after the pandemic, surpassing pre-COVID levels to reach 14.1 thousand tons in 2022. This recovery was fueled by the reopening of foodservice and restored consumer activity. Concurrently, the energy crisis that began in 2022 significantly increased production costs, while strong inelastic demand and reduced domestic output created upward price pressure, leading to price hikes of up to 30% over 2022-2023.

In 2023, volume stabilized at 14.3 thousand tons while market value continued to climb amid a 'perfect storm' of rising production and supply chain costs. By 2024, the market expanded further to 16.1 thousand tons, indicating sustained consumption growth even within a high-cost inflationary environment.

Production frozen beef in Greece

In value, 2017-2020, K $ US

The data shows irregular fluctuations, pointing to a volatile market environment. The highest {context} {volume} was achieved in 2019, while the lowest was in 2017, representing a peak-to-trough ratio of 8.3 times. In 2020, frozen beef output in Greece was valued at 2 922 K $ US, marking a 4.0% decrease from the previous year. The maximum value was recorded in 2019 at 3 045 K $ US. The largest increase occurred in 2018, with a growth of 467.5%.

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

In kind, 2017-2020, t

The market exhibited volatility throughout the observed period. {context_3} reached their peak in 2019 and dropped to their lowest point in 2017, showing an amplitude of 11.8 times. In 2020, Greece produced 1 047 t of frozen beef, reflecting a 1.5% contraction compared to the prior year. The maximum value was recorded in 2019 at 1 063 t. The largest increase was in 2018, with a rise of 428.9%.

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

Exports frozen beef from Greece

Exports in kind, t

Following a two-year decline, Greece's frozen beef export volume increased. In 2020, Greece exported 295 t of frozen beef, representing a significant improvement of 25.0% compared to 2019. Over the period from 2017 to 2020, exports decreased by 3.4%, with a compound annual growth rate (CAGR) of 1.1%. The minimum value was recorded in 2019 at 236 t. The largest decline occurred in 2019, with a drop of 13.6%.

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

From 2017 to 2020, Cyprus (31.2% of exports in kind), Bulgaria (10.3% of exports in kind), and Turkey (9.4% of exports in kind) remained the top buyers of frozen beef from Greece, collectively accounting for 51.0% of total exports in kind.

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

After a two-year contraction, frozen beef deliveries from Greece increased. In 2020, the export volume amounted to 1 281 K $ US, showing an improvement of 14.8% from the previous year. Over the period from 2017 to 2020, exports decreased by 23.9%, with a compound annual growth rate (CAGR) of 8.7%. The minimum value was recorded in 2019 at 1 115 K $ US. The largest decline occurred in 2019, with a decrease of 19.5%.

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

Throughout 2017 to 2020, Cyprus (35.8% of exports in value terms), Turkey (9.0% of exports in value terms), and Panama (8.4% of exports in value terms) played leading roles in the value-based exports of frozen beef from Greece, jointly representing 53.2% of total flows.

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

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

Imports frozen beef to Greece

Imports in kind, t

In 2020, foreign frozen beef supplies to Greece amounted to 9 557 t, down by 28.0% year-over-year. Over the period from 2017 to 2020, imports decreased by 29.3%, with a compound annual growth rate (CAGR) of 10.9%. The largest increase was recorded in 2019, with a growth of 1.6%.

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

From 2017 to 2020, Italy (28.0% of imports in kind), Poland (15.2% of imports in kind), and the Netherlands (10.1% of imports in kind) remained the leading sources in the country structure of imports in kind, with a combined share of 53.3% of total flows.

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

Frozen beef imports to Greece declined for the second consecutive year. In 2020, Greece imported 37 348 K $ US of frozen beef, down by 27.0% year-over-year. Over the period from 2017 to 2020, imports decreased by 31.1%, with a compound annual growth rate (CAGR) of 11.7%. The maximum value was recorded in 2018 at 58 230 K $ US. The largest increase occurred in 2018, with a rise of 7.4%.

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

From 2017 to 2020, Italy (25.4% of imports in value terms), Poland (15.9% of imports in value terms), and the Netherlands (13.6% of imports in value terms) made the biggest contribution to imports in value terms, jointly accounting for 54.9% of total flows.

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

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