Ice cream market in Greece

Earlier Report Observations

The ice cream market in Greece experienced a contraction in physical volume from 41.9 thousand tonnes in 2018 to 34.9 thousand tonnes in 2020. This decline was partly linked to the 2017 closure of Nestlé's ice cream plant, which reduced domestic production capacity. The COVID-19 pandemic in 2020 further impacted the market, as lockdowns shifted consumer behavior towards multipack and family-sized ice cream for home consumption, affecting overall volume.

Post-2020, the market dynamics were reshaped by the re-entry of major players and significant investments. In 2022, Delta re-entered the ice cream market after a 17-year absence through the acquisition of Cold Sin, while Pagota Dodoni reactivated and expanded its presence in small retail and supermarkets. Concurrently, soaring raw material prices for milk and chocolate led to substantial price increases for ice cream, influencing the market's value. Consumer preferences continued to shift towards healthier, functional ice creams with natural ingredients and Greek traditional flavors, driving product innovation.

Regulatory developments, such as the 2018 decision permitting the use of vegetable fats in ice cream and the mandatory origin labeling for milk, altered production standards. The market remained highly competitive, characterized by the strong presence of multinationals like Unilever and the growing share of local companies, with private label products maintaining a significant market position above 30%.

Production ice cream in Greece

In value, 2017-2020, M $ US

Greece's ice cream production declined for the second consecutive year. In 2020, output was valued at 115.1 million US dollars, marking a limited decrease of 9.0% compared to the previous year. Between 2017 and 2020, production decreased by 5.6%, which equates to an annualized rate of 1.9%. The maximum value was recorded in 2018 at 132.6 million US dollars, with the largest increase that year of 8.7%.

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

In kind, 2017-2020, t

Greece was among the world's leading producers of ice cream from 2017 to 2020, ranking 19th globally by production volume.

Top producers of ice cream, 2017-2020

World map of production of ice cream, 2017-2020

Greece's ice cream production declined for the second consecutive year. In 2020, 24 407 tonnes of ice cream were produced, representing a substantial decrease of 11.0% year-over-year. Over the period from 2017 to 2020, production decreased by 11.2%, with a compound annual growth rate of 3.9%. The maximum volume was recorded in 2018 at 29 798 tonnes, with the largest increase that year of 8.4%.

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

Exports ice cream from Greece

Exports in kind, t

Ice cream exports from Greece declined for the third consecutive year. In 2020, exports reached 6 674 tonnes, indicating a robust loss of 16.6% compared to 2019. Between 2017 and 2020, exports decreased by 28.1%, equating to an annualized rate of 10.4%.

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

The analysis of exports in kind from 2017 to 2020 shows a broad distribution across many markets. Cyprus accounted for 20.8% of exports in kind, the United Kingdom for 17.8%, and Germany for 10.5%, together making up 49.1% of total flows, with the remaining 50.9% going to other partners.

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 ice cream export volume declined for the third consecutive year. In 2020, exports amounted to 26 260 thousand US dollars, equivalent to a robust decline of 11.8% versus the previous year. Between 2017 and 2020, exports decreased by 31.1%, equating to an annualized rate of 11.7%.

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

Throughout 2017 to 2020, Cyprus, with 21.3% of exports in value terms, the United Kingdom with 21.0%, and Italy with 10.5%, remained the key destinations for exports in value terms, together accounting for 52.7% 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 ice cream to Greece

Imports in kind, t

After a two-year improvement, imported ice cream volumes to Greece declined. In 2020, imports totaled 17 202 tonnes, indicating a significant fall of 16.7% compared with 2019. Between 2017 and 2020, imports increased by 11.3%, equating to an annualized rate of 3.6%. The maximum volume was recorded in 2019 at 20 640 tonnes, with the largest increase in 2018 of 31.6%.

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

From 2017 to 2020, Germany, with 25.3% of imports in kind, Serbia with 21.0%, and Belgium with 14.6%, formed the main group of sources for ice cream imports to Greece, with a combined share of 60.9% 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

Greece's volume of ice cream imports increased for the third consecutive year. In 2020, imports amounted to 61 039 thousand US dollars, indicating a limited rise of 6.4% compared to the previous year. Over the period from 2017 to 2020, imports increased by 58%, with a compound annual growth rate of 16.5%.

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

Throughout 2017 to 2020, Germany, with 23.2% of imports in value terms, Serbia with 18.1%, and Italy with 12.7%, formed the key group of partners for ice cream imports to Greece in value terms, jointly representing 54.0% 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