Odoriferous substances for food and drink market in Greece

Earlier Report Observations

Between 2018 and 2024, the Greek market for odoriferous substances for food and drink experienced significant fluctuations in physical volume, peaking at over 6 000 tonnes in 2020 before receding to 4 660 tonnes by the end of the period. Domestic production, however, demonstrated consistent growth, more than doubling from 531 tonnes to 1 086 tonnes. Import volumes, a major component of market supply, also varied considerably, rising sharply until 2022 and then contracting.

The market's trajectory shifted notably in 2024, with volume dropping 21% year-on-year to 4 660 tonnes while its total value rose 9% to 190 million US dollars. This divergence coincided with the reinstatement of a 24% VAT rate on soft drinks, a change in taxation policy that increased costs for beverage producers and likely dampened demand for volume. Concurrently, the implementation of stricter food labeling rules and heightened regulatory focus on ingredient safety raised compliance standards, contributing to a shift toward higher-value odoriferous substances and supporting the market's monetary growth despite the physical contraction.

Production odoriferous substances for food and drink in Greece

In value, 2017-2020, K $ US

Greece's production of odoriferous substances for food and drink has grown for the third year in a row. In 2020, the output was valued at 5 129 thousand US dollars, showing a 5.5% increase compared to 2019. From 2017 to 2020, production rose by 14.6%, with an average annual growth rate of 4.7%.

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

In kind, 2017-2020, t

Greece's production of odoriferous substances for food and drink has increased for the second consecutive year. In 2020, the country produced 593.6 tonnes, which is 5.5% higher than in 2019. Over the period from 2017 to 2020, production grew by 10.4%, with an average annual growth rate of 3.3%. The lowest production level was recorded in 2018 at 531.0 tonnes, when output declined by 1.3%. In contrast, the largest increase occurred in 2019, with a 6.0% rise.

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

Exports odoriferous substances for food and drink from Greece

Exports in kind, t

After two years of growth, Greece's exports of odoriferous substances for food and drink declined in 2020. Export volumes fell to 346 tonnes, a 9.0% decrease compared to 2019. However, from 2017 to 2020, exports overall increased by 28.1%, with an average annual growth rate of 8.6%. The peak was reached in 2019 at 380 tonnes, following the largest annual increase of 34.0% in 2018.

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

From 2017 to 2020, Albania, Romania, and Serbia were the main markets for Greece's exports of odoriferous substances for food and drink in volume terms. Albania accounted for 29.3% of exports, Romania for 15.2%, and Serbia for 12.6%. Together, these three countries represented 57.1% 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, M $ US

Greece's exports of odoriferous substances for food and drink in value terms have risen for the third consecutive year. In 2020, exports reached 3.6 million US dollars, marking a 9.0% increase from 2019. Over the period from 2017 to 2020, export value grew by 24.8%, with an average annual growth rate of 7.7%.

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

From 2017 to 2020, the largest buyers of Greece's odoriferous substances for food and drink in value terms were Albania, Romania, and Poland. Albania accounted for 24.3% of exports, Romania for 16.4%, and Poland for 9.9%. Combined, these three countries made up 50.6% 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 odoriferous substances for food and drink to Greece

Imports in kind, t

Greece's imports of odoriferous substances for food and drink in volume terms have increased for the third year in a row. In 2020, imports surged to 5 789 tonnes, a 43.3% rise compared to 2019. From 2017 to 2020, import volumes grew by 75.9%, with an average annual growth rate of 20.7%.

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

From 2017 to 2020, Ireland, the Netherlands, and Germany were consistently the main sources for Greece's imports of odoriferous substances for food and drink in volume terms. Ireland accounted for 34.7% of imports, the Netherlands for 16.2%, and Germany for 12.0%. Together, these three countries represented 62.9% of total import 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, M $ US

After two years of growth, Greece's imports of odoriferous substances for food and drink in value terms declined in 2020. Imports dropped to 118.0 million US dollars, a 6.0% decrease from 2019. However, from 2017 to 2020, import value overall increased by 19.1%, with an average annual growth rate of 6.0%. The highest value was recorded in 2019 at 125.6 million US dollars, following the largest annual increase of 25.5% in 2018.

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

From 2017 to 2020, Ireland dominated Greece's imports of odoriferous substances for food and drink in value terms, accounting for 81.0% of total flows. Other sources contributed relatively small shares during this period.

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

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