Spreads in Greece

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Market statistics: Excel workbook (download a sample)

Overview

Discover the latest market trends and uncover sources of future market growth for the Spreads industry in Greece with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Spreads industry in Greece, our research will save you time and money while empowering you to make informed, profitable decisions.

The Spreads in Greece market research report includes:

• Analysis of key supply-side and demand trends
• Detailed segmentation of international and local products
• Historic volumes and values, company and brand market shares
• Five year forecasts of market trends and market growth
• Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

• What is the market size of Spreads in Greece?
• What are the major brands in Greece?
• How are manufacturers leveraging health and wellness trends like reduced sugar or organic sourcing?

Why buy this report?

• Gain competitive intelligence about market leaders
• Track key industry trends, opportunities and threats
• Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our Packaged Food market research database.

Sample Analysis

TRENDS

• Spreads is a mature area with limited fluctuations in volume and value sales. However, the severe economic downturn had an adverse impact on the area in 2010 with regard to both volume and value sales as consumers reduced consumption and manufacturers avoided price increases in order to retain sales and compete with increasingly popular private label products (especially within jams and preserves).

COMPETITIVE LANDSCAPE

• Bee Culturing led sales in 2009, recording a retail value share of 22%. The company offers a wide range of local and natural products and its Attiki flagship brand leads sales within Honey. In addition, the company has an extensive distribution network, is the only honey manufacturer that invests in TV advertising, and also offers innovative products that cater towards different tastes such as Meli Elatis and Thyme Nisson.

PROSPECTS

• Spreads will continue to suffer from the impact of the economic downturn over the coming years. However, given the basic and traditional status of products like honey, the area is set to recover after a short period of declining sales.

Trends

• Many retailing packaged food categories compete directly with consumer foodservice as consumers normally linger between the cheap and quick-to-prepare foods and meals from supermarkets, or the advantage and entertainment of restaurants and home-delivery services. The fact that consumer foodservice is perceived as too expensive as an option during such harsh economic conditions is key in holding consumers back from restaurants, especially when there is growing variety and quality in ready meals. In general, though, the fact that foodservice operations are being hit by the recession does directly lead to cut-downs on many foodservice volumes. As an exception, there are actually categories that benefit from such crisis, such as pasta, which benefits from the demand for cheaper yet quality food options in consumer foodservice establishments and hotels.

Competitive Landscape

• Creta Farm is one of the most prominent companies, with a presence in chilled and frozen meat products. The company is the main supplier of leading burger fast food chain Goodys, as well as of bakery fast food operator, Gregory’s Microgevmata.

Prospects

• Following the overall forecast performance of consumer foodservice, sales of packaged food to foodservice are expected to see a long, slow recovery in Greece. 2011 is expected to be generally as gloomy as 2010, in particular, while from 2012 onwards only marginal recovery is anticipated. Changes in the lives of Greek consumers are vast and immeasurable as incomes and pensions are shrinking, unemployment flourishes and the future is uncertain. Consumer behaviour is therefore changing substantially, and this is affecting consumer foodservice not only in terms of sales but also in measures of demand and product trends.

Trends

• Unlike other product types, where price became a key driver for consumers’ decisions, this factor was not as dominant within impulse and indulgence products, where indulgence remains the key trend. Numerous products were launched in 2009 and 2010, most focusing on new flavours, new packaging, premium ranges, etc, rather than bombarding the market with economy solutions. This indicates that when it comes to snacks Greek consumers remain pleasure oriented rather than price.

Competitive Landscape

• Given the prevalent position that artisanal pastries have in the country, artisanal products led sales with almost 45% of total category value in 2009. Vivartia followed with 5%, up almost one percentage point compared with 2008. The company’s increase in share is attributed primarily to the successful performance of 7 Days Deli Greek, which was one of the most triumphant launches of 2009.

Prospects

• The collapse of the Greek economy, as announced by the government in spring 2010, will represent the key factor impacting performance over the forecast period. Pessimism is widespread in the country and manufacturers are expecting to face a significant decline in sales in coming years. Although the Greek mentality regarding food products, which favours high quality goods and generous spending, managed to prevent high losses in the days of the global recession, recent developments are expected to have a visible effect on all categories, with non-essential items being more severely affected, given the declines in consumers’ disposable incomes.

Trends

• The price war initiated by Vivartia in April 2009, which reduced the price of its fresh/pasteurised milk by 25%, causing other manufacturers to make similar decreases, was the key development for 2009, leading to an intense price war throughout dairy products, especially in milk and yoghurt. A similar approach was employed in order to sustain volume sales of breakfast cereals, which in Greece do not have commodity status, and therefore consumers were willing to skip purchasing as their food budget declined. 2010 saw harsher price wars and numerous offers as manufacturers focused on volume, and maintaining their overall share rather than adding value.

Competitive Landscape

• Artisanal products continue to drive sales of nutrition/staples with a 22% value share in 2009, attributed mostly to sales of artisanal bakery products. Vivartia is the most significant individual player, holding over 9% given its strong brand names Delta and 7 Days. Artisanal products also registered the highest increase in share, gaining one percentage point compared with 2008. The successful performance is due to lower prices, perception of freshness and the back-to-roots trend, given that artisanal products have a more ‘traditional’ positioning.

Prospects

• As the 2010 crash of the Greek economy will further hit consumers’ already strained disposable incomes – as well as confidence and willingness to spend – economy products are expected to become increasingly important in nutrition/staples. This trend will be further boosted by the emphasis that large supermarkets/hypermarkets as well as discounters put on expanding their private label lines, as well as on increasing the range of economy brands on shelves.

Trends

• In view of the recession in Greece consumers are cutting down spending in consumer foodservice establishments such as restaurants and fast food outlets. Meal solutions therefore come as the immediate replacements of foodservice options, offering convenience at a better price. Greek consumers remain sceptical concerning the healthiness of such products, which are usually considered to be of lower quality than food cooked from scratch, or even from restaurant food. However, for many people, meal solutions such as ready meals are seen as a substitute.

Competitive Landscape

• Ifantis SA is the fastest developing company in chilled processed food, and thus recorded fast growth in meal solutions in 2009. Its value share surpassed 24% in chilled processed meat products. The company’s Ifantis brand based its success during 2009 on being strongly advertised and heavily promoted, as well as among the most recognised packaged food brands.

Prospects

• The outlook for chilled processed food over the forecast period is rather positive, as demand is expected to continue increasing rapidly. As the pace of everyday life in Greece continues to accelerate the convenience offered by meal solutions such as ready meals or soup is likely to become increasingly attractive to many urban consumers. Due to the quick preparation time for such products, good potential exists among single-person households as well as the student population. Coupled with this, the fact that meal solutions represent a rather low-budget category comes as an added appeal, particularly when seen as an alternative to foodservice establishments.

For each category and subcategory you will receive the following data in Excel format:

From Passport

• Market Size
• Market Share
• Brand share
• Distribution
• Analysis by flavour
• Pricing
• Products by Ingredient
• Products by Ingredient Actuals

Market size details:

• Retail Volume
• Retail Volume % growth
• Retail Volume per capita
• Foodservice Volume
• Foodservice Volume % growth
• Foodservice Volume per capita
• Total Volume
• Total Volume % growth
• Total Volume per capita
• Retail Value retail selling price % growth
• Retail Value retail selling price local currency, USD, EUR, GBP, CHF, JPY
• Retail Value retail selling price per capita local currency, USD, EUR, GBP, CHF, JPY
• Retail Value retail selling price real (constant 2008) Prices % growth
• Retail Value retail selling price real (constant 2008) Prices local currency, USD, EUR, GBP, CHF, JPY
• Retail Value retail selling price real (constant 2008) Prices per capita local currency, USD, EUR, GBP, CHF, JPY
• Retail Value manufacturer selling price % growth
• Retail Value manufacturer selling price local currency, USD, EUR, GBP, CHF, JPY
• Retail Value manufacturer selling price per capita local currency, USD, EUR, GBP, CHF, JPY
• Retail Value manufacturer selling price real (constant 2008) Prices % growth
• Retail Value manufacturer selling price real (constant 2008) Prices local currency, USD, EUR, GBP, CHF, JPY
• Retail Value manufacturer selling price real (constant 2008) Prices per capita local currency, USD, EUR, GBP, CHF, JPY
• Retail Volume (Tonnes)
• Retail Volume (Tonnes) % growth
• Retail Volume (Tonnes) per capita
• Foodservice Volume (Tonnes)
• Foodservice Volume (Tonnes) % growth
• Foodservice Volume (Tonnes) per capita
• Total Volume (Tonnes)
• Total Volume (Tonnes) % growth
• Total Volume (Tonnes) per capita
• Retail Value retail selling price Nominal (Current) Prices % growth
• Retail Value retail selling price Nominal (Current) Prices local currency, USD, EUR, GBP, CHF, JPY
• Retail Value retail selling price Nominal (Current) Prices per capita local currency, USD, EUR, GBP, CHF, JPY
• Retail Value manufacturer selling price Nominal (Current) Prices % growth
• Retail Value manufacturer selling price Nominal (Current) Prices local currency, USD, EUR, GBP, CHF, JPY
• Retail Value manufacturer selling price Nominal (Current) Prices per capita local currency, USD, EUR, GBP, CHF, JPY

Global insight and local knowledge

With 40 years’ experience of developed and emerging markets, Euromonitor International’s research method is built on a unique combination of specialist industry knowledge and in-country research expertise.

This approach is what enables us to achieve our goal of building a market consensus view of size, shape and trends across the full distribution universe of each category. We factor in whichever channels are relevant, from large-scale grocery to direct sellers, from discount stores to local mom-and-pop outlets.

Industry specialists

Each industry we cover is managed by an Industry Manager and team of Industry Analysts who research and report on their specialist categories all year round.

Our collaborative approach to research means that these industry teams are in constant dialogue with industry players and opinion formers. The planning of our research programmes reflects latest market trends and industry events. In completing each update project, this provides invaluable input to the testing, review and finalisation of our data.

The specialist in-house teams bring together findings from all stages of the annual research process. They work closely with in-country analysts, assess and challenge data and exercise final editorial control over the publication of new data and analysis.

Country and regional analysts

Our in-country analyst network is managed by country and regional analysts in our offices around the world. Working closely with each in-country team, the regional research management team ensures that all country researchers are well schooled in best practices, from the information collected in store checks, to the dialogue we build in trade surveys. Our country analysts ensure that national reports explain the data trends and provide clear insights into the local market’s dynamics.

In-country research network

To deliver fresh insights every year in countries all around the world, we believe the strongest approach is to use analysts on the ground. They bring fluency in local language, physical proximity to the best sources, an ability to engage directly with local industry contacts, and an awareness of how the products and services we study are advertised, sold and consumed. These are essential parts of our ability to report incisively on these markets.

Our research methods

Each Euromonitor International industry report is based on a core set of research techniques:

Desk research

With industry events, corporate activity, trends and new product introductions tracked year round by our industry team, desk research provides a starting point for the in-country research programme. Our in-country researchers will access the following sources:

• National statistics offices governmental and official sources
• National and international trade press
• National and international trade associations
• Industry study groups and other semi-official sources
• Company financials and annual reports
• Broker reports
• Online databases
• The financial, business and mainstream press

Accessing sources is only the first step. The ability to interpret and reconcile often conflicting information across multiple sources is a key aspect of the added value we provide.

Store checks

Store checks are an integral part of our methods for product industries. Carried out on the ground across a relevant mix of channels, the information gained provides first-hand insights into the products we are researching, specifically:

• Place: We track products in all relevant channels, selective and mass, store and non-store
• Product: What are innovations in products, pack sizes and formats?
• Price: What are brand price variations across channels, how do private label’s prices compare to those of branded goods?
• Promotion: What are marketing and merchandising trends, offers, discounts and tie-ins?

Findings are cross-referenced with brand share data analysis. The results, combined with the findings of desk research, provide a strong basis for identifying key areas of questioning to take forward into our trade survey.

Trade survey

Interaction with global players at corporate HQ and regional levels is complemented by unique local data and insights from our in-country trade surveys around the world. Through the high profile of the Euromonitor International brand, we are able to talk directly to a wide range of sources and therefore inform our analysis with the knowledge and opinions of the leading operators in the market.

Trade surveys allow us to:

• Fill gaps in available published data per company
• Generate a consensus view of the size, structure and strategic direction of the category
• Access year-in-progress data where published sources are out of date
• Evaluate the experts’ views on current trends and market developments

In building our composite industry view, we engage with a variety of personnel in key players at all points of the supply chain: materials suppliers, manufacturers, distributors, retailers and service operators. We also interview desk research sources: industry associations; study groups; and third party observers from the trade and financial press.

Our objective is to engage in conversation with trade sources in which we exchange ideas and views on the industry, sharing our work-in-progress findings on supply/demand dynamics and potential. This dialogue enhances both parties’ understanding of the local market. The scope and reach of our trade survey also serves to eliminate bias (intentional and unintentional) from any single source.

Company analysis

At a global level, our company research combines our mix of industry interaction and use of secondary sources such as annual accounts, broker reports, financial press and databases. From a data perspective, the aim is to build “top-down” estimates of major players’ total global and regional sales.

At a country level, in line with local reporting requirements, we access annual accounts, national-specific company databases and local company websites. These are all invaluable sources as we build a view of each domestic player’s size and position within very specific categories of the industry.

Forecasts

Data projections and future performance analysis are key elements of Euromonitor International’s market intelligence. Working with historic trends of 15 years or more, a key aspect of our trade survey is to engage industry insider views of the next five years. Will volumes maintain their historic trend? Will price increases or falls of recent years continue, accelerate or slow down? Will increasing demand for one product cannibalise sales of another?

Forecasts represent many of the essential conclusions we have reached about the current state of the market, how it works and how it behaves under different macro and micro conditions. Our written analysis will state the assumptions and the trade opinion behind whether our predictions are optimistic or pessimistic, so that clients can use our statistical forecasts with confidence.

Data validation

All data is subjected to an exhaustive review process, at country, regional and global levels.

The interpretation and review of sources and data inputs forms a central part of the collaboration between industry teams and country researchers. Numbers are delivered to regional and global offices with an audit trail of sources and calculations to allow for a thorough evaluation of data sense and integrity.

Upon completion of the country review phase, data is then reviewed on a comparative basis at regional and then at a global level. Comparative checks are carried out on per capita consumption and spending levels, growth rates, patterns of category and subcategory breakdowns and distribution of sales by channel. Top-down estimates are reviewed against bottom-up regional and global market and company sales totals.

Where marked differences are seen between proximate country markets or ones at similar developmental levels, supplementary research is conducted in the relevant countries to confirm and/or amend those findings. This process ensures international comparability across the database, that consistent category and subcategory definitions have been used and that all data has been correctly tested. We make sure that possible discrepancies between different published sources have been reconciled and that our interpretation of opinion and expectation from each country’s trade sources has been applied to form a coherent international pattern.

Market analysis

Another integral part of all our research programmes is that all Euromonitor International data is accompanied by clear written analysis. From a research perspective, this explains and substantiates data findings. From a client perspective, this offers unique insights into local consumption trends, routes to market, brand preferences, channel dynamics and future trends.

Our country level analysis also provides invaluable input into the ability of our central industry specialist teams to marry local insights with strategic conclusions on the direction of the market regionally and globally.