Processed meat and seafood is likely to see much stronger retail value growth in 2020 than 2019 as the category is expected to benefit from the pandemic due to consumers being increasingly at home and cooking family meals. Frozen processed meat, especially frozen processed red meat, is expected to see the greatest retail value growth in 2020 as these products are more affordable than fresh meat.
During the first half of 2020, many companies increased their corporate social responsibility activities to assist their customers during the COVID-19 pandemic. For example, the local company Megas Ellinikos Paradossiakos Gyros SA discounted its Megas Yeeros brand to support its financially stretched customers which ultimately led to profits for the company.
Combined private label is leading the processed meat and seafood category in 2020. However, North Aegean Sea Canneries SA, which is present in shelf stable seafood and frozen processed seafood, is expected to become the leading branded player in processed meat and seafood in value terms in 2020, taking over from Creta Farm SA, which is present in both frozen processed meat and chilled processed meat.
The sale of processed meat and seafood in Greece in constant retail value at 2020 prices is forecast to be slower in 2021 and recover somewhat thereafter and see sluggish growth over the rest of the forecast period with the average constant CAGR expected to be higher for the forecast period than the historic average CAGR. The entry of several new players in frozen processed meat in the review period signalled a turning point for this underdeveloped category, which saw incredibly strong growth for most of the review period.
In recent years there has been an increase in demand for healthier cold cuts in the chilled processed meat category, with premium products being preferred. The global demand for chilled processed meat is expected to see a healthy growth rate from 2021 which will largely be stimulated by gluten-free products.
Meat substitutes are still not common in Greece. Although as a deeply religious country, Greeks spend periods of the year avoiding meat and other animal products, consumers mostly turn to lentils, beans, fish and other sources of protein.
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Understand the latest market trends and future growth opportunities for the Processed Meat and Seafood industry in Greece with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Processed Meat and Seafood research and analysis database.
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