Kri-Kri will enter the US market in 2024 with the sale of frozen yoghurts, further strengthening its already strong extroversion not only in yogurts but also in this type of ice creams.
At the same time, the continuous increase in demand and exports force the company to implement continuous investments which, according to its management, will reach 30 million euros by the beginning of 2025.
Its president and CEO, Panagiotis Tsinavos, stated to “Naftemporiki” that the company is already in advanced contacts with US retail chains for starting exporting frozen yogurt ice cream in 2024.
Thanks to its recent successful participation in the international food fair Anuga in Cologne (Germany), the company is looking forward to higher yogurt exports in 2024, as the demand for Greek yogurt from the European markets, Tsinavos pointed out, is steadily increasing and especially in the markets of Italy and Britain, where Kri-Kri has a strong export presence.
2023 is proving to be a very good year for the company, with a turnover increase of 28.7% in the nine months and which, as the president and CEO of the company underlined, is attributed to an increase in sales volume and especially exports. The company’s management had stated in April that it aimed at 200 million euro turnover and 100 million euro exports this year, while based on nine-month data and the performance of the domestic and international market estimates, the company eventually expects total annual sales of more than 210 million euros and earnings before interest and taxes (EBIT) between 41-44 million euros.
Based on the nine-month data, the company’s yogurt sales in the domestic market also recorded very strong growth this year, namely a 29.4% increase, exceeding 60 million euros, with a positive volume change in both its branded yogurts and in private label yogurts, a sector in which Kri-Kri is the largest producer for the domestic market and to which the consumer is turning due to inflation.
In the ice cream sector, in the domestic market, respectively, the company’s sales rose 15.1% and the market share of KPI-KPI ice creams increased by 0.5 percentage points in volume (13.0%) and decreased by 0.3 percentage points in value (14.0%) [NIELSEN data, Jan.-Aug. 2023].
Investments of 30 million euros – 200 new hires
The need to cover higher demand from the international market has led Kri-Kri to successive investments, which will amount to 30 million euros until the beginning of 2025, Tsinavos said, adding that these investments concern both the yogurt sector and the ice cream sector.
Since the catastrophic fire on Christmas Eve 2013, the company’s investments have exceeded 100 million euros, its management stressed.
