Greece’s flour industry is moving on an upward trajectory, according to ICAP CRIF forecasts presented by “Naftemporiki.”
More specifically, the sector is expected to register an average annual growth rate of flour consumption of 2% in the two-year period 2024-2025. In the five-year period 2018-2022, and despite the current situation of intense challenges, the image of the sector’s businesses shows improved size performance.
ICAP CRI’s Director of Economic & Sectoral Studies Stamatina Panteleou reported that “the total consumption of flour followed a slight upward trend in 2023.
This was attributed to higher tourist arrivals followed by higher demand. The rate of increase, however, was affected by many factors, including geopolitical developments (Russia-Ukraine military conflict). In the two-year period 2024-2025, it is predicted that the situation will have normalized and consumption is expected to grow at a slightly higher rate, an average annual rate of about 2%.”
In terms of domestic production of wheat flour in the two years 2018-2019, an average increase of 4% was recorded, but this upward trend was interrupted in 2020, when a decline of 6% was recorded. In 2021, despite the restrictions, domestic production rose 3%, while the upward trend continued in 2022, strengthened by 2%.
It is noted that the domestic production essentially covers the demand, as the import penetration has been around 3% in recent years. The sector’s exports have also been low at around 4% over the past five years.
However, the picture of the financial analysis of 23 companies in the flour industry for the period 2018-2022 gives a positive sign to the market. Based on the findings of ICAP CRIF, total assets increased throughout the five years under review by 22.5%, presenting the largest increase in 2021 (+9.6%). Equity increased by 3.4% in 2022, while the cumulative increase over the five years stood at 5.9%.
