The “chilly struggle” of 200 days, i.e. how lengthy the interval of excessive ice cream consumption lasts in our nation, seems just a little totally different this 12 months. Vital enterprise strikes made within the final 10 months “mortgage” main rearrangements bringing ups and downs within the “frozen” market value 250 million euros.
Simply earlier than the steadiness within the business modifications, the ice cream market in Greece data an upward pattern, whereas from 2023 its development fee is double-digit.
In the case of industrialized ice cream, the market is split into two main classes: household and particular person packs, with gross sales of the latter recording thrice the expansion fee of the previous.
Household ice lotions dominate supermarkets the place whole gross sales reached €114.55 million in 2023 from €100.7 million in 2022 with non-public label taking all of the… paper, whereas particular person ice lotions “reign” within the small retail (kiosks, mini markets, comfort shops, and so forth.).
It needs to be famous, nonetheless, that the rise in turnover in supermarkets was solely inflationary, as gross sales volumes fell by 5.88%.
Worth will increase, that are “operating” at a fast tempo this 12 months as properly, are additionally recorded in small retail, in all ice cream subcategories, which vary from 20-25% inside a 12 months.
A particular point out also needs to be product of the majority ice cream from gelaterias, patisseries, and so forth. which lately exhibits upward development charges, with costs additionally displaying a rise.
The ice cream tremendous membership
On a enterprise stage, beginning with the Unilever group’s choice to divest from the ice cream enterprise, which can have an effect on the home market over the course of two years, the rescue of Dodoni Ice Cream, but in addition the re-entry of DELTA into the class by the acquisition of Chilly Sin, are a few of the enterprise strikes shaping the brand new scene within the business.
The Unilever conundrum
Unilever’s choice to spin off its ice cream enterprise, creating a brand new firm with a turnover of seven.9 billion euros in 2023, might not have an instantaneous affect on the sector’s on daily basis enterprise within the home market, however within the medium time period everybody “sees” the balances to alter, since by the tip of 2025, when, primarily based on the forecasts of the multinational big, the secession procedures may have been accomplished, the most important “participant” can even change.
For now, nonetheless, as defined by Mr. Giorgos Tsavaras, head of Unilever’s ice cream within the area of Southern and Central Europe, which aside from Greece contains Romania, Bulgaria, Serbia, Montenegro, Moldova, Albania, Kosovo , Cyprus and North Macedonia, nothing modifications within the Greek market, with the corporate persevering with its plans because it has drawn them up.
With manufacturers akin to Magnum, Ben & Jerry’s, Viennetta, Carte d’Or, Cornetto, Algida, Magic and likewise the EVGA model since 2010, Unilever’s turnover within the Greek ice cream market in 2023 reached 100 million euros, a rise of 10, 4% in comparison with 2022, whereas the dynamics of its share, together with small factors (kiosks, mini markets), the vacationer market and supermarkets, reaches roughly 33%, being the market chief.
In line with Mr. Javara, this 12 months the expansion fee can also be estimated to run at 10%.
With the info now altering, particularly if sooner or later a mandate is issued for Unilever’s Greek ice cream portfolio, the remaining key gamers within the manufactured ice cream market are beneath steam.
The place does Froneri guess?
Froneri, the three way partnership between Nestle and British R&R, which each nationally and globally rivals Unilever, hopes that this 12 months it is going to additionally be capable of improve its monetary footprint, whereas additionally growing the variety of factors from the place it serves its prospects.
With none manufacturing exercise on Greek soil, after locking the DELTA Ice Cream manufacturing unit in Tavros since 2017, which in actual fact a number of months in the past it bought to the MRP group, one of many largest builders within the Netherlands, Froneri managed in 2023 to realize the best revenues since its institution at 45.7 million euros (+8.57% in comparison with 2022).
A very powerful components for this improve had been, based on the corporate’s administration, higher gross sales efficiency within the Out of Residence channel, exports and the numerous efficiency of tourism. Additionally having a major optimistic affect was the profitable launch for the second 12 months of the brand new Nuii product line and worth changes throughout the 12 months regardless of elevated prices for completed product purchases.
The profitability image, though lowered on the stage of internet outcomes, due to excessive taxation, closed positively with internet earnings forming at 1.79 million euros towards 3.28 million euros in 2022.
And in 2023, the strategic funding in new fridges continued, with the corporate having funds of 1.3 million euros. It’s famous that the corresponding fund in 2022 amounted to three million euros.
It’s recalled that in 2006, DELTA had bought its ice cream exercise to Nestle, which in 2016 transferred this exercise to the Froneri firm.
Kri-Kri’s American Dream
On the similar time, Kri-Kri of the household of Panagiotis Tsinavos, the one purely Greek firm that has remained within the high 3 of the sector, continues to broaden inside and outdoors the borders.
Serving 20,000 factors within the Greek market, it makes an attempt to additional broaden its penetration into new markets by frozen yogurt. On this context, it’s already energetic in Italy, Korea and Germany, whereas it seeks a associated opening throughout the 12 months in Norway, USA, Singapore and Taiwan.
In reality, the Serra dairy business is already within the technique of sending the primary a great deal of Greek Frozen Yogurt to the opposite facet of the Atlantic.
Kri Kri’s choice to put money into frozen yogurt permits it to export to a lot additional afield, from the US to Singapore, because the product has a protracted shelf life not like yogurt.
It needs to be famous that this 12 months, closing 70 years of enterprise exercise, the dairy business is main the best way with the creation of the primary ice cream theme park. It’s an funding that amounted to 1 million euros and is estimated to be a vacationer attraction for town of Serres.
The following day for Dodoni Ice Cream
The “divine ice lotions” Dodoni having misplaced greater than 50% of their turnover within the final years when the chain operated nearly with out an proprietor, evidently they won’t “soften” in spite of everything, with Fournos Veneti from the place of the “white knight” betting of their recognition, which regardless of the corporate’s insufferable monetary issues continues to be large.
For the event of Pagota Dodoni, the brand new proprietor goes to take a position round 10 million euros within the subsequent two years by shopping for – amongst different issues – a farm in Viotia, with a capability of 5,000 kg of milk per day. It is because the brand new idea that Mr. Monemvasiotis is launching for the Dodoni Ice Cream chain features a gelateria, a milk store and a confectionary with super-chilled sweets, all of which require “pure milk”, as he identified, describing the completion of the deal after 32 months of negotiations with creditor banks.
It’s recalled that the sequence for the sale of Pagota Dodoni spans a very long time with fruitless tenders, unlucky “flirts” and with the final tender course of bringing out as the popular investor the First Runner of Alexandros Katsiotis of ELGEKA, who, nonetheless, withdrew because of delays within the completion of the process.
On this competitors the corporate Fournoi Veneti had positioned second, however didn’t quit, lastly shopping for the corporate after 2.5 years of adventures.
DELTA once more in ice lotions by the slope
Along with the standard “gamers” within the standardized ice cream market, whose worth is estimated at 250 million euros, a number of months in the past a brand new participant appeared, however on the similar time extraordinarily outdated.
The rationale for DELTA (Vivartia group), which returned to ice cream after 17 years, buying Chilly Sin of Giorgos Giannitsis, i.e. the 4th participant in ice cream after Unilever, Froneri and Kri-Kri.
Chilly Sin is the official nationwide ice cream distributor of Mars Hellas SA, the official distributor of Basic Mills SA (Häagen-Dazs) ice cream and the unique distributor of Sammontana SPA for Greece and Cyprus, by a community of 12,000 fridges which covers the whole Greek territory.
This transfer doesn’t “translate” right into a rebranding of Delta Ice Cream, as firm sources state, however is included within the technique of “constructing” an built-in product portfolio within the context of DELTA’s transformation into an built-in good vitamin platform alongside its manufacturing restructuring by and focused acquisitions.
Nonetheless, nobody can rule out that in the long term the corporate won’t return productively to the ice cream class.
For the report, Chilly Sin has excessive returns, as in 2022 (final revealed steadiness sheet) it confirmed a 20% improve in turnover in comparison with 2021, reaching 7.43 million, whereas its after-tax earnings reached 446,864 euros.
With the Menne model, the previous EVGA is again
EVGA, as soon as the foremost competitor of DELTA, which since 2019 has been renamed EMFI, is reactivating within the ice cream retail market beneath the Menne model, persevering with to provide a part of Unilever’s ice lotions. Nonetheless, it’s unknown to what extent the cooperation with the multinational big will likely be affected within the occasion that the possession standing of the Greek exercise modifications, as we talked about above.
With steady will increase in share capital lately (together with the final certainly one of 6 million euros was determined in Could this 12 months) EMFI beneath the administration of Kyros Filippou is specializing in gross sales development in branded ice lotions MENNE (that are making development strikes within the retail market ) in addition to in branded EVGA yeast merchandise.
Relating to the monetary outcomes based on the final revealed steadiness sheet, which considerations the fiscal 12 months 2022, internet gross sales amounted to 38.03 million euros, registering a rise of 17.8% in comparison with 32.9 million euros in 2021. The 52.7% of its whole turnover, i.e. 20 million euros, considerations gross sales to Unilever, for which it produces EVGA ice lotions at its services in Iera Odos.
And PURE ice cream?
As a result of nostalgia “sells”, it’s doable that AGNO ice cream can even seem in the marketplace within the close to future.
The Sarantis brothers (Olympos, Tyras) who acquired the emblems and properties of the Northern Helladic dairy business, following the repositioning of the model available in the market, which began in Thessaloniki, Central and Western Macedonia, with 21 totally different dairy codes, are stated to be pondering to convey out PURE ice cream once more.
Agno in its industrial unit in Lagadas has ice cream manufacturing gear, which can be utilized on this course, if the required investments are made to modernize it.
Kayak on the rise
Lastly, Kayak, a widely known Greek firm that has been energetic within the area of ice cream and sweets manufacturing for 3 many years, can also be on the rise.
In Could 2020, the Kayak ice cream firm acquired the whole firm Chillbox World S.A. from the NBGI fund and a 70% share within the firm Chillbox SA, which owns the chain of 41 branded frozen yoghurt outlets in and outdoors Greece.
Likewise, it acquired a 50% share within the firm Cretika Pagot SA, which owns an ice cream manufacturing unit with goat milk because the uncooked materials, whose merchandise can be found on the factors beneath the Goatit model.
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