Poverty eats away even at yogurts, with consumers in Greece now becoming Europeans preferring the cheaper “anonymous” products. Somehow FAGE’s imperium was lost, as one out of three yogurts sold in supermarkets are GALPO, Marata, AB, My Gusto, Masoutis Apo Ton Topo Mas, etc. won by Sierra’s Kri-Kri, which is behind these “unknown” brands.
As reported by Ot.gr, the priorities of the Filippou family do not concern FAGE, which in any case maintains the lead in branded yogurts within borders, but FAGE, i.e. the further spread of the brand in foreign markets, since that is where they “came from” » in 2023 revenue of about $553.73 million, i.e. 88% of the $629.24 million that were the company’s total sales in over 30 countries during last fiscal year.
This is why it is putting forward – once again in recent years – the new factory it is building in the Netherlands, which is expected to be fully operational by the end of 2027, as stated in the financial statements for the year 2023. For the history let’s say that in 2016 FAGE had solemnly announced that it was going to build a production unit in Luxembourg, but this plan was never realized. In November 2021, the company announced that it had signed an option agreement with the municipality of Hoogeveen in the Netherlands to acquire a 15-hectare plot of land in order to build a 40,000-ton yogurt factory. From then until today, the inauguration goes from semester to semester.
Precision changed the yogurt market forever
Coming back to us, Circana’s 2023 figures, which for the first time also include sales through Lidl supermarkets, show just how much precision has changed the yogurt market.
Specifically, the share of private label in yogurt reached 32.8% in volume and 20.7% in value in 2023, compared to 17.8% and 10.1%, respectively in volume and value, in 2022.
Clearly and in previous years and especially in 2022, a year in which inflation swept incomes, the share of private label yogurts was not negligible, but on average it did not exceed 15% in share. But in 2023 – and with the contribution of the “household basket” – it took off.
This development favored the Tsinavu family’s Kri-Kri dairy since the Serrai dairy produces almost all of the private label yogurts on the Greek market. If the “footprint” of the branded yogurts of the listed dairy industry is taken into account, its total share reaches almost 47% in volume, as can be seen from the data of Circana, included in the financial statements of the FAGE group.
Shares in branded yogurts
In more detail, FAGE of the Philippou family, which established Greek yogurt at the ends of the world, remains at the top of the Greek market in terms of branded products, albeit with reduced shares compared to 2022: 16.2% in volume and 18, 9% in value, with Kri-Kri right behind it, with a share of 13.8% in volume and 15.2% in value.
In 3rd place, always talking about branded yogurts, is the Vivartia group (DELTA), with a share of 7.7% in volume and 11.7% in value in 2023.
In the next position is Olympos of the Sarantis brothers, which passed Dodoni. As of this year, the latter is 100% controlled by the American investment company CVC Capital, owner of Vivartia.
In the lower positions, smaller market shares are occupied by FrieslandCampina (4.2% in volume, 4.5% in value), MEVGAL (3.7% in volume, 4.4% in value), Danone (2, 8% in volume, 4.3% in value) and Koukaki Farm (1.8% in volume, 2.1% in value).
Over 300 million euros in yogurt sales in 2023
It is also noteworthy that despite the significant appreciations reflected in the increase in the value of sales, the 2023 sign in terms of unit sales (volume) was positive, equaling the losses of 2022.
So cumulatively, according to Circana data, in 2023 yogurt sales in Greece reached 70,579 metric tons from 68,463 metric tons in 2022, recording an increase of 3.1%.
On the other hand, the value of sales in 2023 increased compared to 2022 by 9.7% to 301.55 million euros (274.93 million euros in 2022) due to market revaluations.
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