Infobank Hellastat: Greek frozen foods market grew moderately in 2015

The Greek frozen foods market grew moderately in 2015, a report by Infobank Hellastat said on Wednesday. Alexis Nikolaidis, economic research & sectorial studies senior analyst, commenting on the report said the frozen food sector was the only category of consumer goods, along with fresh food, that recorded an increase in sales in 2015, a development attributed “significantly to a policy of special offers and price discounts widely implemented in the supermarket sector”.

Infobank Hellastat said the sector was temporarily boosted by a poll and the imposition of capital controls in July 2015, when consumers massively turned to supermarkets to buy food, fearing a collapse of the economy.

Total food sales in supermarkets, in the first week of July grew more than 30 pct, but this rate fell significantly in the following weeks. The frozen vegetable market recorded a 7.1 pct increase in sales in the first nine months of 2015, compared with the same period in 2014, totaling 14,800 tons. The value of sales totaled 49.24 million euros, up 7.6 pct. However, the frozen dough market eased 1.8 pct to 11,323 tons. The market grew 3.0 pct in volume to 51 million euros. The market of frozen fish fell 2.0 pct in 2015.

Maria Metaxogeni, managing director in IBHS said export performance of the sector, mainly in market with not significant presence so far, could become a factor of strong growth.

Turnover of the sample grew 2.8 pct in 2014 to 497.63 million euros. EBITDA grew 14.4 pct to 44.61 million euros, while pre-tax profits totaled 9.31 million euros from a loss of 1.36 million in 2013. EBITDA margin was 7.6 pct.