TABLE OF CONTENTS

Summary

Methodology and Restrictions of the Study
Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 General Characteristics of the Sector
1.3 Description of the Sector’s Products
1.4 Regulatory Framework
1.4.1 Protection of the Designation of Milk and Dairy Products
1.4.2 Common Market Organisation for Milk and Dairy Products
1.4.3 Hellenic Agricultural Organization – “DIMITRA”
1.4.4 Regulation for the Award of the Hellenic Mark to Milk and Dairy Products
1.4.5 Law 4254/2014
1.4.6 Law 4492/2017
1.4.7 Other Legislative Decisions

2. The Demand for Dairy Products
2.1 Factors that Shape Demand
2.2 Inflation Development – Consumer Price Index
2.3 Household Budget Survey Results
2.4 Macroeconomic Environment
Appendix Chapter 2

3. Sector Supply
3.1 Structure and Breakdown of the Sector
3.2 Milk Deliveries and Average Milk Price
3.3 Description of Distribution Networks
3.4 Distribution of the Companies Included in the Study
3.5 Dairy Production and Import Companies
3.6 Sales of Sector Companies
3.7 Ranking of Companies based on the Average Annual Rate of Change of Sales

4. Sector Risk Analysis
4.1 Creditworthiness Assessment
4.1.1 Creditworthiness Assessment of the Companies Included in the Study
4.1.2 Change in the Evaluation of Assessed Businesses
4.1.3 Creditworthiness of the Food Manufacturing and Food Trade Sectors
4.2 Development of the Sector’s Transaction Behaviour
4.2.1 Transaction Behaviour of the Companies Included in the Study
4.2.2 Transaction Behaviour of the Sector “Manufacturing: Food Products”
4.2.3 Transaction Behaviour of the Sector “Trade: Food Products”
Appendix Chapter 4

5. Financial Analysis of Sector Companies
5.1 Financial Ratios of Sector Companies
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet
5.2.1 Consolidated Balance Sheet Analysis
5.2.2 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.2.3 Share (%) of Major Sector Companies in Total EBITDA
5.3 Benchmarking of Companies’ Financial Ratios
5.4 Ranking of Companies based on Selected Accounts
5.5 Ranking of Companies based on Selected Ratios
Appendix Chapter 5

6. The Domestic Dairy Products Market
6.1 Domestic Dairy Products Production
6.2 Foreign Trade in Dairy Products
6.2.1 Dairy Product Imports – Countries of Origin
6.2.2 Dairy Product Exports – Countries of Destination
6.2.3 Competitiveness Index – Trade Balance
6.3 The Domestic Dairy Products Market
6.3.1 Fresh Pasteurized Milk Market Size – Market Shares
6.3.2 High-Pasteurization Milk Market Size – Market Shares
6.3.3 Long-Life Milk Market Size – Market Shares
6.3.4 Chocolate Milk – Market Shares
6.3.5 Condensed Milk Market Size – Market Shares
6.3.6 Yogurt Market Size – Market Shares
6.3.7 Butter Market Size – Market Shares
6.3.8 Cream Market Size – Market Shares
6.3.9 Sour Milk and Milk-Based Beverages Market Size – Dairy Desserts
6.3.10 Total Dairy Products Market Size – Per Capita Consumption
6.4 Distribution Channels
Appendix Chapter 6

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. International and European Dairy Products Market Data
8.1 International Milk Market
8.2 Milk Deliveries in the EU
8.3 Dairy Products Production in the EU

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
-Threat of New Entrants
-Threat of Substitute Products
-Bargaining Power of Suppliers
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Sector Prospects
9.4 Proposals to Improve the Competitiveness of Businesses
Appendix I: Economic Overview
Appendix II: Balance Sheets of Sector Companies
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

•Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

Table 2.1 Estimated Population of Greece on January 1, 2025
Table 2.2 Consumer Price Index for Dairy Products (2021-2026)
Table 2.3 Average Monthly Household Expenditure on Dairy Products by Region (2024-2023)
App. Table 2.1 Average Weekly Working Hours per Employed Person in European Countries (20-64 Age Group, 2021-2025)
App. Table 2.2 Number of Births (2010-2025)
App. Table 2.3 Average Monthly Household Expenditure on Dairy Products by Region (2024)
App. Table 2.4 Average Monthly Household Expenditure on Dairy Products by Monthly Total Income Class (2024)
App. Table 2.5 Average Monthly Household Expenditure on Dairy Products by Household Size (2024)
Table 3.1 Dairies and Cheese-Making Plants in Greece (2020-2023)
Table 3.2 Quantity of Cow’s Milk Delivered (2016-2026)
Table 3.3 Quantity of Sheep’s and Goat’s Milk Delivered (2016-2026)
Table 3.4 Distribution of Sheep and Goat Milk Producers by Region (Calendar Year 2026*)
Table 3.5 Quantities of Sheep’s and Goat’s Milk Delivered by Prefecture (Calendar Year 2026*)
Table 3.6 Average Milk Price (2016-2026*)
Table 3.7 Overview of Dairy Producers
Table 3.8 Overview of Dairy Importers
Table 3.9 Sales of Sector Companies (2021-2025)
Table 3.10 Ranking of Companies by Average Annual Sales Growth Rate (2021-2025)
Table 4.1 Creditworthiness of the Companies Included in the Study (2026*-2025)
Table 4.2 Change in the Evaluation of the Companies Included in the Study (2026/2025)
Table 4.3 Creditworthiness of the “Manufacturing: Food Products” Sector (2026)
Table 4.4 Creditworthiness of the “Trade: Food Products” Sector (2026)
Table 4.5 Transaction Behaviour of the Companies Included in the Study (2026*-2025)
Table 4.6 Transaction Behaviour of the “Manufacturing: Food Products” Sector (2026*-2025)
Table 4.7 Transaction Behaviour of the “Trade: Food Products” Sector (2026*-2025)
App. Table 4.1 ICAP SCORE Creditworthiness Ratings
Table 5.1 Profitability Ratios of Sector Companies (2021-2025)
Table 5.2 Return Ratios of Sector Companies (2021-2025)
Table 5.3 Liquidity Ratios of Sector Companies (2021-2025)
Table 5.4 Financial Structure Ratios of Sector Companies (2021-2025)
Table 5.5 Activity Ratios of Sector Companies (2021-2025)
Table 5.6 Consolidated Balance Sheet of Sector Companies (2021-2025, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Sector Companies (2021-2025)
Tables 5.8-5.17 Financial Ratios of Major Companies and Comparison with the Sector (2022-2024)
Table 5.18 Ranking of Sector Companies by Gross Profit (2024-2025)
Table 5.19 Ranking of Sector Companies by Net Profit (2024-2025)
Table 5.20 Ranking of Sector Companies by EBITDA (2024-2025)
Table 5.21 Ranking of Sector Companies by Total Assets (2024-2025)
Table 5.22 Ranking of Sector Companies by Shareholders’ Equity (2024-2025)
App. Table 5.1 Financial Ratio Formulas
Table 6.1 Total Domestic Production of Fresh Pasteurized Milk and Various Milk Beverages (1996-2025)
Table 6.2 Production of Fresh White Pasteurized Milk and Various Milk Beverages (2007-2025)
Table 6.3 Domestic Production of High-Pasteurization Milk (2006-2025)
Table 6.4 Domestic Production of Long-Life Milk (1996-2025)
Table 6.5 Domestic Production of Condensed Milk (1996-2025)
Table 6.6 Domestic Production of Industrial Yogurt (1996-2025)
Table 6.7 Domestic Production of Cream (2009-2025)
Table 6.8 Domestic Production of Butter (1996-2025)
Table 6.9 Domestic Production of Sour Milk (1996-2025)
Table 6.10 Dairy Product Imports by Category (2019-2025)
Table 6.11 Dairy Product Exports by Category (2019-2025)
Table 6.12 Competitiveness of Dairy Products based on the Balassa Index (2019-2025)
Table 6.13 Market Shares in Fresh (White) Pasteurized Milk (2025)
Table 6.15 Market Shares in High-Pasteurization Milk (2025)
Table 6.14 Domestic Market for High-Pasteurization Milk (1996-2026)
Table 6.16 Domestic Market for Long-Life Milk (1996-2026)
Table 6.17 Domestic Apparent Consumption of Condensed Milk(1) (1996-2026)
Table 6.18 Breakdown of the Domestic Milk Market by Category (2019-2026)
Table 6.19 Domestic Apparent Consumption of Yogurt (1996-2026)
Table 6.20 Market Shares in Yogurt (2025)
Table 6.21 Domestic Apparent Consumption of Butter (1996-2026*)
Table 6.22 Domestic Apparent Consumption of Cream (2009-2026)
Table 6.23 Domestic Apparent Consumption of Sour Milk and
Milk-Based Beverages (1996-2026*)
Table 6.24 Aggregate Size of the Domestic Dairy Products Market (2025-2026)
Table 6.25 Per Capita Consumption of Major Dairy Products (2019-2025)
App. Table 6.1 Dairy Product Imports by Category (2021-2025)
App. Table 6.2 Main Countries of Origin of Dairy Products (2024-2025)
App. Table 6.3 Dairy Product Exports by Category (2021-2025)
App. Table 6.4 Main Countries of Destination of Dairy Products (2024-2025)
App. Table 8.1 Deliveries of Cow’s Milk to Dairies by EU Country (2019-2024)
App. Table 8.2 Deliveries of Sheep’s Milk to Dairies by EU Country (2019-2024)
App. Table 8.3 Deliveries of Goat’s Milk to Dairies by EU Country (2019-2024)
App. Table 8.4 Deliveries of Drinking Milk by EU Country (2019-2024)
App. Table 8.5 Buttermilk Production by EU Country (2019-2024)
App. Table 8.6 Cream Production by EU Country (2019-2024)
App. Table 8.7 Acidified Milk Production(1) by EU Country (2019-2024)
App. Table 8.8 Milk-Based Beverage Production by EU Country (2019-2024)
App. Table 8.9 Production of Other Fresh Dairy Products by EU Country (2019-2024)
App. Table 8.10 Condensed Milk Production by EU Country (2019-2024)
App. Table 8.11 Milk Powder Production by EU Country (2019-2024)
App. Table 8.12 Butter Production by EU Country (2019-2024)
App. Table 8.13 Production of Butter and Other Fats and Oils Derived from Milk by EU Country (2019-2024)
Table 9.1 Forecast of Domestic Fresh White Milk Consumption (2026-2028)
Table 9.2 Forecast of Domestic Yogurt Consumption (2026-2028)

GRAPHS

Graph 2.1 Consumer Price Index Trends (2021-2026)
Graph 2.2 Distribution of Average Monthly Expenditure on Dairy Products by Category (2024)
Graph 3.1 Private Label Share in the Shopping Basket (2015-2025)
Graph 3.2 Quantities of Cow’s, Sheep’s and Goat’s Milk Delivered (2016-2025)
Graph 3.3 Quantities (%) of Sheep’s and Goat’s Milk Delivered by Geographical Region (2026*)
Graph 3.4 Declared Average Price of Cow’s, Sheep’s and Goat’s Milk (2016-2026*)
Graph 3.5 Distribution of Sector Companies by Year of Establishment (2026)
Graph 3.6 Distribution of Sector Companies by Number of Employees (2026)
Graph 4.1 Ranking of the Companies Included in the Study by Creditworthiness (2026*)
Graph 4.2 Change in the ICAP CRIF Score of the Companies Included in the Study (2026/2025)
Graph 4.3 Ranking of Companies in the “Manufacturing: Food Products” Sector by Creditworthiness (2026)
Graph 4.4 Ranking of Companies in the “Trade: Food Products” Sector by Creditworthiness (2026)
Graph 5.1 Profitability Ratios of the Sector (2019-2023)
Graph 5.2 Return Ratios of the Sector (2021-2025)
Graph 5.3 Activity Ratios (2021-2025)
Graph 5.4 Sales of Companies Included in the Consolidated Balance Sheet (in € million, 2021-2025)
Graph 5.5 Number of Profitable and Loss-Making Sector Companies (2021-2025)
Graph 5.6 Structure of the Assets and Liabilities of 14 Sector Companies (2025)
Graph 5.7 Shares of Major Sector Companies in Total EBITDA (2025)
Graph 5.8 Number of Companies Showing Improvement / Deterioration in Selected Accounts (2025/2024)
Graph 5.9 Ranking of Companies by Gross Profit Margin (2025)
Graph 5.10 Ranking of Companies by EBITDA Margin (2025)
Graph 5.11 Ranking of Companies by Current Ratio (2025)
Graph 5.12 Ranking of Companies by Return on Equity (2025)
Graph 6.1 Distribution of Domestic Yogurt Production by Product Category (2025)
Graph 6.2 Domestic Yogurt Production (2015-2025)
Graph 6.3 Structure of Dairy Product Imports by Product Category (2024)
Graph 6.4 Dairy Product Exports by Country of Destination (2025)
Graph 6.5 Foreign Trade in Dairy Products (2019-2025)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results on the Degree of ESG Practice Adoption at Corporate and National Level (2026-2025)
Graph 7.3 Distribution (%) of Companies’ Total Budget for ESG Actions by Main Pillar (2025)
Graph 7.4 Which ESG Actions Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for Managing ESG Actions
Graph 7.6 Means of Publishing ESG Actions
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Sector Companies
Graph 7.8 Frequency of Assessing / Monitoring Progress on ESG Issues
Graph 7.9 Use of Software for Collecting / Monitoring ESG Performance
Graph 7.10 Participation in National / International Networks Related to Sustainable Development and ESG
Graph 7.11 Cost of ESG Actions (2025)
Graph 7.12 Change in Expenditure on ESG Actions (2025/24)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.14 Degree of Impact of the Omnibus Directive
Graph 7.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.16 Impact of the Extension on Greek Businesses
Graph 7.17 Degree of Implementation of Environmental ESG Actions
Graph 7.18 Degree of Implementation of Social ESG Actions
Graph 7.19 Degree of Implementation of Corporate Governance ESG Actions
Graph 7.20 Benefits to Companies from Implementing ESG Practices
Graph 7.21 Main Barriers to Implementing ESG Actions
Graph 8.1 Structure of Global Milk Production (2024)
Graph 8.2 Main Milk and Dairy Product Importing and Exporting Countries Worldwide (2024)
Graph 8.3 Distribution of Cow’s Milk Deliveries to Dairies by Major EU Country* (2024)
Graph 8.4 Distribution of Drinking Milk Production by Major EU Country* (2024)
Graph 8.5 Distribution of Acidified Milk Production by Major EU Country* (2024)
Graph 8.7 Distribution of Milk Powder Production by Major EU Country* (2024)
Graph 8.6 Distribution of Condensed Milk Production by Major EU Country* (2024)