Industry revenue of »operation of dairies and cheese making« in Greece 2011-2023
A high unemployment rate, falling consumer confidence, and low household income levels are a few of the factors that have resulted in a tepid demand for dairy products. As a result, the Greek dairy industry has suffered a downfall in recent years, with revenues falling from 2.6 billion U.S. dollars in 2011 to 2.4 billion U.S. dollars in 2019. Additionally, falling international investments and closure of various dairy factories amid the ongoing crisis have added to the industries’ woes. Overall volume sales of milk have dropped from over 225 thousand liters in 2015 to 188 liters in 2017. Supermarkets are amongst the worst affected, having suffered an estimated loss of 85 million euros between 2013-17, as milk sales declined 27 percent, as per data from research firm IRI.
The outbreak of the corona virus has worsened the situation. Majority of the industries and factories have been shut for an indefinite period, and experts fear that many may not be able to recover from the jolt. As per the latest forecasts, the overall economy could shrink by as much as 10 percent if all operations are not resumed in the short term.
The outbreak of the corona virus has worsened the situation. Majority of the industries and factories have been shut for an indefinite period, and experts fear that many may not be able to recover from the jolt. As per the latest forecasts, the overall economy could shrink by as much as 10 percent if all operations are not resumed in the short term.
