Wine - Greece

The Wine market in Greece has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Greek consumers have shown an increasing interest in wine, with a growing demand for both domestic and international varieties. This can be attributed to several factors, including a shift towards healthier lifestyles and a growing appreciation for the cultural and social aspects of wine consumption. Additionally, Greek consumers have become more adventurous in their wine choices, seeking out unique and lesser-known grape varieties.

Trends in the market: One of the key trends in the Greek wine market is the resurgence of indigenous grape varieties. Greek winemakers have been focusing on reviving traditional grape varieties that were once overshadowed by international varieties. This trend has been influenced by a desire to preserve Greece's winemaking heritage and showcase the unique flavors and characteristics of these indigenous grapes. As a result, there has been an increase in the production and consumption of wines made from grapes such as Assyrtiko, Xinomavro, and Agiorgitiko. Another trend in the market is the growing popularity of organic and biodynamic wines. Greek consumers are increasingly seeking out wines that are produced using sustainable and environmentally friendly methods. This trend aligns with the global movement towards organic and natural products, as consumers become more conscious of the impact of their purchasing choices on the environment.

Local special circumstances: Greece's rich history and diverse terroir contribute to the unique characteristics of its wines. The country's Mediterranean climate, with its long hours of sunshine and cooling sea breezes, provides ideal conditions for grape cultivation. Additionally, Greece's mountainous terrain and volcanic soil create a wide range of microclimates, allowing for the production of a diverse array of wine styles. Furthermore, Greece's strong cultural heritage and tradition of winemaking have played a significant role in shaping the wine market. Wine has been an integral part of Greek culture for thousands of years, with references to Greek wines dating back to ancient times. This cultural significance has fostered a deep appreciation for wine among the Greek population and has contributed to the development of a vibrant wine industry.

Underlying macroeconomic factors: The Greek wine market has also been influenced by broader macroeconomic factors. The country's economic recovery following the financial crisis has led to increased consumer spending power and a growing middle class, which has contributed to the rise in wine consumption. Additionally, the growth of tourism in Greece has provided a boost to the wine industry, as tourists seek out authentic Greek experiences, including wine tasting and vineyard visits. In conclusion, the Wine market in Greece is experiencing growth due to changing customer preferences, including a demand for indigenous grape varieties and organic wines. The country's rich cultural heritage and diverse terroir also contribute to the development of the market. Furthermore, broader macroeconomic factors, such as economic recovery and the growth of tourism, have played a role in driving the growth of the wine industry in Greece.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.