Recently published research from Business Monitor International, "Greece Agribusiness Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 07/08/2013 -- While the road ahead still looks very rocky indeed for Greece, there are some signs of a recovery or at least a return to stability in some sectors of the agricultural economy. From 2014 we expect a return to slow growth for the agribusiness market as a whole while commodities with a reliable export market such as cheese will outperform those such as beef which rely on the straitened incomes of domestic consumers.
- Beef consumption to 2017: down 8.6% to 54,300 tonnes. Beef will bear the brunt of contractions in consumer spending on the more expensive livestock products.
- Poultry production growth to 2017: 10.6% to 194,600 tonnes. We expect poultry production to benefit from the sector's relative affordability compared with pork and beef.
- Cheese production growth to 2017: 11.1% to 231,700 tonnes. Exports of feta will lead the way in keeping the dairy sector a going concern.
- 2013 real GDP growth: -4.1% (up from -6.3% in 2012. Predicted to average 0.6% from 2013 to 2017) - 2013 consumer price inflation: -1.1% (up from -2.1% in 2012).
- BMI universe agribusiness market value: 2.08% year-on-year (y-o-y) decline to US$3.13bn in 2013, forecast to grow by 2.26% in 2014 to US$3.2bn.
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Key Revisions To Forecasts
- Sugar production growth in 2013: 29.2% to 419,000 tonnes. The USDA has reported a 30% increase in acreages with growers spurred by the potential for producing ethanol and animal feed with out-ofquota production.
After receiving a complaint from Greek dairy company, Fage Dairy, a High Court judge in London has ruled that its US competitor, Chobani, can no longer label its products as 'Greek Yoghurt'. Mr Justice Briggs concluded more than half of people who buy the product in Britain 'think it is made in Greece'. Granting a permanent injunction, he said Fage had succeeded in its claim to 'restrain Chobani from passing off its American-made yoghurt in England and Wales under the description Greek yoghurt'. In a move related to this case, a similar injunction was placed on Danone's Polishmade Danion, a restriction which the company is considering appealing.
The Greek government is coming under increasing pressure from the European Commission over the continued non-compliance of its farmers with new EU regulations on the welfare of chickens and pigs. The EC announced in April 2013 that it is taking Greece along with Italy to the European Court of Justice over their failure to implement the battery cage ban which came into force at the beginning of 2012. The EC sent 'letters of formal notice' to 13 member states in January 2013 demanding that they take action to address deficiencies in the implementation of the new laying hen welfare laws. Italy and Greece were the only countries which did not subsequently enforce the law.
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