DistantNews
Support us
Top 5 chains control 71% of Greek supermarket market, ICAP CRIF research finds
🇬🇷 Greece /Economy & Trade

Top 5 chains control 71% of Greek supermarket market, ICAP CRIF research finds

From Ta Nea · () Greek

Translated from Greek, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • The Greek supermarket and cash & carry market is consolidating, with the top five chains holding 71% of the market share in 2024.
  • Total market value grew by 7.7% annually in 2022-2023 due to inflation and price increases, with slower growth of 3% projected for 2024-2025.
  • While sales and gross profits increased in 2024, EBITDA decreased by 5.2%, indicating a challenging and competitive environment for businesses.

The Greek supermarket and cash & carry sector is undergoing significant consolidation, with a handful of major chains increasingly dominating the market. According to an ICAP CRIF research, the top five companies, Sklavenitis, Lidl, AB Vassilopoulos, Metro (My Market), and Masoutis, collectively captured approximately 71% of the market value in 2024.

These moves aim to expand store networks, boost their sales, and increase their market share.

— Eleni Demertzi, Senior Manager of Industry Studies & Publications at ICAP CRIFExplaining the strategy behind the market consolidation.

This concentration is driven by acquisitions, mergers, and franchise partnerships aimed at expanding store networks, boosting sales, and increasing market share. The overall market value saw a substantial rise of 7.7% annually in 2022-2023, largely fueled by high inflation and price hikes, particularly in food items. Growth is expected to continue but at a slower pace of 3% for 2024-2025.

In the 2022-2023 period, the market value recorded an increase with an average annual rate of 7.7% due to high inflation and price increases, mainly in food items.

— Eleni Demertzi, Senior Manager of Industry Studies & Publications at ICAP CRIFDescribing the market growth drivers in recent years.

While total sales and gross profits showed an increase in 2024 compared to the previous year, a closer look at financial indicators reveals challenges. EBITDA, a measure of profitability, saw a decrease of 5.2%, settling at 748.5 million euros in 2024. This suggests that despite rising revenues, operational costs or other factors are impacting overall earnings.

These companies are estimated to have covered approximately 71% of the market value of Supermarkets and Cash and Carry in 2024.

— ICAP CRIF researchQuantifying the market dominance of the top five chains.

Geographically, Attica remains the largest market, accounting for about 40% of total sales, followed by Central Macedonia (16%) and the Peloponnese (7.0%). The research also analyzed financial data from 53 companies, highlighting the competitive landscape. ICAP CRIF anticipates that market concentration will persist in the coming years as larger players continue to strengthen their positions in the Greek market.

Attica covers about 40% of these total sales. Central Macedonia follows with a percentage of around 16%, and the Peloponnese comes next with 7.0%.

— Maria Flotsiou, Senior Consultant at ICAP CRIFDetailing the regional distribution of sales within Greece.
DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog