FAGE’s sales abroad are thriving

Dairy products company FAGE keeps losing market share in Greece, but is not losing sleep over it.

With 90.5% of its sales abroad, the Greek market’s importance to the company is declining.

Its production lines are still mostly in Greece; there is just one factory abroad, in the United States, which currently handles the bulk of sales abroad. This is expected to change by the end of 2027, when another factory, under construction in the Netherlands, will open.

Sales volume and value rose in the first half of 2024, FAGE announced Tuesday. The value of sales was up 15.6% compared to the same period in 2023, to $357.9 million.

In the published results, FAGE uses the currency rate announced by the European Central Bank on June 28 – $1.0705 per €1.

The company attributes the rise to a 16.3% increase in sales and the strengthening of the pound relative to the dollar. But the drop in prices by an average 0.9% in all markets in which FAGE is active has hurt sales value.

Sales value rose 41.7% in the UK, 19% in the US and 8.4% in Italy, but dropped 9.7% in Greece, FAGE said.