Exports of halloumi at 1.34 billion over the last 5 years

Halloumi exports have increased in recent years and are expected to peak in 2022. Data for the first nine months of 2022, i.e. up to September, show exports worth €227 million and an export volume of 32,000 tonnes. The figures show a 23% increase over the same period in 2020 and a 21% increase over the same nine months in 2021.  The process of adding the Protected Designation of Origin seal en masse to the packaging of halloumi was completed in September 2022, the month in which all cheese dairies were registered in the Register of Beneficiaries. Although statistics on export performance in the post-PDO era are not yet available, it is predicted that exports of the product will remain positive in the final quarter of the year, particularly to European markets but also to the UK, and that this will contribute to the overall performance of halloumi exports.  Panagiota Patsali, the director of the trade department, told K that exports are steady despite the challenges brought on by the rise in the product's price as a result of rising costs for energy, raw materials, and transportation. In addition to the estimates, the Statistical Office is anticipated to release the first quantifiable data on the effects of the PDO's implementation on January 23. This data will cover the months of January through October.

Up by 30%

According to the most recent statistics, halloumi accounts for 16.8% of all exports from Cyprus, making it one of the country's top exports. The sum of all halloumi exports from 2017 to 2021 was €1.34 billion. The best year was 2020 with exports totaling €266.4 million and 39,547 tonnes. This was followed by 2021 with exports totaling €262.2 million and 38,717 tonnes, leaving 2019's performance behind with €224.3 million and 33,743 tonnes. Based on the data that is currently available and shown in the tables, halloumi exports have increased by more than 30% between 2016 and 2021 and by more than four times that amount over the past ten years (from 2012 to 2021), a rise that is partly attributable to private sector efforts.  Halloumi exports are expected to reach $841.6 million in value annually by 2026, and by extension $998.1 million over a five-year period, according to estimates based on an IMMAR COMS study.

Also intriguing are the statistics on the major exporting nations for the product. According to the data available to 'K,' the main market for the period January to September 2022 is the United Kingdom. Sweden (€24.1 million), Germany (€16.3 million), Poland (€8.5 million), Australia (€8.4 million), Greece (€7.5 million), the United States (€6.8 million), Denmark (€6.6 million), Austria (€6.3 million), Saudi Arabia (€5.9 million), and Finland (€5.5 million) are the top five countries in terms of revenue. Markets in Australia, Germany, Finland, Greece, Poland, and the United States are expanding. Over time, the United Kingdom, Sweden, Germany, Germany, Australia, Austria, Denmark, and Poland have accounted for 81% of global halloumi exports. It should also be noted that 68.8% of the product's international consumption is for households, with the remaining 31.2% used through food distribution channels (i.e. restaurants).

The United States is given first priority

The action plan for expanding into specific target markets is expected to be implemented in the near future. According to P. Patsali, there won't be a uniform approach, but rather different actions and activities will be taken in each market, shaped according to the specificities of each one. Due to the product's high level of awareness in the United States, the American market is given priority. According to research data, from 2015 to 2020, awareness of halloumi in America increased by 150%, with sales increasing from $4.26 million in 2015 to $10.22 million in 2020.  The upward trend is expected to continue in the coming years, reaching $26.01 million in 2026, a 150% increase in sales value over the next five years.

In Australia, the value of the product in terms of sales has risen from $10.63 million in 2015 to $19.51 million by 2020, and the upward trend is expected to continue, reaching $40.44 million in 2026. The Middle East market is also promising, with sales of $13.1 million in 2020 and steel mill consumption of 1,556 tonnes. The forecast for the next five years predicts an upward trend of $20.9 million with an annual growth rate of 7.6%. In China and Japan, there is little knowledge of Cypriot cheese. In Japan, sales in 2020 fell to an all-time low of $5,100.  However, according to the Ministry of Commerce, the trend will reverse in the coming years and a slow upward trend will resume, reaching $16,600 in 2026 with a 21.4% annual growth rate. In China, sales in 2020 are estimated to be $191,600, with a compound annual growth rate of 15.4% reaching $463,500 in 2026. 

[This article originally appeared in Kathimerini's 'Oikonomiki' edition and was translated from its Greek original]