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Transformations In Greece’s Wine Industry: A Market In Flux

Greece’s wine industry is undergoing significant shifts, driven by changing market dynamics and evolving company strategies. While the sector once featured a few dominant players, including Tsantalis, Kourtakis, and Boutari Winery, the landscape has shifted dramatically. Tsantalis is now in bankruptcy, and Boutari, though acquired by Greek-Swedish businessman Elias Georgiadis and a group of investors, including basketball star Giannis Antetokounmpo, has yet to regain its former market dominance.

With over 1,500 wineries across the country, Greece’s wine market remains fragmented. The 42 largest wineries had an estimated market value of €307.5 million in 2022, with a robust annual growth rate of 16.8% from 2019 to 2022. However, many leading companies, such as Ktima Biblia Chora, Ktima Gerovassiliou, and Ktima Alpha, are still relatively small, with annual sales ranging from €10-15 million.

The biggest current players are Cavino and Kourtakis. Cavino, despite not having a strong established brand in Greece, stands as a significant player, with €36 million in sales in 2024, up from €32.56 million in 2023. The Anastasiou family-owned company made strides after gaining control of distribution for the sweet wine “Samos” at Lidl, following the shift in leadership from Kourtakis. It further strengthened its position with acquisitions, including the Nemion Estate in Nemea and the majority stake in the distillery of Anestis Babatzimopoulos.

Meanwhile, Kourtakis, once a leader in the Greek wine market, is currently up for sale. After facing a loss of €30 million from its previous Red Bull distribution partnership, Kourtakis struggled with declining sales, with 2024 revenue just above the €20 million mark. The company is burdened by debt and needs substantial investment to modernize its operations.

The disruption of Kourtakis’ dominance has allowed Cavino to rise to the forefront. In 2024, Cavino’s turnover surpassed that of Kourtakis, marking a significant shift in the competitive landscape. Hellenic Wine Cellars, another player in the industry, is seeking to strengthen its market position by expanding its portfolio. In 2023, it signed a deal with Katsaros Distillery, and it continues to maintain a strong presence in both domestic and international markets.

The Greek wine industry is witnessing consolidation as companies adjust to modern market demands, striving to compete both locally and globally. As the market continues to evolve, the quest for stronger, more resilient players capable of navigating an increasingly complex global wine market is more crucial than ever.

Limassol Port Electrification Awaits Grid Connection And EU Funding

Plans to equip Limassol port with shore-side electricity are advancing at the technical level, but unresolved administrative procedures, a pending grid connection and the need to secure European funding continue to delay implementation.

The proposed shore-power system, also known as cold ironing, would allow vessels to connect to electricity while berthed, reducing reliance on onboard engines and cutting emissions and noise in the surrounding area.

Technical Studies Near Completion

Transport Minister Evi Tsolaki said work is progressing through the EU-backed DecarbonLim programme, which is preparing the technical assessment and feasibility study required before construction can begin. The ministry is seeking regular updates from the Cyprus Ports Authority on the studies’ completion timetable.

The initiative also involves Frederick University, Eurogate Container Terminal Limassol, DP World Limassol, the Electricity Authority of Cyprus, the Cyprus Transmission System Operator and Limassol Municipality.

Grid Connection Remains A Key Hurdle

Despite progress on the studies, construction cannot proceed until the project secures a connection to the national transmission network.

Tsolaki said the ministry has requested land from the Department of Lands and Surveys for an electricity substation. Once the site is allocated, the relevant applications can be submitted to the Cyprus Transmission System Operator to advance the grid-connection process.

Until these steps are completed, the project will remain in the preparatory phase, even if the technical studies are finalised.

European Funding Adds Urgency

The feasibility work under DecarbonLim will support an application for construction financing, Tsolaki said. A competitive European funding call is currently open, and the ministry intends to submit an application within the required timeframe.

The funding window has raised concerns in parliament. MP Fotini Tsiridou warned that further delays could undermine Cyprus’ chances of securing EU support, noting that similar port electrification projects elsewhere in the bloc have already received funding.

Speaking to Entrepreneurial Limassol, published by the Limassol Chamber of Commerce and Industry, Tsiridou said she had observed some progress but had yet to receive a formal response to her parliamentary question.

Environmental And Commercial Benefits

Tsiridou argued that shore-side electricity would deliver benefits beyond emissions reductions, including less noise and air pollution for residents near the port.

“Our port should not be disconnected from the rest of the city,” she said, describing shore-power infrastructure as both a necessity and a European obligation.

Across Europe, port electrification is increasingly linked to environmental performance and competitiveness. By allowing compatible vessels to switch off auxiliary engines while docked, shore-power systems can reduce local emissions and noise while supporting wider decarbonisation goals.

Construction Timetable Still Unclear

The Cyprus Ports Authority signed a contract with DBA S.p.A. in July 2025 for a comprehensive study of the system’s technical, economic and environmental requirements. The work was intended to establish the basis for installation and identify any necessary port infrastructure upgrades.

More than a year later, key steps concerning land allocation, grid connection and financing remain unresolved. No timetable has been announced for completing these procedures or submitting the final funding application.

Limassol’s shore-power project therefore remains between planning and implementation. Its next milestones are securing the substation site, progressing the transmission-network application and obtaining construction financing. Until these are in place, the port’s transition to shore-side electricity cannot move into the construction phase.

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