Serbia: Market for Bone Glues and Gelatin 2024

Market Size for Bone Glues and Gelatin in Serbia

The Serbian bone glue and gelatin market dropped to $X in 2022, waning by -8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Bone Glues and Gelatin

Exports from Serbia

Bone glue and gelatin exports from Serbia stood at X tons in 2022, surging by 10% compared with the previous year. Overall, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, bone glue and gelatin exports skyrocketed to $X in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +9.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +89.3% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 64% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for bone glue and gelatin exports from Serbia, accounting for a 54% share of total exports. Moreover, bone glue and gelatin exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Montenegro (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina amounted to +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-2.6% per year) and North Macedonia (+35.7% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for bone glues and gelatin exports from Serbia, comprising 47% of total exports. The second position in the ranking was taken by Montenegro ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bosnia and Herzegovina totaled +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-1.7% per year) and North Macedonia (+38.7% per year).

Export Prices by Country

In 2022, the average bone glue and gelatin export price amounted to $X per ton, picking up by 13% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2019 an increase of 17%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Montenegro ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Albania (+29.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bone Glues and Gelatin

Imports into Serbia

In 2022, the amount of bone glues and gelatin imported into Serbia fell markedly to X tons, waning by -18.2% compared with the year before. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 65% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, bone glue and gelatin imports fell to $X in 2022. In general, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -18.4% against 2020 indices. The growth pace was the most rapid in 2015 when imports increased by 41%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Belarus (X tons), Brazil (X tons) and Italy (X tons) were the main suppliers of bone glue and gelatin imports to Serbia, with a combined 55% share of total imports. Turkey, Slovakia, China, Slovenia and Germany lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +55.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Belarus ($X) and Italy ($X) appeared to be the largest bone glue and gelatin suppliers to Serbia, together accounting for 60% of total imports. Turkey, Germany, Slovakia, Slovenia and China lagged somewhat behind, together accounting for a further 39%.

Turkey, with a CAGR of +75.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bone glue and gelatin import price stood at $X per ton in 2022, increasing by 21% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform