Serbia: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Serbia

The Serbian butter and dairy spreads market soared to $X in 2022, jumping by 82% against the previous year. Over the period under review, consumption showed buoyant growth. Butter and dairy spreads consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Butter And Dairy Spreads in Serbia

In value terms, butter and dairy spreads production totaled $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with a decrease of 99.9% against the previous year. Butter and dairy spreads production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Butter And Dairy Spreads

Exports from Serbia

In 2022, approx. X tons of butter and dairy spreads were exported from Serbia; declining by -4.2% against 2021. Overall, total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.5% 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 +14.7% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 28% against the previous year. The exports peaked at X tons in 2021, and then dropped slightly in the following year.

In value terms, butter and dairy spreads exports amounted to $X in 2022. In general, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +49.4% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 33% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Montenegro (X tons), Bosnia and Herzegovina (X tons) and North Macedonia (X tons) were the main destinations of butter and dairy spreads exports from Serbia, with a combined 90% share of total exports. Croatia lagged somewhat behind, accounting for a further 4.7%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Croatia (with a CAGR of +211.6%), while the other leaders experienced more modest paces of growth.

In value terms, Montenegro ($X) remains the key foreign market for butter and dairy spreads exports from Serbia, comprising 55% of total exports. The second position in the ranking was taken by Bosnia and Herzegovina ($X), with a 23% share of total exports. It was followed by North Macedonia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Montenegro amounted to +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+3.9% per year) and North Macedonia (+6.6% per year).

Export Prices by Country

In 2022, the average butter and dairy spreads export price amounted to $X per ton, picking up by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 ($X per ton), while the average price for exports to North Macedonia ($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 Croatia (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports into Serbia

In 2022, butter and dairy spreads imports into Serbia soared to X tons, growing by 32% on 2021 figures. Overall, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 150%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, butter and dairy spreads imports skyrocketed to $X in 2022. In general, imports recorded a resilient increase. The pace of growth appeared the most rapid in 2016 when imports increased by 140% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Poland (X tons), Belarus (X tons) and Germany (X tons) were the main suppliers of butter and dairy spreads imports to Serbia, together accounting for 72% of total imports. Turkey, France, the Czech Republic and the Netherlands lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +399,079.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads suppliers to Serbia were Poland ($X), Belarus ($X) and Germany ($X), together accounting for 72% of total imports. Turkey, France, the Netherlands and the Czech Republic lagged somewhat behind, together accounting for a further 24%.

Among the main suppliers, Turkey, with a CAGR of +248,864.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average butter and dairy spreads import price stood at $X per ton in 2022, growing by 26% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads import price increased by +38.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 56% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform