Serbia: Market for Buttermilk And Buttermilk Powder 2024

Market Size for Buttermilk And Buttermilk Powder in Serbia

In 2022, the Serbian buttermilk and buttermilk powder market decreased by -1.5% to $X, falling for the fourth consecutive year after three years of growth. In general, consumption showed a slight descent. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Buttermilk And Buttermilk Powder in Serbia

In value terms, buttermilk and buttermilk powder production rose slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a slight slump. The growth pace was the most rapid in 2018 when the production volume increased by 17% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Buttermilk And Buttermilk Powder

Exports from Serbia

In 2022, shipments abroad of buttermilk and buttermilk powder increased by 26% to X tons, rising for the third consecutive year after four years of decline. Over the period under review, exports saw a moderate increase. The growth pace was the most rapid in 2021 when exports increased by 98%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, buttermilk and buttermilk powder exports soared to $X in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 89%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Bulgaria (X tons), North Macedonia (X tons) and Montenegro (X tons) were the main destinations of buttermilk and buttermilk powder exports from Serbia, with a combined 96% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +270.8%), while the other leaders experienced mixed trend patterns.

In value terms, North Macedonia ($X), Bulgaria ($X) and Montenegro ($X) constituted the largest markets for buttermilk and buttermilk powder exported from Serbia worldwide, with a combined 95% share of total exports.

Among the main countries of destination, Bulgaria, with a CAGR of +220.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average buttermilk and buttermilk powder export price stood at $X per ton in 2022, reducing by -4.8% against the previous year. Over the period under review, the export price showed a perceptible descent. The most prominent rate of growth was recorded in 2018 when the average export price increased by 12%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Croatia ($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 Bosnia and Herzegovina (+1.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Buttermilk And Buttermilk Powder

Imports into Serbia

In 2022, buttermilk and buttermilk powder imports into Serbia contracted to X tons, waning by -8.2% against 2021. Over the period under review, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 250%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, buttermilk and buttermilk powder imports amounted to $X in 2022. Overall, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 295% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), Croatia (X tons) and Hungary (X tons) were the main suppliers of buttermilk and buttermilk powder imports to Serbia, with a combined 91% share of total imports. North Macedonia, Greece and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 7.6%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by North Macedonia (with a CAGR of +164.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of buttermilk and buttermilk powder to Serbia, comprising 51% of total imports. The second position in the ranking was taken by Croatia ($X), with a 19% share of total imports. It was followed by Hungary, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Germany stood at +24.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Croatia (+56.4% per year) and Hungary (+29.8% per year).

Import Prices by Country

In 2022, the average buttermilk and buttermilk powder import price amounted to $X per ton, rising by 10% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 24%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform