Serbia: Chocolate Market 2024

Chocolate Market Size in Serbia

In 2022, the Serbian chocolate market decreased by -13.7% to $X, falling for the second consecutive year after two years of growth. In general, consumption showed a perceptible decline. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Chocolate Production in Serbia

In value terms, chocolate production stood at $X in 2022 estimated in export price. Overall, production, however, showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 8.8% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Serbia

In 2022, the amount of chocolate and cocoa products exported from Serbia surged to X tons, with an increase of 41% compared with 2021 figures. In general, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +7.3% 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 +74.1% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, chocolate exports soared to $X in 2022. Overall, exports enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bosnia and Herzegovina (X tons), Croatia (X tons) and North Macedonia (X tons) were the main destinations of chocolate exports from Serbia, together accounting for 38% of total exports. Romania, Hungary, Poland, Montenegro, Greece, Germany, Russia and Slovenia lagged somewhat behind, together comprising a further 49%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +389.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Serbia were Croatia ($X), Bosnia and Herzegovina ($X) and North Macedonia ($X), together comprising 40% of total exports. Hungary, Romania, Montenegro, Poland, Greece, Germany, Russia and Slovenia lagged somewhat behind, together comprising a further 45%.

In terms of the main countries of destination, Poland, with a CAGR of +337.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, flattening at the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 5.9%. 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.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Poland ($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 Slovenia (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Serbia

In 2022, purchases abroad of chocolate and cocoa products decreased by -4.3% to X tons for the first time since 2014, thus ending a seven-year rising trend. In general, imports, however, saw a resilient increase. The growth pace was the most rapid in 2019 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, chocolate imports contracted to $X in 2022. Overall, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 32%. Over the period under review, imports reached the peak figure at $X in 2021, and then declined modestly in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of chocolate to Serbia, accounting for a 36% share of total imports. Moreover, chocolate imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. The third position in this ranking was taken by Austria (X tons), with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to +34.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+8.9% per year) and Austria (+11.4% per year).

In value terms, Germany ($X) constituted the largest supplier of chocolate and cocoa products to Serbia, comprising 37% of total imports. The second position in the ranking was taken by Poland ($X), with a 12% share of total imports. It was followed by Croatia, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +30.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+7.0% per year) and Croatia (+7.8% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, rising by 3.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 13%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform