Serbia: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Serbia

In 2022, the Serbian chocolate and confectionery market decreased by -37.3% to $X, falling for the second year in a row after two years of growth. In general, consumption showed a deep contraction. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Chocolate And Confectionery Production in Serbia

In value terms, chocolate and confectionery production dropped sharply to $X in 2022 estimated in export price. Overall, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 7.3%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Chocolate And Confectionery Exports

Exports from Serbia

Chocolate and confectionery exports from Serbia surged to X tons in 2022, rising by 37% against 2021. In general, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +7.2% 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 +67.7% 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 and confectionery exports soared to $X in 2022. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +79.6% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Bosnia and Herzegovina (X tons), North Macedonia (X tons) and Croatia (X tons) were the main destinations of chocolate and confectionery exports from Serbia, with a combined 40% share of total exports. Romania, Hungary, Poland, Montenegro, Greece, Germany, Russia and Slovenia lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +79.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate and confectionery exported from Serbia were Croatia ($X), Bosnia and Herzegovina ($X) and North Macedonia ($X), together accounting for 42% of total exports. Hungary, Romania, Montenegro, Poland, Greece, Germany, Russia and Slovenia lagged somewhat behind, together comprising a further 44%.

Poland, with a CAGR of +87.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate and confectionery export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 6.4%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Poland (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into Serbia

For the sixth year in a row, Serbia recorded growth in purchases abroad of chocolate and confectionery, which increased by 12% to X tons in 2022. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, chocolate and confectionery imports amounted to $X in 2022. Overall, imports recorded a strong increase. The pace of growth was the most pronounced in 2020 when imports increased by 23%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Germany (X tons) constituted the largest chocolate and confectionery supplier to Serbia, with a 25% share of total imports. Moreover, chocolate and confectionery imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X tons), twofold. The third position in this ranking was taken by the Netherlands (X tons), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +25.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+12.5% per year) and the Netherlands (+13.5% per year).

In value terms, Germany ($X) constituted the largest supplier of chocolate and confectionery to Serbia, comprising 28% of total imports. The second position in the ranking was held by Poland ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +24.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+10.3% per year) and Cote d'Ivoire (+7.4% per year).

Import Prices by Country

The average chocolate and confectionery import price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 11% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform