Serbia: Cocoa Powder Market 2024

Cocoa Powder Market Size in Serbia

In 2022, the Serbian cocoa powder market increased by 15% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Cocoa Powder Production in Serbia

In value terms, cocoa powder production skyrocketed to $X in 2022 estimated in export price. Overall, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +94.0% against 2017 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 35% against the previous year. Cocoa powder production peaked in 2022 and is expected to retain growth in the immediate term.

Cocoa Powder Exports

Exports from Serbia

In 2022, approx. X tons of cocoa powder (not sweetened) were exported from Serbia; which is down by -18.5% on 2021. Over the period under review, exports, however, posted buoyant growth. The pace of growth was the most pronounced in 2015 with an increase of 46%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cocoa powder exports shrank to $X in 2022. Overall, total exports indicated a pronounced expansion from 2012 to 2022: its value 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, exports increased by +55.8% against 2017 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 62%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

North Macedonia (X tons), Bosnia and Herzegovina (X tons) and Montenegro (X tons) were the main destinations of cocoa powder exports from Serbia, with a combined 90% share of total exports. Poland, Albania and Croatia lagged somewhat behind, together comprising a further 8.1%.

From 2012 to 2022, the biggest increases were recorded for Albania (with a CAGR of +45.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, North Macedonia ($X), Bosnia and Herzegovina ($X) and Montenegro ($X) appeared to be the largest markets for cocoa powder exported from Serbia worldwide, together accounting for 90% of total exports. Poland, Albania and Croatia lagged somewhat behind, together accounting for a further 7.6%.

Albania, with a CAGR of +39.0%, 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

In 2022, the average cocoa powder export price amounted to $X per ton, increasing by 4.4% against the previous year. Over the period under review, the export price, however, saw a perceptible setback. The pace of growth appeared the most rapid in 2021 an increase of 22% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Albania ($X per ton) and Montenegro ($X per ton), while the average price for exports to Croatia ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+4.7%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Serbia

For the third year in a row, Serbia recorded growth in purchases abroad of cocoa powder (not sweetened), which increased by 32% to X tons in 2022. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa powder imports surged to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 44% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), the Netherlands (X tons) and China (X tons) were the main suppliers of cocoa powder imports to Serbia, together comprising 64% of total imports. France, Spain, Bulgaria, North Macedonia, Ghana and Turkey lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +14.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder suppliers to Serbia were Germany ($X), the Netherlands ($X) and France ($X), together comprising 67% of total imports.

Among the main suppliers, France, with a CAGR of +7.0%, 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 cocoa powder import price stood at $X per ton in 2022, increasing by 5.8% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced decrease. The growth pace was the most rapid in 2021 an increase of 23% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 Turkey ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform