Serbia: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Serbia

In 2022, after three years of growth, there was decline in the Serbian market for condensed or evaporated milk (sweetened), when its value decreased by -3.4% to $X. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +19.8% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in Serbia

In value terms, sweetened condensed and evaporated milk production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a tangible increase. The pace of growth appeared the most rapid in 2015 with an increase of 64%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Serbia

Sweetened condensed and evaporated milk exports from Serbia contracted notably to X tons in 2022, which is down by -35.4% compared with the year before. Over the period under review, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 48% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports shrank sharply to $X in 2022. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 93% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Montenegro (X tons) was the main destination for sweetened condensed and evaporated milk exports from Serbia, accounting for a 86% share of total exports. Moreover, sweetened condensed and evaporated milk exports to Montenegro exceeded the volume sent to the second major destination, North Macedonia (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Montenegro stood at -9.0%.

In value terms, Montenegro ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Serbia, comprising 85% of total exports. The second position in the ranking was taken by North Macedonia ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Montenegro totaled -9.2%.

Export Prices by Country

In 2022, the average export price for condensed or evaporated milk (sweetened) amounted to $X per ton, growing by 11% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 30% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was North Macedonia ($X per ton), while the average price for exports to Montenegro amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Montenegro (-0.3%).

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Serbia

In 2022, after seven years of growth, there was significant decline in supplies from abroad of condensed or evaporated milk (sweetened), when their volume decreased by -15.7% to X tons. Overall, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 843% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then plummeted in the following year.

In value terms, sweetened condensed and evaporated milk imports reduced to $X in 2022. In general, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 641% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

The Netherlands (X tons), the Czech Republic (X tons) and Belgium (X tons) were the main suppliers of sweetened condensed and evaporated milk imports to Serbia, with a combined 99% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +49.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest sweetened condensed and evaporated milk suppliers to Serbia were the Netherlands ($X), the Czech Republic ($X) and Belgium ($X), together accounting for 99% of total imports.

Belgium, with a CAGR of +46.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for condensed or evaporated milk (sweetened) amounted to $X per ton, picking up by 12% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 151% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average 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 Belgium ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+9.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform