Serbia: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Serbia

The Serbian market for industrial, laboratory or bakery ovens shrank notably to $X in 2022, which is down by -22% against the previous year. Overall, consumption, however, recorded prominent growth. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Production of Industrial, Laboratory or Bakery Ovens in Serbia

In value terms, industrial, laboratory or bakery oven production fell to $X in 2022 estimated in export price. Overall, production, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 44%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Serbia

In 2022, the amount of industrial, laboratory or bakery ovens exported from Serbia surged to X units, with an increase of 32% against 2021. Overall, exports saw a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of 232%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven exports soared to $X in 2022. Over the period under review, exports saw strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 214%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X units) was the main destination for industrial, laboratory or bakery oven exports from Serbia, accounting for a 34% share of total exports. Moreover, industrial, laboratory or bakery oven exports to Italy exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X units), threefold. The third position in this ranking was taken by Montenegro (X units), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume to Italy amounted to +57.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+17.1% per year) and Montenegro (+3.2% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for industrial, laboratory or bakery ovens exports from Serbia, comprising 27% of total exports. The second position in the ranking was held by Italy ($X), with a 12% share of total exports. It was followed by Croatia, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bosnia and Herzegovina amounted to +20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+89.7% per year) and Croatia (+23.8% per year).

Export Prices by Country

In 2022, the average export price for industrial, laboratory or bakery ovens amounted to $X per unit, remaining constant against the previous year. Overall, the export price, however, saw tangible growth. The most prominent rate of growth was recorded in 2021 an increase of 51% against the previous year. As a result, the export price attained the peak level of $X per unit, leveling off in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per unit), while the average price for exports to Austria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Algeria (+48.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Serbia

In 2022, after two years of growth, there was significant decline in overseas purchases of industrial, laboratory or bakery ovens, when their volume decreased by -14.3% to X units. Overall, imports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 when imports increased by 291%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven imports reduced to $X in 2022. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2013 when imports increased by 112%. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Italy (X units) constituted the largest supplier of industrial, laboratory or bakery oven to Serbia, with a 19% share of total imports. Moreover, industrial, laboratory or bakery oven imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. Turkey (X units) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy totaled +24.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.4% per year) and Turkey (+7.8% per year).

In value terms, Germany ($X), Italy ($X) and Switzerland ($X) constituted the largest industrial, laboratory or bakery oven suppliers to Serbia, with a combined 31% share of total imports. Turkey, Slovenia, France, China, the Czech Republic, Spain, Finland, Greece and Croatia lagged somewhat behind, together comprising a further 10%.

In terms of the main suppliers, Finland, with a CAGR of +47.6%, saw the highest growth rate of 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 import price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, approximately equating the previous year. Over the period under review, the import price saw a deep setback. The most prominent rate of growth was recorded in 2018 when the average import price increased by 85%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+17.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform