Serbia: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Serbia

The Serbian evaporated and condensed milk market surged to $X in 2022, rising by 105% against the previous year. In general, consumption enjoyed noticeable growth. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Evaporated And Condensed Milk in Serbia

In value terms, evaporated and condensed milk production skyrocketed to $X in 2022 estimated in export price. In general, production, however, showed noticeable growth. The pace of growth was the most pronounced in 2020 with an increase of 155% against the previous year. Evaporated and condensed milk production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Exports of Evaporated And Condensed Milk

Exports from Serbia

In 2022, shipments abroad of evaporated and condensed milk decreased by -14.3% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 7,978%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports expanded remarkably to $X in 2022. Overall, exports, however, saw a strong increase. The pace of growth was the most pronounced in 2018 when exports increased by 3,801%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Montenegro (X tons), North Macedonia (X tons) and Bosnia and Herzegovina (X tons) were the main destinations of evaporated and condensed milk exports from Serbia.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bosnia and Herzegovina (with a CAGR of +11.5%), while the other leaders experienced mixed trend patterns.

In value terms, Montenegro ($X), North Macedonia ($X) and Bosnia and Herzegovina ($X) were the largest markets for evaporated and condensed milk exported from Serbia worldwide.

Bosnia and Herzegovina, with a CAGR of +19.2%, 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 mixed trend patterns.

Export Prices by Country

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, growing by 31% against the previous year. Overall, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, evaporated and condensed milk export price increased by +171.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 54% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Montenegro ($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 North Macedonia (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Serbia

In 2022, imports of evaporated and condensed milk into Serbia skyrocketed to X tons, increasing by 326% on the year before. In general, imports recorded slight growth. The pace of growth appeared the most rapid in 2015 with an increase of 524% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, evaporated and condensed milk imports skyrocketed to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 368% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

Bosnia and Herzegovina (X tons), Germany (X tons) and the Netherlands (X tons) were the main suppliers of evaporated and condensed milk imports to Serbia, together accounting for 98% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +39.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Bosnia and Herzegovina ($X), Germany ($X) and the Netherlands ($X) were the largest evaporated and condensed milk suppliers to Serbia, together accounting for 93% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +38.9%, saw 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

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price, however, continues to indicate a slight descent. The pace of growth was the most pronounced in 2018 an increase of 147% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained 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 Belgium ($X per ton), while the price for Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+59.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform