Serbia: Market for Gingerbread, Sweet Biscuits and Waffles 2024

Market Size for Gingerbread, Sweet Biscuits and Waffles in Serbia

The Serbian market for gingerbread, sweet biscuits and waffles amounted to $X in 2022, increasing by 11% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2022; 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 likely to continue growth in years to come.

Production of Gingerbread, Sweet Biscuits and Waffles in Serbia

In value terms, gingerbread, sweet biscuit and waffle production expanded rapidly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Gingerbread, Sweet Biscuits and Waffles

Exports from Serbia

In 2022, overseas shipments of gingerbread, sweet biscuits and waffles were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 11% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, gingerbread, sweet biscuit and waffle exports rose notably to $X in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +13.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 15% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for gingerbread, sweet biscuit and waffle exports from Serbia, accounting for a 33% share of total exports. Moreover, gingerbread, sweet biscuit and waffle exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Montenegro (X tons), twofold. North Macedonia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-0.2% per year) and North Macedonia (+7.3% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for gingerbread, sweet biscuits and waffles exports from Serbia, comprising 34% of total exports. The second position in the ranking was held by Montenegro ($X), with a 16% share of total exports. It was followed by North Macedonia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Bosnia and Herzegovina stood at +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+1.0% per year) and North Macedonia (+7.4% per year).

Export Prices by Country

In 2022, the average export price for gingerbread, sweet biscuits and waffles amounted to $X per ton, rising by 2.1% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 7.7% against the previous year. The export price peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to Poland ($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 the Netherlands (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gingerbread, Sweet Biscuits and Waffles

Imports into Serbia

In 2022, imports of gingerbread, sweet biscuits and waffles into Serbia amounted to X tons, surging by 1.6% compared with the year before. In general, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 29% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, gingerbread, sweet biscuit and waffle imports rose remarkably to $X in 2022. Overall, imports continue to indicate strong growth. The growth pace was the most rapid in 2013 with an increase of 34%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Bosnia and Herzegovina (X tons), Germany (X tons) and Poland (X tons) were the main suppliers of gingerbread, sweet biscuit and waffle imports to Serbia, with a combined 63% share of total imports. North Macedonia, Italy, Spain, Hungary, the Czech Republic, the Netherlands, Belgium, Turkey, Bulgaria and Croatia lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +90.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Germany ($X) and Bosnia and Herzegovina ($X) were the largest gingerbread, sweet biscuit and waffle suppliers to Serbia, with a combined 58% share of total imports. Italy, North Macedonia, Spain, the Czech Republic, Hungary, the Netherlands, Belgium, Turkey, Bulgaria and Croatia lagged somewhat behind, together comprising a further 34%.

The Czech Republic, with a CAGR of +89.3%, recorded the highest growth rate of the value of imports, in terms of 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 gingerbread, sweet biscuits and waffles amounted to $X per ton, with an increase of 6.4% against the previous year. Over the period under review, the import price, however, continues to indicate a slight contraction. The pace of growth was the most pronounced in 2014 an increase of 7.3%. As a result, import price reached the peak level of $X per ton. From 2015 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 Bulgaria ($X per ton), while the price for Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform