Serbia: Honey Market 2024

Honey Market Size in Serbia

The Serbian honey market rose modestly to $X in 2022, picking up by 3.9% against the previous year. In general, consumption, however, continues to indicate a strong increase. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Honey Production in Serbia

In value terms, honey production expanded slightly to $X in 2022 estimated in export price. In general, production, however, saw noticeable growth. The most prominent rate of growth was recorded in 2015 with an increase of 175%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Honey Exports

Exports from Serbia

In 2022, exports of honey from Serbia fell significantly to X tons, declining by -22.8% against the previous year. In general, exports recorded a abrupt slump. The pace of growth appeared the most rapid in 2017 when exports increased by 18% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, honey exports fell sharply to $X in 2022. Overall, exports recorded a noticeable setback. The most prominent rate of growth was recorded in 2020 with an increase of 50%. Over the period under review, the exports attained the peak figure at $X in 2021, and then dropped sharply in the following year.

Exports by Country

Italy (X tons), Norway (X tons) and Montenegro (X tons) were the main destinations of honey exports from Serbia, together accounting for 69% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Norway (with a CAGR of +9.8%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Norway ($X) and Montenegro ($X) were the largest markets for honey exported from Serbia worldwide, with a combined 74% share of total exports.

Among the main countries of destination, Norway, with a CAGR of +12.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average honey export price stood at $X per ton in 2022, which is down by -15.6% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, honey export price increased by +56.9% against 2017 indices. The growth pace was the most rapid in 2021 an increase of 28% against the previous year. As a result, the export price reached the peak level of $X per ton, and then plummeted in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to North Macedonia ($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 Italy (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Serbia

In 2022, after three years of growth, there was significant decline in overseas purchases of honey, when their volume decreased by -36.9% to X tons. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 7,744%. Over the period under review, imports attained the maximum at X tons in 2021, and then declined dramatically in the following year.

In value terms, honey imports declined notably to $X in 2022. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 2,639% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest honey supplier to Serbia, with a 62% share of total imports. Moreover, honey imports from Russia exceeded the figures recorded by the second-largest supplier, Moldova (X tons), twofold. The third position in this ranking was taken by Hungary (X tons), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia totaled +328.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (-39.3% per year) and Hungary (+106.7% per year).

In value terms, the largest honey suppliers to Serbia were Russia ($X), Moldova ($X) and Hungary ($X), together accounting for 87% of total imports. Greece and Bulgaria lagged somewhat behind, together accounting for a further 9.6%.

Among the main suppliers, Bulgaria, with a CAGR of +909.2%, 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 honey import price amounted to $X per ton, waning by -2.6% against the previous year. Overall, the import price showed a abrupt slump. The pace of growth was the most pronounced in 2014 an increase of 248%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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 Greece ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+28.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform