Serbia: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Serbia

After two years of growth, the Serbian margarine and shortening market decreased by -0.7% to $X in 2022. In general, consumption showed a pronounced decrease. The pace of growth was the most pronounced in 2020 with an increase of 5.1%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Margarine And Shortening Production in Serbia

In value terms, margarine and shortening production amounted to $X in 2022 estimated in export price. Overall, production showed a deep downturn. The pace of growth was the most pronounced in 2017 with an increase of 3.6% against the previous year. Margarine and shortening production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Margarine And Shortening Exports

Exports from Serbia

In 2022, approx. X tons of margarine and shortening were exported from Serbia; dropping by -3.1% compared with 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 11% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, margarine and shortening exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 40%. 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

North Macedonia (X tons), Bosnia and Herzegovina (X tons) and Montenegro (X tons) were the main destinations of margarine and shortening exports from Serbia, with a combined 87% share of total exports. Slovenia, Croatia, Hungary and Belarus lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Slovenia (with a CAGR of +124.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for margarine and shortening exported from Serbia were Bosnia and Herzegovina ($X), North Macedonia ($X) and Montenegro ($X), with a combined 88% share of total exports. Croatia, Hungary, Belarus and Slovenia lagged somewhat behind, together accounting for a further 9.4%.

Slovenia, with a CAGR of +129.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average margarine and shortening export price amounted to $X per ton, jumping by 27% against the previous year. In general, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening export price increased by +74.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 29% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Slovenia ($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 Belarus (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into Serbia

In 2022, imports of margarine and shortening into Serbia fell modestly to X tons, waning by -4.4% on 2021 figures. Over the period under review, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +9.9% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 56%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted slightly in the following year.

In value terms, margarine and shortening imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2021 when imports increased by 43%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Austria (X tons), Sweden (X tons) and Russia (X tons) were the main suppliers of margarine and shortening imports to Serbia, with a combined 60% share of total imports. Poland, Greece, Italy, Belgium, the Netherlands, Indonesia and Germany lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +94.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest margarine and shortening suppliers to Serbia were Austria ($X), Sweden ($X) and Russia ($X), together comprising 61% of total imports. Greece, Italy, Poland, Belgium, the Netherlands, Germany and Indonesia lagged somewhat behind, together accounting for a further 33%.

Greece, with a CAGR of +89.0%, saw 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 margarine and shortening import price amounted to $X per ton, with an increase of 30% against the previous year. Overall, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening import price increased by +69.6% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Germany ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform