Serbia: Non-Cane Molasses Market 2024

Non-Cane Molasses Market Size in Serbia

The Serbian non-cane molasses market was estimated at $X in 2022, with an increase of 2.1% against the previous year. Over the period under review, consumption showed a deep slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Non-Cane Molasses Production in Serbia

In value terms, non-cane molasses production expanded markedly to $X in 2022 estimated in export price. In general, production, however, saw a deep reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 71%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Non-Cane Molasses Exports

Exports from Serbia

In 2022, shipments abroad of molasses (excluding cane molasses) increased by 11% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2018 when exports increased by 44%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, non-cane molasses exports expanded notably to $X in 2022. In general, exports, however, recorded a noticeable decline. The growth pace was the most rapid in 2021 when exports increased by 44%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hungary (X tons) was the main destination for non-cane molasses exports from Serbia, accounting for a 60% share of total exports. Moreover, non-cane molasses exports to Hungary exceeded the volume sent to the second major destination, North Macedonia (X tons), fourfold. Greece (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Hungary stood at -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (-8.5% per year) and Greece (+12.2% per year).

In value terms, Hungary ($X) remains the key foreign market for molasses (excluding cane molasses) exports from Serbia, comprising 60% of total exports. The second position in the ranking was taken by Greece ($X), with a 16% share of total exports. It was followed by North Macedonia, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hungary amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+14.6% per year) and North Macedonia (-7.1% per year).

Export Prices by Country

In 2022, the average non-cane molasses export price amounted to $X per ton, dropping by -3.6% against the previous year. Overall, export price indicated a perceptible 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, non-cane molasses export price increased by +63.6% against 2018 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 39%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then reduced slightly 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 Greece ($X per ton), while the average price for exports to Croatia ($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 Hungary (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Cane Molasses Imports

Imports into Serbia

Non-cane molasses imports into Serbia soared to X tons in 2022, picking up by 1,521% on the previous year's figure. Overall, imports enjoyed significant growth. The growth pace was the most rapid in 2020 with an increase of 7,540% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, non-cane molasses imports soared to $X in 2022. In general, imports saw a prominent increase. The pace of growth appeared the most rapid in 2020 when imports increased by 11,519% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Greece (X tons) was the main supplier of non-cane molasses to Serbia, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Greece amounted to +27.5%.

In value terms, Greece ($X) constituted the largest supplier of molasses (excluding cane molasses) to Serbia.

From 2012 to 2022, the average annual rate of growth in terms of value from Greece amounted to +16.8%.

Import Prices by Country

The average non-cane molasses import price stood at $X per ton in 2022, waning by -92.3% against the previous year. In general, the import price faced a abrupt shrinkage. The pace of growth was the most pronounced in 2018 an increase of 198% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Greece.

From 2012 to 2022, the rate of growth in terms of prices for Italy amounted to +5.7% per year.

Source: IndexBox Platform