Serbia: Spice Market 2024

Spice Market Size in Serbia

In 2022, the Serbian spice market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then fell slightly in the following year.

Spice Production in Serbia

In value terms, spice production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

In 2022, the average yield of spices in Serbia reduced to X tons per ha, declining by X% compared with the previous year's figure. Overall, the yield, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the yield increased by X% against the previous year. As a result, the yield attained the peak level of X tons per ha, and then reduced in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of spices production in Serbia was estimated at X ha, standing approx. at the previous year. In general, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to spice production reached the maximum at X ha in 2017; however, from 2018 to 2022, the harvested area stood at a somewhat lower figure.

Spice Exports

Exports from Serbia

In 2022, exports of spices from Serbia shrank dramatically to X tons, reducing by X% against 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell significantly in the following year.

In value terms, spice exports shrank remarkably to $X in 2022. Overall, exports, however, enjoyed a moderate increase. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank notably in the following year.

Exports by Country

Germany (X tons), Hungary (X tons) and Bosnia and Herzegovina (X tons) were the main destinations of spice exports from Serbia, with a combined X% share of total exports. Montenegro, the UK, North Macedonia, Italy, France, Slovenia, Switzerland, Croatia, Slovakia and Turkey lagged somewhat behind, together accounting for a further X%.

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

In value terms, Germany ($X), Hungary ($X) and Bosnia and Herzegovina ($X) were the largest markets for spice exported from Serbia worldwide, together comprising X% of total exports. Montenegro, the UK, France, North Macedonia, Italy, Croatia, Slovakia, Switzerland, Slovenia and Turkey lagged somewhat behind, together comprising a further X%.

The UK, with a CAGR of X%, recorded 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 more modest paces of growth.

Export Prices by Country

The average spice export price stood at $X per ton in 2022, with an increase of X% 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 X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spice export price increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

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 the UK ($X per ton), while the average price for exports to Slovenia ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Serbia

In 2022, after three years of growth, there was significant decline in overseas purchases of spices, when their volume decreased by X% to X tons. In general, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, spice imports fell to $X in 2022. Overall, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

China (X tons), Spain (X tons) and Vietnam (X tons) were the main suppliers of spice imports to Serbia, together accounting for X% of total imports. North Macedonia, Brazil, India, Bosnia and Herzegovina, Turkey, Peru, Bulgaria, Indonesia and Germany lagged somewhat behind, together accounting for a further X%.

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

In value terms, Spain ($X), China ($X) and Vietnam ($X) constituted the largest spice suppliers to Serbia, with a combined X% share of total imports. North Macedonia, Brazil, Germany, India, Bosnia and Herzegovina, Turkey, Indonesia, Peru and Bulgaria lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Bosnia and Herzegovina, with a CAGR of X%, recorded the highest growth rate of 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 spice import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price continues to indicate a mild decline. The pace of growth was the most pronounced in 2020 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, 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 Germany ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform