Serbia: Vermouth Market 2024

Vermouth Market Size in Serbia

For the fifth consecutive year, the Serbian vermouth market recorded growth in sales value, which increased by 3.3% to $X in 2022. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Vermouth Production in Serbia

In value terms, vermouth production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 27%. Vermouth production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Vermouth Exports

Exports from Serbia

In 2022, overseas shipments of vermouth decreased by -21.1% to X litres, falling for the fourth consecutive year after four years of growth. Overall, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 5,042% against the previous year. Over the period under review, the exports attained the maximum at X litres in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, vermouth exports fell significantly to $X in 2022. In general, exports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of 1,548% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X litres) was the main destination for vermouth exports from Serbia, accounting for a 91% share of total exports. Moreover, vermouth exports to Russia exceeded the volume sent to the second major destination, Montenegro (X litres), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia totaled +23.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+3.1% per year) and Bosnia and Herzegovina (+67.5% per year).

In value terms, Russia ($X) remains the key foreign market for vermouth exports from Serbia, comprising 72% of total exports. The second position in the ranking was taken by Montenegro ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia totaled +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+5.3% per year) and Bosnia and Herzegovina (+61.8% per year).

Export Prices by Country

The average vermouth export price stood at $X per litre in 2022, rising by 6.9% against the previous year. In general, the export price, however, continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2013 when the average export price increased by 133%. As a result, the export price reached the peak level of $X per litre. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Montenegro ($X per litre), while the average price for exports to Russia ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Montenegro (+2.1%), while the prices for the other major destinations experienced a decline.

Vermouth Imports

Imports into Serbia

In 2022, vermouth imports into Serbia amounted to X litres, picking up by 13% against 2021. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 89%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, vermouth imports skyrocketed to $X in 2022. Overall, imports, however, recorded a perceptible descent. The growth pace was the most rapid in 2019 with an increase of 37%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Italy (X litres) constituted the largest vermouth supplier to Serbia, accounting for a 89% share of total imports. Moreover, vermouth imports from Italy exceeded the figures recorded by the second-largest supplier, Moldova (X litres), more than tenfold. Switzerland (X litres) ranked third in terms of total imports with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (+49.0% per year) and Switzerland (+76.9% per year).

In value terms, Italy ($X) constituted the largest supplier of vermouth to Serbia, comprising 81% of total imports. The second position in the ranking was taken by Switzerland ($X), with an 8.9% share of total imports. It was followed by Moldova, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy totaled -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+74.0% per year) and Moldova (+25.7% per year).

Import Prices by Country

The average vermouth import price stood at $X per litre in 2022, picking up by 8.5% against the previous year. Over the period under review, the import price, however, saw a noticeable reduction. The pace of growth was the most pronounced in 2018 an increase of 40% against the previous year. The import price peaked at $X per litre in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per litre), while the price for Moldova ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+28.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform