Serbia: Wine Market 2024

Wine Market Size in Serbia

The Serbian wine market shrank to $X in 2022, reducing by X% against the previous year. Overall, consumption saw a deep slump. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Wine Production in Serbia

In value terms, wine production surged to $X in 2022 estimated in export price. In general, production recorded a deep slump. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Wine Exports

Exports from Serbia

In 2022, overseas shipments of wine and grape must increased by X% to X litres for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X litres in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wine exports expanded significantly to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

Russia (X litres) was the main destination for wine exports from Serbia, accounting for a X% share of total exports. Moreover, wine exports to Russia exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X litres), twofold. The third position in this ranking was taken by Montenegro (X litres), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (X% per year) and Montenegro (X% per year).

In value terms, the largest markets for wine exported from Serbia were Russia ($X), Bosnia and Herzegovina ($X) and Montenegro ($X), with a combined X% share of total exports. China, Croatia and the Czech Republic lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Croatia, with a CAGR of X%, saw 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 wine export price stood at $X per litre in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per litre), while the average price for exports to Russia ($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 the Czech Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Serbia

In 2022, overseas purchases of wine and grape must decreased by X% to X litres for the first time since 2019, thus ending a two-year rising trend. In general, imports continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, wine imports shrank modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, North Macedonia (X litres) constituted the largest supplier of wine to Serbia, with a X% share of total imports. Moreover, wine imports from North Macedonia exceeded the figures recorded by the second-largest supplier, Montenegro (X litres), fourfold. The third position in this ranking was taken by Hungary (X litres), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from North Macedonia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Montenegro (X% per year) and Hungary (X% per year).

In value terms, North Macedonia ($X), Montenegro ($X) and Italy ($X) were the largest wine suppliers to Serbia, together comprising X% of total imports. France, Hungary, Spain and Moldova lagged somewhat behind, together accounting for a further X%.

Moldova, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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 wine import price amounted to $X per litre, therefore, remained relatively stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

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

Source: IndexBox Platform