Serbia: Wool Grease Market 2024

Wool Grease Market Size in Serbia

In 2022, after two years of growth, there was significant decline in the Serbian wool grease market, when its value decreased by -15% to $X. Over the period under review, consumption continues to indicate a noticeable descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Wool Grease Exports

Exports from Serbia

In 2022, wool grease exports from Serbia soared to X tons, increasing by 45% against the previous year. Overall, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2016 with an increase of 1,702% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, wool grease exports soared to $X in 2022. Over the period under review, exports continue to indicate a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by 983%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

North Macedonia (X tons) was the main destination for wool grease exports from Serbia, accounting for a 90% share of total exports. Moreover, wool grease exports to North Macedonia exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to North Macedonia amounted to +27.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+5.3% per year) and Montenegro (+9.3% per year).

In value terms, North Macedonia ($X) remains the key foreign market for wool grease and fatty substances exports from Serbia, comprising 89% of total exports. The second position in the ranking was taken by Bosnia and Herzegovina ($X), with an 8.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to North Macedonia stood at +29.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+10.6% per year) and Montenegro (+11.0% per year).

Export Prices by Country

The average wool grease export price stood at $X per ton in 2022, picking up by 7.4% against the previous year. Over the period under review, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wool grease export price increased by +36.1% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the average export price increased by 82%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Montenegro ($X per ton), while the average price for exports to North Macedonia ($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 Bosnia and Herzegovina (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wool Grease Imports

Imports into Serbia

In 2022, purchases abroad of wool grease and fatty substances decreased by -8.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports recorded a pronounced decrease. The pace of growth was the most pronounced in 2018 with an increase of 98%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, wool grease imports amounted to $X in 2022. In general, imports showed a slight decrease. The pace of growth appeared the most rapid in 2018 with an increase of 118% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), China (X tons) and Belgium (X tons) were the main suppliers of wool grease imports to Serbia, together comprising 83% of total imports. India, Germany and Greece lagged somewhat behind, together comprising a further 16%.

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 +38.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wool grease suppliers to Serbia were Italy ($X), China ($X) and Belgium ($X), with a combined 84% share of total imports. India, Germany and Greece lagged somewhat behind, together comprising a further 15%.

Greece, with a CAGR of +33.2%, saw the highest rates of growth with regard to 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 wool grease import price amounted to $X per ton, rising by 10% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wool grease import price increased by +45.4% against 2020 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by 36% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Greece ($X per ton), while the price for India ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+23.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform