Serbia: Yoghurt Market 2024

Yoghurt Market Size in Serbia

For the third consecutive year, the Serbian yoghurt market recorded decline in sales value, which decreased by -37.7% to $X in 2022. Overall, consumption recorded a deep downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Yoghurt Production in Serbia

In value terms, yoghurt production skyrocketed to $X in 2022 estimated in export price. Overall, production continues to indicate a deep reduction. Yoghurt production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Yoghurt Exports

Exports from Serbia

In 2022, overseas shipments of yoghurt decreased by -25.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, enjoyed a perceptible expansion. The growth pace was the most rapid in 2021 when exports increased by 106%. As a result, the exports reached the peak of X tons, and then shrank significantly in the following year.

In value terms, yoghurt exports shrank markedly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 100%. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

Exports by Country

Montenegro (X tons), North Macedonia (X tons) and Bosnia and Herzegovina (X tons) were the main destinations of yoghurt exports from Serbia, with a combined 89% share of total exports. Bulgaria and Croatia lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +53.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for yoghurt exported from Serbia were Montenegro ($X), North Macedonia ($X) and Bosnia and Herzegovina ($X), together accounting for 89% of total exports. Bulgaria and Croatia lagged somewhat behind, together comprising a further 9.1%.

Bulgaria, with a CAGR of +59.7%, recorded the highest growth rate of the value of exports, among 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

In 2022, the average yoghurt export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, showed a slight reduction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 8.6%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Bulgaria ($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 Bulgaria (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Yoghurt Imports

Imports into Serbia

In 2022, yoghurt imports into Serbia declined slightly to X tons, waning by -1.7% compared with the year before. Over the period under review, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 963%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, yoghurt imports fell to $X in 2022. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 753% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, North Macedonia (X tons) constituted the largest supplier of yoghurt to Serbia, accounting for a 44% share of total imports. Moreover, yoghurt imports from North Macedonia exceeded the figures recorded by the second-largest supplier, Bosnia and Herzegovina (X tons), twofold. Germany (X tons) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from North Macedonia stood at +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+173.6% per year) and Germany (+14.7% per year).

In value terms, the largest yoghurt suppliers to Serbia were Germany ($X), North Macedonia ($X) and Poland ($X), with a combined 73% share of total imports. Bosnia and Herzegovina, Croatia and France lagged somewhat behind, together accounting for a further 24%.

In terms of the main suppliers, Bosnia and Herzegovina, with a CAGR of +177.1%, 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

The average yoghurt import price stood at $X per ton in 2022, reducing by -7% against the previous year. Overall, the import price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 45%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Bosnia and Herzegovina ($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 (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform