Serbia: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in Serbia

The Serbian lucerne meal and pellets market soared to $X in 2023, growing by X% against the previous year. In general, consumption, however, recorded a slight setback. Lucerne meal and pellets consumption peaked at $X in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

Production of Lucerne (Alfalfa) Meal And Pellets in Serbia

In value terms, lucerne meal and pellets production expanded notably to $X in 2023 estimated in export price. Overall, production, however, showed a mild decline. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Lucerne meal and pellets production peaked at $X in 2013; however, from 2014 to 2023, production stood at a somewhat lower figure.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports from Serbia

In 2023, shipments abroad of lucerne (alfalfa) meal and pellets decreased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Overall, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2022, and then fell markedly in the following year.

In value terms, lucerne meal and pellets exports declined markedly to $X in 2023. In general, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then shrank markedly in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for lucerne meal and pellets exports from Serbia, with a X% share of total exports. It was followed by Montenegro (X tons), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of volume to the United Arab Emirates totaled X%.

In value terms, the United Arab Emirates ($X) remains the key foreign market for lucerne (alfalfa) meal and pellets exports from Serbia, comprising X% of total exports. The second position in the ranking was held by Montenegro ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to the United Arab Emirates totaled X%.

Export Prices by Country

In 2023, the average lucerne meal and pellets export price amounted to $X per ton, reducing by X% against the previous year. In general, the export price showed a slight slump. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Montenegro ($X per ton), while the average price for exports to the United Arab Emirates stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Montenegro (X%).

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports into Serbia

In 2023, supplies from abroad of lucerne (alfalfa) meal and pellets decreased by X% to X tons, falling for the third year in a row after two years of growth. In general, imports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, lucerne meal and pellets imports dropped rapidly to $X in 2023. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Hungary (X tons) constituted the largest lucerne meal and pellets supplier to Serbia, with a X% share of total imports. Moreover, lucerne meal and pellets imports from Hungary exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by the Czech Republic (X tons), with an X% share.

From 2012 to 2023, the average annual growth rate of volume from Hungary totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and the Czech Republic (X% per year).

In value terms, Hungary ($X) constituted the largest supplier of lucerne (alfalfa) meal and pellets to Serbia, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with a X% share of total imports. It was followed by the Czech Republic, with a X% share.

From 2012 to 2023, the average annual growth rate of value from Hungary stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and the Czech Republic (X% per year).

Import Prices by Country

In 2023, the average lucerne meal and pellets import price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, lucerne meal and pellets import price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2022 when the average import price increased by X% against the previous year. The import price peaked in 2023 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Croatia ($X per ton) and Italy ($X per ton), while the price for the Czech Republic ($X per ton) and Hungary ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Croatia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform