Serbia: Mustard Seed Market 2024

Mustard Seed Market Size in Serbia

For the fourth consecutive year, the Serbian mustard seed market recorded growth in sales value, which increased by X% to $X in 2022. In general, consumption enjoyed strong growth. Mustard seed consumption peaked in 2022 and is expected to retain growth in years to come.

Mustard Seed Production in Serbia

In value terms, mustard seed production rose to $X in 2022 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

The average yield of mustard seed in Serbia stood at X kg per ha in 2022, remaining stable against the previous year. Overall, the yield, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X kg per ha. From 2015 to 2022, the growth of the average mustard seed yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of mustard seed were harvested in Serbia; flattening at the previous year. Overall, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to mustard seed production attained the peak figure at X ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

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Mustard Seed Exports

Exports from Serbia

Mustard seed exports from Serbia reduced dramatically to X tons in 2022, with a decrease of X% against the previous year. Overall, exports saw a sharp slump. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, mustard seed exports fell rapidly to $X in 2022. Over the period under review, exports recorded a significant decrease. The pace of growth was the most pronounced in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Hungary (X tons) was the main destination for mustard seed exports from Serbia, accounting for a X% share of total exports. Moreover, mustard seed exports to Hungary exceeded the volume sent to the second major destination, North Macedonia (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hungary totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (X% per year) and Montenegro (X% per year).

In value terms, Hungary ($X) remains the key foreign market for mustard seed exports from Serbia, comprising X% of total exports. The second position in the ranking was held by North Macedonia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hungary amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (X% per year) and Montenegro (X% per year).

Export Prices by Country

In 2022, the average mustard seed export price amounted to $X per ton, leveling off at the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mustard seed export price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2017 an increase of X%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Montenegro ($X per ton), while the average price for exports to Hungary ($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 Hungary (X%), while the prices for the other major destinations experienced a decline.

Mustard Seed Imports

Imports into Serbia

In 2022, supplies from abroad of mustard seed increased by X% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, imports continue to indicate notable growth. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, mustard seed imports surged to $X in 2022. Overall, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of mustard seed to Serbia, with a X% share of total imports. Moreover, mustard seed imports from Russia exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), twofold. Canada (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (X% per year) and Canada (X% per year).

In value terms, Russia ($X), Ukraine ($X) and Poland ($X) appeared to be the largest mustard seed suppliers to Serbia, together comprising X% of total imports. Canada lagged somewhat behind, comprising a further X%.

Among the main suppliers, Canada, with a CAGR of X%, saw 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 mustard seed import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mustard seed import price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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