Serbia: Wine Market 2024

Wine Market Size in Serbia

The Serbian wine market surged to $X in 2023, picking up by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2023, the growth of the market remained at a lower figure.

Wine Production in Serbia

In value terms, wine production fell significantly to $X in 2023 estimated in export price. In general, the total production indicated a notable expansion from 2012 to 2023: its value 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, production increased by X% against 2021 indices. The pace of growth was the most pronounced in 2022 when the production volume increased by X%. As a result, production attained the peak level of $X, and then contracted sharply in the following year.

Wine Exports

Exports from Serbia

Wine exports from Serbia reduced to X litres in 2023, shrinking by X% on 2022 figures. In general, exports showed a deep slump. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X litres in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, wine exports rose notably to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to continue growth in the near future.

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 2023, the average annual growth rate of volume to Russia amounted to 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, Russia ($X), Bosnia and Herzegovina ($X) and Montenegro ($X) were the largest markets for wine exported from Serbia worldwide, with a combined X% share of total exports. China, Croatia and the Czech Republic lagged somewhat behind, together accounting for a further X%.

Among 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

In 2023, the average wine export price amounted to $X per litre, increasing by X% against the previous year. Over the period under review, export price indicated a strong increase 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, wine export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. The export price peaked in 2023 and is expected to retain growth in the immediate term.

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 2023, the most notable rate of growth in terms of prices was recorded for supplies to Montenegro (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Serbia

In 2023, overseas purchases of wine decreased by X% to X litres, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X litres in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, wine imports surged to $X in 2023. Overall, total imports indicated a notable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2023 and are expected to retain growth in the immediate term.

Imports by Country

In 2023, 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. Hungary (X litres) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from North Macedonia amounted to 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 ($X), France ($X) and Montenegro ($X) appeared to be the largest wine suppliers to Serbia, with a combined X% share of total imports. Italy, Hungary, Spain and Moldova lagged somewhat behind, together accounting for a further X%.

Moldova, with a CAGR of X%, saw the highest growth rate of 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 2023, the average wine import price amounted to $X per litre, picking up by X% against the previous year. In general, import price indicated a resilient expansion 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, wine import price increased by X% against 2020 indices. As a result, import price reached the peak level and is likely to continue 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 2023, 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